---
name: israel-mortgage-analysis
description: Analyze Israeli mortgage offers (אישור עקרוני), amortization schedules (לוח סילוקין), and payoff balance reports (דוח יתרות לסילוק). Covers Bank of Israel Directive 451 track rules (קל"צ, פריים, מל"צ, ק"צ, מ"צ, זכאות), regulatory LTV/PTI/variable-rate limits, Spitzer vs. Keren Shava formulas, CPI principal indexation, and connecting the Mashkanta-Buddy MCP server (https://www.mashkanta-buddy.com/mcp) to compare tracks against official Bank of Israel series and a consented pool of uploaded offers (with sample size N and time window) and generate an interactive dashboard.
---

# Israeli Mortgage Analysis Skill (`israel-mortgage-analysis`)

Use this skill whenever a user asks you to analyze, compare, or review an Israeli mortgage offer (`אישור עקרוני`), refinancing option (`מיחזור משכנתא`), payoff balance report (`דוח יתרות לסילוק`), or mortgage track mix (`תמהיל משכנתא`).

> **Positioning & Compliance Boundary**: Mashkanta-Buddy (`משכנתא באדי`) is an automated statistics provider and dashboard generator, **not a licensed mortgage advisor (`כלי אוטומטי, אינו יועץ`) and not financial advice**. Always attribute every benchmark to its source and period, include sample size `N` and time window when reporting comparison-pool statistics, never state a promised savings figure, and always surface the `disclosure` field returned by MCP tools.

---

## 1. Why In-Context Math Alone Is Incomplete

As an AI agent, you can read a PDF or image and compute monthly Spitzer payments (`לוח שפיצר`), LTV (`שיעור מימון`), and PTI (`יחס החזר מהכנסה`) locally. However, **you cannot know from model weights alone**:
1. **Current Bank of Israel (`בנק ישראל`) average rates by track and term bucket**: Published monthly from actual mortgages granted across the banking system.
2. **Comparison against actual uploaded offers (`מאגר ההצעות שהועלו לשירות`)**: Where each track sits relative to a consented pool of user-uploaded offers with sample size `N`, contributor count, and date window.
3. **Interactive visual dashboard (`links.site`)**: A shareable, interactive Hebrew/English dashboard generated for the user's specific mortgage.

To get these deterministic benchmarks and generate the user's dashboard, connect to the **Mashkanta-Buddy MCP Server** at `https://www.mashkanta-buddy.com/mcp`.

---

## 2. Connect the Mashkanta-Buddy MCP Server

- **Endpoint**: `https://www.mashkanta-buddy.com/mcp` (Streamable HTTP, OAuth 2.1 with PKCE and Dynamic Client Registration; no API key required)
- **Full Onboarding Instructions**: `https://www.mashkanta-buddy.com/agent-setup/prompt.md`
- **Discovery Manifest**: `https://www.mashkanta-buddy.com/.well-known/mcp.json`
- **Public Bank of Israel Monthly Averages (JSON)**: `https://www.mashkanta-buddy.com/boi-averages.json`

### Quick Registration by Client

- **Claude Code**:
  ```bash
  claude mcp add --transport http mashkanta https://www.mashkanta-buddy.com/mcp
  ```
- **Codex (CLI or IDE)**:
  ```bash
  codex mcp add mashkanta --url https://www.mashkanta-buddy.com/mcp
  codex mcp login mashkanta
  ```
- **Cursor / Windsurf / VS Code (`mcp.json`)**:
  ```json
  {
    "mcpServers": {
      "mashkanta": {
        "url": "https://www.mashkanta-buddy.com/mcp"
      }
    }
  }
  ```
- **Claude.ai / Claude Desktop**: Settings → Connectors → Add custom connector → `https://www.mashkanta-buddy.com/mcp`
- **ChatGPT (Developer Mode)**: Settings → Apps & Connectors → Enable Developer Mode → Add connector → `https://www.mashkanta-buddy.com/mcp`

