Morgan Mortgage

Morgan Mortgage

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CONTACT US: 0525-688-940     aaron@morganmortgage.co.il
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Mortgage Application Form

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    Personal Information

  • (as it appears on ID) List other names: Hebrew, Maiden
  • (as it appears on ID) List other names: Hebrew, Maiden
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    Employment Information

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    Mortgage and Property Information

  • The amount of mortgage approved by the bank is based on a percentage of the APPRAISED value of the property, and not necessarily the amount you paid for the property. Please note that it is common for the appraised value to be lower than the current market selling price. Do you have any reason to believe that your property would be appraised for less than the actual purchase price?
  • Have there been any renovations or additions to the property that may have required a permit?
  • Was a permit obtained?
  • In most cases, the bank requires the following: a) Your down payment funds must be paid before the bank will release any portion of the mortgage funds to the seller/builder. Is this a problem?
  • In most cases, the bank requires the following: b) The purchase taxes for the property must be paid prior to the bank releasing any portion of the mortgage funds to the seller/builder. Is this a problem?
  • SUPPLEMENTAL DOCUMENTATION

    In addition to the above application, please provide copies of the following:

    1) Proof of Identification

    ISRAELI CITIZENS: Teudat Zehuts of both spouses. Please include the complete unfolded sefach (the paper portion of the teudat zehut)

    NON-ISRAELI CITIZENS (who do not also have Israeli citizenship): Passport and Driver’s Licenses of both spouses.

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    2) Bank Accounts

    Israeli Bank Accounts: Bank statements for 3 months

    Foreign Bank Accounts: Bank statements for 3 months from any bank accounts that show deposits of income.

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    3) Proof of Income

    FOR ISRAELI SALARIED EMPLOYEES: Work receipts (pay stubs) for the last 3 months from any income earned in Israel.

    FOR ISRAELI SELF-EMPLOYED WORKERS: Tax returns for the last 2 years + Letter from a certified accountant confirming income from January 1 (of the current year) – Present.

    WORK EARNED FROM ABROAD: Last 2 years’ tax returns. (For US Citizens: For the most recent year, the full tax return is required. For the previous year, only the first 2 pages of the tax return are required.

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    4) Credit Report and Credit Score. (US, UK and Canadian Income Earners)

    For citizens earning income in the US, the UK and Canada: Credit Report and Credit Score (from the US, UK or Canada) from the main income earner. This may be obtained from one of the following websites: www.fico.com, www.transunion.com, www.equifax.com

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    5) Cosigners

    In situations where a borrowers’ income is not sufficient to meet the bank’s standards, a cosigner may be used. The cosigner must provide the same documentation as the borrower (Items 1-4). The mortgage application itself need not be completed by the cosigner

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      ADDITIONAL INFORMATION

      Mortgage Repayments

      To qualify for approval you (or a cosigner) will need to show verifiable income of at least 2.5 times your expected monthly mortgage payment

      Monthly Repayments per 100,000 NIS
      Rate 15 Years 20 Years 25 Years 30 Years
      4% 740 610 530 480
      5% 790 660 580 540
      6% 850 720 650 600
      7% 900 780 710 670
      Costs of the Mortgage Process
      1. Bank Origination Fee: Approximately 0.25% of loan amount

        Morgan Mortgage clients receive a discount on this fee depending on the arrangement with the relevant lending institution.

      2. Appraisal fee:

        An appraisal of the property is required in most cases. Cost varies between 450 NIS - 2,000 NIS depending on the bank’s requirements and the cost of property.

      3. Life Insurance on the loan:

        This insurance is mandatory in most cases and is required for all people signing on them mortgage. This insurance covers the loan amount in the case of death of any of the borrowers. The cost of the insurance depends on the health and age of the applicant. The cost is approximately: 20 NIS - 80 NIS per 100,000 NIS borrowed, per month.

      4. Property Insurance

        (Mandatory): Covers fire, flood, earthquake and other natural disasters. The cost is approximately 10 NIS per 100,000 NIS of property value.

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