In This Edition
- Welcome
- Featured Article – Working with Mortgage Banks in Israel
- Subscription Information
- For Further Information
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Welcome to Israel Real Estate Law Insights
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Welcome to the latest issue of the Israel Real Estate Law Insights, published by Nicole Levin Law Offices, experts in all aspects of real estate law in Israel. You are receiving this newsletter because you signed up for it on our website or because you filled out a form at a housing fair. Our newsletter focuses on the legal aspects of buying, selling and renting property in Israel.
Wishing all our clients and friends a very Happy Purim
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Working with Mortgage Banks in Israel
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You’ve found your dream home in Israel. Now, how are you going to pay for it?
- What bank should you go to?
- What type of mortgage should you take?
- Will you be able to afford the monthly repayments?
- How will you navigate all the paperwork?
- Can you take out an Israeli mortgage when you are living abroad?
One of the most difficult parts of any Israeli real estate deal is getting the mortgage. Many people make the mistake of thinking that if the bank has approved their request for a mortgage, the money will miraculously be transferred to their account within a few days.
That’s simply not the case.
The truth is that while it’s perfectly possible to get a mortgage in Israel, you’ll need to understand how the system works in order to expedite the process.
- The mortgage banks have their own goals.
They want to give mortgages because that’s their business. But they also want to protect themselves. They won’t approve a mortgage before confirming your ability to make the monthly mortgage payments. When they are satisfied that you can meet the financial commitment, they will grant what is called “approval in principle.”
You can get “approval in principle” before a sales agreement is signed or before you even know what you are buying. However this “approval in principle” is conditional. The condition is that the purchase is a “good purchase” in the sense that the property is not worth less that the amount of the mortgage, and that the bank can protects its rights as a mortgage holder by registering the mortgage in the land registry…Read the complete article on our website.
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Subscription Information
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For Further Information
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Additional information can be found at:
http://www.levinlawoffices.co.il/free-stuff/
Further interesting articles can be found at:
http://levinlawoffices.co.il/articles/
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http://levinlawoffices.co.il/newsletter/
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