Mortgages

First Israel’s Mortgage Services

Whether you are looking to take out a new mortgage in Israel or refinance an existing mortgage, First Israel’s team ensures that you are taking out the right mortgage at the lowest rate.

Below we detail all you need to know on the most common types of mortgages as well as how the process works.

Just click on the blue links below to head straight to the section that is most relevant for you.

Purchase / Refinance / Home equity / Reverse Mortgages / The Mortgage Process

Purchase

Looking to buy a home?

Find out your options today

Whether you are making aliyah, looking for an investment, or buying a second home in Israel, First Israel’s mortgage consultants help you understand your options and work with you to construct financing that takes all variables into account.

When purchasing an existing property or constructing a new one, First Israel provides mortgage financing up to 75% of the value of the home.

Financing of up to 100% may be obtained for borrowers with equity in additional properties.

There are two main hurdles that you need to overcome in order to qualify for a mortgage; enough cash to cover the required down payment and enough income to cover the expected mortgage payments.

Both of these requirements are governed by Bank of Israel regulations and will be the same at all regulated banks. Regarding the down payment, a buyer will fall into one of three categories;

1) Israeli residents purchasing their only property.

2) Israeli residents who already own property (with no intention of selling the property in the near future).

3) Non-Israeli residents buying any property.

Obtaining financing for the purchase of a home in some areas of Israel can be difficult. First Israel is proud to be able to provide financing throughout Israel.

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Refinance

Is a First Israel refinance right for you?

Let us help you find out

Whether looking to lower your monthly payments or switch into a different type of loan product, First Israel offers free refinance consultations.

First Israel will objectively analyze your current mortgage, current financial situation, and long term financial goals to determine if a refinance makes sense for you.

We believe that homeowners have a right to know their options and we look to empower our clients to take advantage of opportunities in the mortgage market.

First Israel provides refinancing up to 75% of the value of the property.

The process for refinancing a mortgage involves much of the same requirements as applying for a new mortgage.

The bank will want to review the borrower’s financial standing and will apply the same standards for eligibility.

If the refinancing is done at the same bank where the current mortgage exists, the process will be shorter. However, refinancing at a new bank may prove to be worth the additional time and effort involved.

Home equity

Looking to renovate your home, consolidate debt or just free up some cash?

Access the value in your home today with First Israel home equity loans

Home equity loans allow you to borrow money, either in a lump sum or as a revolving line of credit, against the value of your home.

The money borrowed can be used for home improvement, debt consolidation, or even purchasing an additional property.

This program provides some of the lowest rates for borrowing money in Israel as well as flexible payment terms such as interest only payments for up to 3 years.

Home equity financing in Israel is available for up to 50% of a property’s value on both fixed or adjustable rates.

Reverse Mortgages

Are you retired and looking for more income?

First Israel reverse mortgages can help

Are you looking to leverage the equity in your home but don’t have enough income to qualify for a traditional home equity loan?

Reverse mortgages enable homeowners, aged 60 and up, to receive monthly payments from the equity in their home or commercial property. No income or asset documentation is required to obtain a reverse mortgage.

First Israel provides reverse mortgage financing up to 50% of the value of your home or commercial property.

The mortgage process

Experience the First Israel difference

The first step in the mortgage process involves determining how to properly structure your loan.

Many factors must be considered when deciding what type of loan or loans should be taken, and properly identifying the loan mix can save hundreds of thousands of shekels over the life of your loan.

First Israel employs an experienced team of mortgage consultants providing custom-tailored solutions for each prospective borrower.

First Israel mortgage brokers are also United States licensed mortgage bankers, enabling us to provide financing solutions for those who have equity in real estate in America in addition to the Israeli mortgage products we offer.

Once the loan mix has been determined and the mortgage application and accompanying paperwork has been submitted, your file is reviewed by our internal underwriters to determine which lenders would best suit your needs.

First Israel then negotiates with those lenders to provide the most attractive terms for you.

At First Israel Mortgages we feel that it is equally important to make the mortgage process as seamless, trouble-free and uncomplicated for our clients as possible.

Prefer to speak to a Mortgage Consultant?

Call Sun – Thurs 9am-9pm IST

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Frequently Asked Questions: Mortgage services

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