Mortgage Costs
Mortgage Tax
As of January 1st 2005 the Mortgage tax is no longer applicable.
Processing or Origination fee:
This is a fee paid to the bank and is between .25% and .5% depending on the bank.
Mortgage Israel clients either do not pay this fee or get a substantial discount on this charge depending on our arrangement with the individual bank.
Property Appraisal
Having your property appraised by an independent appraiser is necessary in order to receive a loan. The cost is on a progressive scale relative to the cost of the property. The range can be anywhere from $75 - $600 for standard residential properties. There are discounts for new Olim and first time buyers. It is also cheaper if it is done in conjunction with pre-approval from a bank.
The appraisal is an integral part of the loan process and should be undertaken in consultation with one of our advisors to ensure that the maximum value is obtained.
Smaller Costs
Mortgage registration - $ 40
Power of attorney - $ 60
Please note that the above numbers are only a guide based on average costs incurred in the past. Exact costs will vary depending on the lending institution and along with other factors in the mortgage process.