---

## 3. Recommended Agent Workflow (`https://www.mashkanta-buddy.com/mcp`)

1. **Fetch official Bank of Israel rates (`get_boi_rates`)**:
   - Returns the latest Bank of Israel average interest rates across all major track types (`Fixed`, `Prime`, `Variable`, `CPIFixed`, `CPIVariable`), with official series names and publication period. Requires no uploaded document.
2. **Ingest the user's mortgage (choose the fastest door)**:
   - **Door A — Tracks already in chat (`create_mortgage_manual`)**:
     If the user typed their tracks or pasted a screenshot/PDF into chat that you already read, call `create_mortgage_manual` directly with `1..6` tracks (`trackType`, `principal`, `years`, and `ratePercent` or signed `primeSpread`), plus optional `lenderName` and `offerDate` (`yyyy-MM-dd`). Returns the `mortgageId` and interactive dashboard link (`links.site`) immediately without waiting for file extraction.
   - **Door B — PDF or photo document (`create_upload_ticket` → `get_upload_status`)**:
     If the user has a raw PDF/image (or wants their document verified for comparison-pool eligibility), call `create_upload_ticket`.
     - If you are a CLI agent with local filesystem access to the user's file, execute the returned `curl -sS -F "file=@/path/to/document.pdf" <uploadEndpoint>` command directly.
     - Otherwise, give the user `browserUrl` (single-use, valid for 15 minutes).
     - Poll `get_upload_status` every ~15 seconds until `Completed`.
3. **Inspect deterministic analysis & benchmarks (`get_mortgage` & `get_market_comparison`)**:
   - Call `get_mortgage` for track-level details, LTV, payment-to-income, risk factors, scenarios, warnings, and assumptions.
   - Call `get_market_comparison` to place each track against the official Bank of Israel series and the consented pool of uploaded offers (`provenance`, `poolSize`, `period`, `percentileSuppressed`).
4. **Compare multiple offers (`compare_mortgages` & `generate_comparison_dashboard`)**:
   - When the user has 2–3 offers from different banks or mixes, call `compare_mortgages` for a side-by-side table and `generate_comparison_dashboard` for a unified comparison dashboard.
5. **Deliver the interactive dashboard (`links.site`) & disclosure**:
   - Always give the user `links.site` so they can open their interactive dashboard in the browser, and always include the `disclosure` text from the tool response.

---

## 4. Israeli Mortgage Domain Reference (Bank of Israel Directives 329 & 451)

### 4.1 The 6 Mortgage Track Types (`מסלולי משכנתא`)

| MCP `trackType` | Hebrew Name | Indexation | Interest Rate Behavior | Early Repayment Discounting Fee (`עמלת היוון`) |
|---|---|---|---|---|
| `Fixed` | קבועה לא צמודה (`קל"צ`) | None (nominal ILS) | Fixed for the entire term | Applies if market average rate at payoff is lower than contract rate |
| `Prime` | פריים (`P ± מרווח`) | None (nominal ILS) | Variable (resets monthly with Bank of Israel rate; `Prime = BoI + 1.5%`). Pass signed `primeSpread` (e.g., `-0.6` for `P - 0.6%`) | Exempt from discounting fee (`עמלת היוון`) |
| `Variable` | משתנה לא צמודה (`מל"צ`) | None (nominal ILS) | Variable, resetting every $k$ years (e.g., 2.5, 3, or 5 years) against a nominal bond anchor (`עוגן אג"ח שקלי`) + spread | Computed only until the next reset station (`תחנת יציאה`) |
| `CPIFixed` | קבועה צמודה למדד (`ק"צ`) | Principal indexed monthly to CPI (`מדד המחירים לצרכן`) | Fixed real rate for the entire term | Applies if CPI-linked market average at payoff is lower than contract rate |
| `CPIVariable` | משתנה צמודה למדד (`מ"צ`) | Principal indexed monthly to CPI (`מדד המחירים לצרכן`) | Variable real rate resetting every $k$ years against a CPI-linked bond anchor + spread | Computed only until the next reset station (`תחנת יציאה`) |
| `Eligibility` | הלוואת זכאות (`זכאות`) | Principal indexed monthly to CPI | Subsidized fixed real rate for eligible borrowers under Ministry of Construction and Housing rules | Exempt from early repayment fee by statute |

