Want to know your mortgage’s current interest rates, when rates might change, or how much is left on your loan?
An Israeli mortgage payoff statement, known as a doch yitrot lesiluk mashkanta, provides all these details and more.
Whether you’re considering refinancing or just planning your financial future, this statement is your go-to document.
What is an Israeli mortgage payoff statement (doch yitrot lesiluk mashkanta)?
In the US a “Mortgage Payoff Statement” or in the UK a “Mortgage Redemption Statement” provides critical details about your current mortgage.
In Hebrew, it is called דוח יתרות לסילוק משכנתא (doch yitrot lesiluk mashkanta). Each bank will call it something slightly different, but they will all be able to identify what you need if you call it by this name.
For example, Mizrahi-Tefahot calls it a אישור יתרות משכנתא (ishur yitrot mashkanta) and Leumi calls it a אישור יתרות לסילוק (ishur yitrot lesiluk).
Why you need an Israeli mortgage payoff statement
The most important form you can have to understand your current mortgage in Israel is the mortgage payoff statement.
The Israeli mortgage payoff statement contains valuable information which gives you a picture of your loan – from when it started, through the present, and into the future.
It is the basis of deciding whether a refinance might be a good idea. Knowing the full terms of the loan can help you plan your financial future.
Need help navigating this process or have questions about your mortgage terms? Contact me for a free consultation — I’m here to assist.
What information an Israeli mortgage payoff statement contains
You will receive a form which includes a table with a section for each part of your mortgage. For each part, you will find a number of details, the most important of which include the following.
- Interest type: Indicates whether it’s fixed (קבוע) or variable (משתנה), with details on how often it changes, when it next changes, and how the rate is determined
- Inflation linkage: Shows if the loan is linked to inflation and the accumulated linkage amount in NIS
- Current interest rate: The current interest rate for the loan
- Current monthly payment: The current amount due each month
- Loan term: The length of your loan, and when your last payment will be
- Outstanding balance: The original loan amount, current balance, and the total payoff amount if paid today
How to get your mortgage payoff statement from each bank in Israel
Each bank offers you the opportunity to get a copy either online or by phone.
- Bank Hapoalim (בנק הפועלים): Online, or call *2408 during business hours
- Bank Leumi (בנק לאומי): See Easily get a Leumi mortgage payoff statement (ishur yitrot lesiluk)
- Bank Mizrahi-Tefahot (בנק מזרחי טפחות): Online, or call *8860 or 076-804-8860 during business hours
- Bank of Jerusalem (בנק ירושלים): Call *5726 or 076-809-5143 during business hours
- Bank Otsar Ha-Hayal (בנק אוצר החייל): Call *3533 during business hours
- First International Bank of Israel (הבנק הבינלאומי הראשון): Call *3533 during business hours
- Israel Discount Bank (בנק דיסקונט): Online, or call *2009 or 03-9439008 during business hours
Need Help Understanding Your Mortgage Payoff Statement?
If you’re unsure about your current mortgage terms or thinking about refinancing, I can guide you through the process and ensure you make the best financial decision. Contact me today for a free consultation.
