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Mortgage guide

Mortgage Consulting

What do you need to know before taking a mortgage? Who should you consult before taking a mortgage? What are the common mistakes made in the area of mortgages? All of these questions, and more, addressed in the guide we've prepared for you.

Taking a mortgage is usually the major financial move in life. A mortgage, with all it entails, is not just another simple banking transaction rather one made for the long term, affecting the financial conduct of the family for many years to come. Therefore, just as we check, consult and compare when we want to purchase a new car or choose a doctor, we need to do the same when before proceeding to take a mortgage, yet with even greater precision. It is important to check, compare and negotiate before deciding where to take the mortgage, from whom to take it, what size to take and for how many years. Remember: mistakes made due to lack of attention are liable to cost dearly.

Some fundamental rules for taking a mortgage:

The mortgage must be suited to the family's financial ability.

It is important to check the size of the capital at your disposal, and the rate of return you can afford to pay each month. It is not advisable to rely on assumptions regarding the future, such as a raise in salary or an inheritance you anticipate receiving, since these are liable to change over the years, for various reasons. Rely only on definite, secure sums of money. In any case, it is not recommended that the monthly rate of payment exceed one third of a couple's net income.

The mortgage period is of paramount importance.

The shorter the length of the loan, the lower the interest charged. The rule is simple – a short mortgage is cheaper than a long one.

How to determine the monthly payment date?

How should you know what date to make the monthly payment on? When signing a loan contract, the monthly payment date is determined as well. Several dates may be chosen from; it is recommended to set the date in accordance with salary payment date.

Finally, an important tip:

For your convenience, mortgage returns can be made only after receiving the keys to the new apartment. Thus, if you are renting or selling your present apartment, you will not have to pay rent as well as mortgage returns during the interim period.

All of the material on this web site is Copyright © by Oren Neve Tzedek Real Estate. All rights reserved. No part of this web site may be reproduced, published, distributed, displayed, performed, copied or stored for public or private use in any information retrieval system, or transmitted in any form by any mechanical, photographic or electronic process, including electronically or digitally on the Internet or World Wide Web, or over any network, or local area network, without written permission of the owner "Oren Neve Tzedek Real Estate"


All information regarding a property for sale or rental is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

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