Need a Mortgage in Israel? Tivuch Shelly will be your guide

By Jerry Barach and Daniel Schecter

There’s more to buying a home in Israel than just finding a place that suits your needs, style, and budget. For most people, there is the all-important issue of obtaining a mortgage.

At Tivuch Shelly, the veteran real estate company headed by Shelly Levine, the process of selling a home to a client also involves early assistance in obtaining the optimal financing solution with the least fuss.

A large percentage of Shelly’s many clients are Olim, immigrants from English speaking countries. She is well acquainted with the nuances  of mortgage approval. It is a crucial part of the process, as there are vast  differences with the mortgage procedure in Israel when compared to  the Anglo purchasers’ home countries. A number of banks that offer loans to foreigners. Each of these banks has its own individual products and terms of loan. The rates and service can vary greatly between different lenders.

For instance, there is no mortgage contingency on an Israeli purchase contract – which is why having a firm approval from a lender in place ever important. Additionally, mortgage loans are also available in different currencies than the Israeli shekel, which can impact the interest rates as well as the foreign currency risk consideration.

Another example is that Israeli banks also generally require life insurance coverage equal to the loan amount or the duration of the loan, which can impact the monthly expenses for the buyer. An existing US policy may be assigned to the bank, while other banks will  waive this requirement.

What % of price can be financed?

Israeli residents purchasing their own property can finance up to 75% of the purchase, while non-residents are maxed at 50% financing. For (future) Olim  – the timing of the purchase, and their Aliya, and their residency classification – is of utmost importance and should be planned in advance.

Bottom line: As a mainstay in the Israeli real estate market for decades, and after selling thousands of homes to Anglo Olim over the past 30 years, Shelly Levine has built a company andhas the knowledge, and the relationships, to help guide Olim to their home in Israel.

Let our expertise work for you!

For more information:

Email Shelly –Tivuchshellylevine@gmail.com

Aliza – tiv_shelly1@bezeqint.net

For Mortgage information contact:

Daniel Schecter, First Israel Mortgages – dschecter@firstisrael.com