MORFOR- Terms

Thank you for your interest in the Bank of Jerusalem’s "Morefor"TM Mortgage Program.
As per your request we are sending you a general information sheet.
In addition please note the following information:
1. In order to qualify for a loan the borrower must submit an application form,
2. which includes personal and financial information, as well as information regarding the property 
    offered as collateral.
3. The application form must be completely filled out and submitted together with the relevant  
     documentation 
4. (e.g., copy of passport, income tax returns, portfolio statement, title documentation).
5. An appraisal report is required and the cost varies according to the value of the property.
6. Olim Hadashim (subject to their eligibility) are able to combine a dollar loan together with a 
     government subsidized loan.
For your convenience additional locations to obtain these financial services include:
Tel Aviv – , Netanya – Nachi Schwarzblat, Ashdod – Efraim Levi.

We hope that this information is helpful. Should you have any further questions please do not hesitate to contact us.

 

Bank of Jerusalem, The International Private Banking Branch, is proud to present the highlights of its foreign currency mortgage
loan program for Foreign Residents and Israelis with foreign currency income.

1.	Currency:	Multiple currencies available, including (but not lim limited to)USD JPYGBD CHFEUR CADOther currencies available upon request and bank approval
2.	Amount	Minimum loan is $75,000 Generally not to exceed 70% of the purchase price or appraised value of the property.
3.	Term of loan:	Up to 20 years
4.	Repayment terms:	a. Quarterly payments b. Equal principal payments and interest on unpaid principal balance Or c. Equal quarterly paymentsOr d. Potential to tailor repayment schedule to specific needs, based on prior approval
5.	Interest rate:	1. Attractive variable interest rate linked to the 3 months Libor (London Inter-Bank Offered Inter-Bank Offered Rate). 2. Attractive fixed rate option available for financing up to 15 years.
6.	Insurance	Property and Life Insurance (for those under the age of 75) are mandatory. The borrower can provide an endorsed policy issued in Israel of such insurance, to the Bank’s satisfaction
7.	Initiation Fees:	0.5% of mortgage amount
8.	Prepayment privileges:	Early repayment, (10% or more of the loan outstanding value) with no prepayment penalty, subject to an advance notice of 10 days.
9.	Loan Disbursement:	Bank's participation (funding) represents the final payment of the purchase transaction.
10.	Process:
	Loan application form	Available upon request or can be downloaded from thewww.bankjerusalem.co.ilbanks website: (English > Forms > Mortgage Loan Application) * 2 forms of picture identification (one of which is valid passport)
	Financial information	Tax returns for the past 2 years Bank statements for the past 3 months Additional financial information that is deemed necessary
11.	Property Information:	Appraisal report by Bank of Jerusalem approved Appraiser Purchase contract, if relevant