ייעוץ משכנתאות, איחוד הלוואות
שדרות הראשונים 23, ראשון לציון
בניין מילניה B, קומה 17
Professional and Thorough Service
With the help of NewKey, I found a mortgage advisor who simply did a fantastic job. He thoroughly researched my needs and offered me the most suitable mortgage. I would recommend it to everyone.
Uri G.
Support from Start to Finish
The advisor I found through NewKey accompanied me every step of the way, even though the process was complex and long. I feel that I received service above and beyond.
Rachel L.
Everything in One Place
The site gave me access to a wide range of information and a wide variety of advisors. All of this saved me a lot of time and made my decision easier. I would have preferred a little more explanation on everything, but in the end, I am satisfied.
Chaim Z.
Buying a second-hand property is an exciting but challenging process that involves a significant number of important financial decisions. One of the most crucial decisions is choosing the mortgage that best suits your needs. While buying a new property from a developer may offer certain advantages, purchasing a second-hand property requires a deep understanding of the process, especially regarding the mortgage.
When it comes to a mortgage for a second-hand property, it is important to consider loan restrictions and compliance with Bank of Israel regulations. The differences between a mortgage for a new property and a second-hand property can be significant and require proper financial planning.
For example, property cost: the purchase price of a second-hand property may be higher or lower compared to a new property, depending on its condition, location, and size. Additionally, maintenance costs for a second-hand property may be higher, and all of this must be considered when calculating the loan.
The loan-to-value ratio may also differ. A very important point: the bank considers the property value, not the transaction price. For this reason, the bank refers buyers to perform a property appraisal. The Bank of Israel sets strict guidelines regarding the maximum loan relative to the property value, and it is advisable to check them depending on the type of property you are purchasing.
One of the key steps in the process is setting a budget. The budget you set will be the main factor influencing the type of property you can purchase, so it is important to understand all associated costs and establish a realistic budget.
Do not forget to review mortgage terms and compare offers from different banks. Remember, interest rates, management fees, and early repayment conditions can vary significantly between banks.
The most important thing is to choose a mortgage that suits you and your needs. A balanced and well-planned mortgage will help you make wise decisions that impact your household finances for many years. It is recommended to stay informed, ask questions, and be aware of all available options when purchasing a second-hand property.
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