"The soaring interest rate is painful, but it is not the only consideration in taking out a mortgage"

Irena Davidov, a leading mortgage consultant in Israel, faces shoulder to shoulder alongside her clients against the frequently changing interest rates. The inflation and recession that are knocking on our doors make her work with clients sensitive, important and life saving. Master of family economy, dedication and availability. A top professional in the country.

Irena Davidov – An expert in the field of mortgages and family finances, is currently fighting alongside her clients so that they can function under the Bank of Israel’s frequent interest rate increases. After four years in which the interest rate in the economy stabilized, the Bank of Israel shook the local economy, gradually raising the interest rate up to the level of 5.25%. The borrowers are feeling firsthand the increase in the cost of loan repayments.

It is true that this is still a low interest rate relative to the global interest rate market, but since most mortgages in Israel are linked to the prime rate, it turns out that the monthly repayment of hundreds of thousands of households in Israel has increased, and it will continue to increase every time the interest rate rises.

The Bank of Israel canceled the limit on the prime, from one-third to two-thirds of the mortgage. In the current reality, we asked to use the vast knowledge of Irena Davidov for instructions on how to act under the changing situation.

"The interest rate and the monthly repayment are critical issues that are painful for the mortgage-taking public. Right now we have to look towards the future benefit"explains Irena Davidov, a master in the field of mortgage consulting.

"In the wider world, only 40% of residents live in apartments they own. In Israel everyone is chasing the dream of buying an apartment. Therefore in Europe and America"The increase in interest rates made people sit on the fence and wait, and in Israel the desire to buy an apartment is still strong. By the end of the year, it is expected that the prime interest rate will increase by one percent, and with the addition of another one and a half percent of the bank’s margin, the interest rate will rise to 5.5%, which is still very reasonable compared to the global rates in the world.

But we must understand, a mortgage mix is ​​not based solely on the interest rate, but goes hand in hand with other factors in the family economy. You need to understand the level of risk that the family can handle. Families whose risk level is currently in the sky are asked to refinance a mortgage in order to adapt it to the shape and requirements of our lives".

Photography: Tomer Katsav

How do you help families who are groaning under the monthly repayment?

"It is important to me to be available, attentive and to treat every customer as if he were a world center. I have a team of experts in various fields at the economic level, but for me this is the moment of truth. From the moment I signed the agreement with the bank and onward, I dedicate my full time to them".

What are the dilemmas that customers have today?

"First, an expert should be used to see that the client received everything promised in the transaction with the bank. Today, more than ever, professional help is required in the complex work of calculating between all the numbers and percentages. Customers do not know what to demand from the bank and are not aware of clauses in the contract that can make a huge difference".

Irena Davidov combines up-to-date and professional mortgage advice along with controlling the taps of the family economy. She develops and invents holistic solutions that are adapted to the client’s current and future situation.

"My commitment is to think and accompany the families with a smart look to the future. Always consider the current situation and plan carefully for the next few years. This is how we will bring the family to manage risks perfectly".

Customers we spoke with testify that she helps raise money for investors who wish to purchase real estate"in Israel. Irena is very aware of the real estate market"and knows how to direct clients to great deals, sometimes even when the apartments in the project are still in the planning stage and before construction begins.

"I led people to purchase apartments in evacuation-construction projects and at an advanced stage. There are those who have doubled and tripled their wealth from such transactions. I do not recommend entering into a eviction-build deal at a very early stage, because of the high risk. My rule of thumb is not to buy an apartment in the city you dream of living in, but to look for a good deal. A great deal in the periphery is much better than a reasonable deal in Gush Dan. Buy where you can get a good deal and live where you want. Emphasize proper investment beyond thinking about buying a residential apartment".

Those who want to realize a dream and buy an apartment and are not prepared for it financially – need and must professional advice. He has to plan the present, the future, calculate financial sources, interest rates and ability to repay and manage risk taking.

Irena Davidov stands out in her field due to her touching service. She is caring, attentive, precise and available. In difficult and confusing days like these, we are required to recalculate our financial path and make adjustments. Even those who have equity in their hands and are looking for a good deal – need guidance in order to reach the maximum utilization of resources.

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