From the right 2 Miriam Schwartz, Eran Yeshiv, Amir Shaltiel, Idit Raz Kalisher and Moshe Cohen (Photo: Rafi Delvia)
The Elder Group announced today that it is entering the field of mortgage consulting and will begin providing consulting to all mortgage takers and mortgage owners.
As part of the decision to enter the field, the company will provide services in the areas of mortgage consulting for the purchase of an apartment (first-time/housing improvers/investors), mortgage turnover, a loan for the elderly, a mortgage for the purchase of commercial property (office/store), and a mortgage for self-construction.
The company intends to be one of the largest and leaders in the mortgage consulting industry in Israel, with a nationwide consulting system alongside an advanced service center.
For this purpose, the company recruited the best minds from within the banking system, who will advise the customers of "Elder Mortgages", in order to ensure the cheapest, profitable and most suitable mortgage mix for them.
Illustration: A young couple signs a mortgage (Photo: ShutterStock)
According to Amir Shaltiel, Chairman of the Elder Group,
"As the head of one of the largest multidisciplinary real estate groups in Israel, I am exposed to many buyers across the entire Israeli spectrum. The common denominator for all of them indicates how much the mortgage consulting market in Israel has broken out, and how much the apartment buyers have I really have no idea what to pay attention to when they take away her mortgage. Anyone can decide tomorrow morning that they are a consultant. Elder decided to enter the field with an understanding and need for a professional, high-quality and reliable agency. A low monthly repayment is not necessarily the cheapest, the mix is the key to getting her mortgage right. Therefore, I decided To establish Elder Mortgages, and convene for the first time in Israel a unique forum of experts with extensive experience in the treasury and banking systems and to provide its customers with mortgages that they can afford."
Chairman of Elder Mortgages, Moshe Cohen,
He said in response, "Our expert forum convenes after every Bank of Israel interest rate decision and formulates up-to-date recommendations in real time. Elder Mortgage's advisors specialize in providing creative solutions, tailored personally to each client, which include the issue of financing, risk and advice."
For the past 35 years, Cohen has served as director of the credit department at Bank Leumi and Bank Leumi for mortgages and served as chairman of the housing credit committee. As part of his responsibilities, he approved mortgages in the cumulative amount of hundreds of billions of shekels and helped over half a million families in Israel move forward safely to purchase an apartment. During his tenure, an executive portfolio grew The mortgages from NIS 5 billion a year to about NIS 24 billion a year.
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From the right: Eran Yeshiv, Moshe Cohen and Amir Shaltiel (photo: Rafi Delvia)
Elder's expert forum will be a professional-academic committee consisting of senior officials in the Israeli economy and academia, alongside the leading minds in the field of mortgages in Israel.
Among the experts we can name the chairman of the forum, Prof. Eran Yeshiv - a faculty member at the Eitan Berglas School of Economics at Tel Aviv University.
His field of research and teaching is macroeconomics.
Dr. Miriam Schwartz - Ziv - a leading researcher in the field of finance, specializing in companies and corporate governance and a senior lecturer at the School of Business Administration at the Hebrew University, Dr. Idit Raz Kalisher - a senior researcher at the Aaron Institute for Economic Policy and a lecturer at Reichman University.
So which route does the Alder expert forum recommend?
Surprisingly, although the monthly repayment to the public has become more expensive on average by hundreds and thousands of shekels per month for people who took out mortgages with a high percentage in the variable interest rate track and the prime interest rate track - the recommendation of the Alder Mortgage Experts Forum is that a mix that emphasizes the prime interest rate track will pay off especially for long-term mortgage takers.
According to the experts from the "Expert Forum", although the interest rate increases have not yet been exhausted and there is uncertainty related to the forecast of the rate of decline in inflation, geopolitical events that may cause a renewed increase in inflation and uncertainty regarding the fiscal policy, but after several interest rate increases, the inherent chance of this route is that the interest rate will decrease for a lower interest rate in the future.
"During this period, the prime interest rate is at high levels and may rise a little more, but if the interest rate is on a downward trend, the customer will benefit from a reduced cost in the monthly repayment and will also benefit from the expense of the early repayment if he had chosen a fixed interest rate route," said Cohen.
The expert forum recommends that customers take 67% of a mortgage at a prime rate and the rest at a fixed rate, although they emphasized that the decision for each customer will be individual.
The experts' forum explained that the logic behind the recommendation is that it is possible to switch from prime to fixed interest without cost or penalty, but the opposite switch (fixed to prime) requires a considerable financial cost, and therefore this is the correct recommendation as of today.
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