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July 18, 2008
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Home Loan Checklist

1. Application

Complete an application for a shul loan.

2. Rabbi’s Interview

Arrange a personal interview with the rabbi of the congregation.

3. President’s Interview

Arrange a personal interview with the President of the congregation. The President will determine if you qualify for a loan—and for what amount. You will be notified of the results of your interview.

4. Balloon Note

Once you are approved, your real estate lawyer will provide a “balloon note” — a legal contract — to the shul’s bookkeeper—outlining the terms of your loan from the shul. Your lawyer will arrange to have the mortgage recorded and other details that occur at the closing.

5. Copy of Mortgage

Provide the shul with a copy of your mortgage from your lender.

6. Receiving the Check

The shul’s bookkeeper will procure a bank check for the amount of your loan. Your lawyer should arrange a time and date for the transfer to take place.

7. Repayment

Once you’ve received your loan check, mark on your calendar one year from that date. That’s the point when you’ll begin repayment. Your first payment, occurring in the second year of the loan, is one percent of the total amount you received from the shul.