For the first time in Israeli banking: Leumi Mortgage Launches the 'Digital Mortgage'
The new service is expected to make the procedure of obtaining a mortgage loan - which is perceived as tedious and complex - into a quick and friendly one
Leumi Mortgage launches a new product: 'Digital Mortgage' - an innovative product for customers seeking to obtain a home mortgage loan. Leumi’s 'Digital Mortgage' allows customers to apply for a mortgage prequalification through Leumi’s website (via PC and mobile devices). Customers will receive an answer within a single work day. Prequalified customers will receive an approval in principal specifying, among other things, the loan amount, interest rate and monthly repayment, as well as a link to upload documents in order to proceed with the process. An approval in principle outlining the loan tracks and customized interest rates will be sent to the customer at a later stage, following a conversation with him/her.
After being prequalified, the customer will be able to proceed with the process of obtaining the mortgage loan using digital channels only, without the need to physically visit the branch, except to sign the mortgage documents at the final stage. Up to now, customers in the process of taking out a mortgage loan were required to arrive at the bank branch an average of 2-4 times. Users of the 'Digital Mortgage' are expected to experience a less time-consuming process, substantially cutting down their number of visits to the branch. It should also be noted that Bank Leumi is the first Israeli bank to offer such a product.
'Digital Mortgage' will be available to the public as of early July 2018, on Bank Leumi’s website. It should be emphasized that initially, the product will only be available for home mortgage loans, and will be available in Hebrew only.