Discounted apartment?

Winning the lottery is just the beginning of a grueling journey

The "discounted apartment" lottery fever has made many housing applicants forget that even in the event of a win, it is only the first hurdle that must be skipped on the way to the apartment.

The next stop will be at the mortgage bank, and if you do not prepare for it properly, you may miss the opportunity

Talia Levin

09/06/2022

Thursday, 09 June 2022, 10:10 Updated: Friday, 10 June 2022, 07:15

• Share on Facebook

• Share on WhatsApp

• Share on Twitter

• Share on Email

• Share on general

• Comments

  Comments

The results of the mass lottery of the remaining apartments in the price per occupant project are currently being received - and another lottery has already been announced for next month.

The housing market is at a peak of prices that has not been seen for years.

The prices in the sky and the low supply in the sought-after areas, make people prefer to compromise on a 2-room apartment in a locality that they have never visited - the main thing is to have an apartment.

But many of the happy winners who may in the coming years win their own apartment on discounted terms, do not even know that the significant hurdle is sometimes not just a fate but to pass the mortgage approval.

You’d be surprised, but even for those who think (let alone think) that they have the starting amount, a challenge is expected.

says Martin Boxdorf, an expert mortgage adviser to the defaulters (owner of the "Happy Mortgage" company) then nicknamed the "Bulldog."

"When it comes to the price per occupant, there are always a lot more mortgage refusers than the free market. Usually someone who plans to buy an apartment in the free market goes through a process of preparation. He is updated, prepared, he knows exactly what he needs. "A lot of guys who did not know exactly what was needed, so the percentage of those who are refused is much higher. 25-year-olds come, for example, and that's something I have not seen in previous years."

Boxdorf explains that at the top of those who refuse, or rather those who refuse, are single women, a little ahead of themselves, independent, and before that young couples.

"No one really wants young couples. By and large, they prefer forty-year-old couples who upgrade an apartment from three to four rooms."

"This feature is in my eyes an image-psychological one. It may be resolved in the coming years, but in the meantime, this is the reality we all need and hope to change."

"On basic things most of which have nothing to do with modern life. Like, for example, people who have no seniority at work. And we all know that the younger generation tends to leave jobs at a dizzying pace and for good reasons. "And BDI problems, where more residents of the periphery usually fall. By the way, the city most denied to mortgages in Israel is Eilat."

Good to know (promoted)

This button can save your life in case of a medical emergency

Served on behalf of Shahal

Martin Boxdorf.

Mortgage advisor with specialization in mortgage defaults (Photo: PR)

"Banks are more market than market"

Boxdorf adds that the problems continue, of course, with self-employed people with a new business, who wanted fate and went up in price-per-tenant lotteries and want to buy an apartment.

"Self-employed people who do not have a history of income are in trouble because they have no seniority and usually want to see reports of a few years back."

"For some reason there is a perception that banks are a dry body that works according to the book, and the truth is that in the reality test it is just the opposite. Banks are more market than market, everything can be negotiated, everything can be negotiated. I have not encountered anything impossible. What I do when I meet The first with mortgage refusers is to check what their strengths are and what their weaknesses are.

Suppose I know that the seemingly bad thing from the bank is the fact that a person has changed a lot of jobs in the coming years, and the good things are: high equity and above-average salary.

We are building a story that explains why there was employment instability, maybe a person did not find a job with good conditions?

Maybe he did not want to compromise on a role?

It also indicates a lot about someone who has the means not to take any job offered to him. "

" exactly.

And what is my purpose in this?

Once I have these arguments I can skip over the initial hurdle and not talk to the bank clerk.

I mean, the first official who has no authority.

Its job is to take all the information from the customers and enter it and pass it on to the decision maker.

My job is, among other things, to put logic into the dry data that seemingly does less good. ”

"To be fair, in front of some bureaucratic body in the State of Israel today do you not need someone to represent you? Even at passport level. Would you not want someone to precede you with the queue three months ahead? Or even an MRI when you are facing large systems and so much more powerful than you, it It just makes sense to have someone to help you promote. "

"I have a joke with one of the senior executives at mortgage banks when we talk about a mortgage portfolio I bring up:" Is there a narrative feasibility in the portfolio? "I mean, is there a good story that explains the problems that were. "But the truth is that to approve a mortgage after a period of financial problems - a good story is required. Otherwise it just does not work."

The Ministers of Justice and Housing are launching the "Discounted Apartment" lottery.

Even if you win, you are only at the beginning of a long journey (Photo: Government Press Office, Sivan Shachor, Anaba)

It's not for the phone

This role, which might be called Robin Hood of Mortgages, was sewn up for himself by Boxdorf (40) after years of working at three mortgage banks and training in law school.

"I realized I was less good with frames, but I really want to be successful and help people.

I wanted to benefit the client and after I resigned from Otzar Hachayal Bank, the last one I worked for, I rolled into this field and discovered that without intention I made many connections, the people I started my career with "As juniors today, they are bank executives, and yes, the personal connections from the past are very helpful."

"One of the things that creates a lot of refusals for mortgages is the call centers or the digital centers. When submitting a mortgage application at the digital center or the call center,

That is, the telephone banker encounters any mortgage problem, for him the only thing he can do is write off a mortgage deferral and move on.

He simply does not have the discretion required to deal with any problem.

So if you know there might be a problem you should only apply at the branch. "

Boxdorf adds that the most important thing to do when getting a negative answer from the bank is to try to understand why the bank refuses?" Bankers are at the end of people, they are uncomfortable returning negative answers Hurry to call and give negative answers.

Our first goal is to reach an answer.

This answer is actually half of the solution, because once you know the answer - at least you know what problem to deal with.

"Sometimes there is a problem that is spotty at a certain bank and there is no problem at other banks, so understanding the reason for the refusal is critical."

And another tool that you may not be familiar with, called a credit data report. This refers to a report that can be ordered very easily and for free from the Bank of Israel by calling 6194. "This report includes all the financial information about the person in the last three years. Standing order or you had a foreclosure in the bank account - all this is listed in full detail in the report.

Banks use this report to decide if they want to approve a mortgage or not.

For us it is critical to understand, whether we can still get a mortgage, even if the bank initially refused.

The amount of problems in the report actually determines our ability to overcome these problems. "

"The truth is not. Because many times people make a common mistake and apply for mortgages at those banks where they have no chance of getting a mortgage. Our goal in the first place is to filter out the banks that had problems and not put any effort into them.

Our goal is to turn to those banks with which "Mortgage and concentrate on them. We make a debit, and understand what the conditions are in each bank and where it is easier for us with our data to get the mortgage."

"Mortgage advisers are a very broad community of people who specialize in different types of mortgages. There are those who are price experts per tenant, mortgage lending experts, mortgage recycling experts, kibbutz experts, self-build experts, etc. If you have trouble getting a mortgage, the professional you need is not. "A mortgage advisor, but an expert for mortgage refusers who only handles mortgages after an initial refusal from the bank, who knows how to delve into each case individually."

• Of money

Tags

• Mortgage

• Banks

• Apartment

• Young couples