1/1/66 Happy New Year! Today is the first day of the 66th year of our Redemption. Celebrate! Many Israeli mortgage types have what is commonly called a mortgage penalty associated with them if repaid early. In actuality there is no real penalty,  but a regulated capitalization fee associated with it. This fee is defined by the Bank of Israel,  and the banks do not have to charge it. In  the United States,  a mortgage penalty (also called prepayments) are  a negotiable part of a loan. Typically they range from two months interest to 80% of six months interest. Many times these penalties only apply if a loan is refinanced and not if the property is sold, and sometimes only during the first two years of a loan.  In the...
Continue Reading »