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.
Financing solutions for Americans too
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.
What documentation will I need to prepare for approval?
Lenders will minimally require the following documentation for the approval process:
– An application from the borrowers and co-signers (if any)
– Proof of income
– Copies of recent bank statements
– Photo ID’s
– Credit reports (where available)
The application will include;
General information regarding the borrowers and cosigners, including contact information, personal finances, employment, income, place of residence, citizenship, etc.
Information about the property (if known at the time of application) or at least the value of the property that the borrower is considering.
Details regarding the loan being requested, including amount, term (years), mortgage products (which will be discussed later in the series), currency (there are options for other currencies, in addition to NIS).