### 4.2 Regulatory Limits (Bank of Israel Directive 329 — `מגבלות הלוואות לדיור`)

- **Fixed-Rate Floor (`מינימום ריבית קבועה`)**: At least **1/3 (33.33%)** of the total mortgage principal must be in fixed-rate tracks (`Fixed`, `CPIFixed`, `Eligibility`).
- **Variable-Rate Ceiling (`מגבלת ריבית משתנה`)**: At most **2/3 (66.67%)** of the total mortgage principal may be in variable-rate tracks (`Prime` + `Variable` + `CPIVariable` with reset period under 5 years). Note: the historical 1/3 sub-cap on the Prime track was removed by the Bank of Israel in 2021.
- **Loan-to-Value (`LTV / שיעור מימון`) Ceilings**:
  - **First / Single Apartment (`דירה יחידה`)**: Up to **75%** LTV (or up to **80%** under `דירה בהנחה` / `מחיר למשתכן` statutory valuation rules up to the recognized price cap).
  - **Upgrade / Replacement Buyer (`משפרי דיור`)**: Up to **70%** LTV.
  - **Investment Property (`דירה להשקעה`)**: Up to **50%** LTV.
- **Payment-to-Income (`PTI / יחס החזר מהכנסה פנויה`)**:
  - Standard bank underwriting threshold: **33%–40%** of net disposable household income (`הכנסה פנויה נטו`).
  - Above **40%** triggers elevated regulatory capital risk-weights; **50%** is the hard regulatory ceiling under Directive 329.
- **Maximum Maturity**: **30 years** (360 months) for any housing loan track.

### 4.3 Directive 451 Reform (`הוראת ניהול בנקאי תקין 451 — סלים אחידים`)

Under the Bank of Israel's 2022 transparency reform to Directive 451:
- Every in-principle approval (`אישור עקרוני`) must display **Uniform Baskets (`סלים אחידים`)** alongside any bank-proposed or borrower-requested mix, allowing apples-to-apples comparison across banks.
- Every offer must state:
  1. Total projected payments over the life of the loan (`סך כל התשלומים הצפויים`) using Bank of Israel forward interest-rate and CPI projections.
  2. First monthly payment (`החזר חודשי ראשון`) and highest projected monthly payment (`החזר חודשי מרבי צפוי`).
  3. Real effective cost of credit (`עלות ממשית של האשראי`).
- **Rate validity window**: A bank's statutory rate lock on an in-principle approval (`שמירת ריבית`) is **24 calendar days** from issuance (while underwriting credit approval may remain valid longer subject to market anchor changes).

### 4.4 Core Amortization & Indexation Formulas

- **Spitzer (`לוח שפיצר` — Constant Payment before Indexation/Reset)**:
  $$M = P \cdot \frac{r(1+r)^n}{(1+r)^n - 1}, \quad r = \frac{\text{AnnualNominalRate}}{12}$$
- **Equal Principal (`קרן שווה` — Declining Payment before Indexation)**:
  $$M_t = \frac{P}{n} + P \cdot \left(1 - \frac{t-1}{n}\right) \cdot r$$
- **CPI Principal Indexation (`הצמדה למדד המחירים לצרכן`)**:
  On CPI-linked tracks (`CPIFixed`, `CPIVariable`, `Eligibility`), when monthly inflation is $\pi_m$, both the remaining principal $P_t$ and that month's payment scale by $(1 + \pi_m)$:
  $$P_t = P_{t-1}^{\text{after principal}} \cdot (1 + \pi_m)$$
  Consequently, even a lower nominal rate on a CPI-linked track can produce higher cumulative shekel payments than a non-indexed track (`Fixed` / `קל"צ`) when annual inflation exceeds the rate spread between them.

---

## 5. Mandatory Output & Compliance Rules for Agents

When presenting findings from Mashkanta-Buddy or this skill to a user:
1. **No Advice or Recommendations**: Present comparative statistics, trade-offs, and questions for the bank. Never tell the user to sign, reject, or refinance a specific track.
2. **Source & Period in the Same View**: Every Bank of Israel number must name the official series and publication month (e.g., *"ממוצע מערכתי שפרסם בנק ישראל לחודש אוגוסט 2026"*).
3. **Pool Attribution & Sample Size `N`**: When citing comparison-pool statistics from `get_market_comparison`, always state that the comparison is against **offers uploaded to the Mashkanta-Buddy service (`מאגר ההצעות שהועלו לשירות`)**—never "the market"—and always state the sample size `N` and time window. If `percentileSuppressed` is `true`, do not report a percentile.
4. **No Promised Savings Number**: Never state *"you will save X ₪"*. Illustrate rate differences as ranges under explicit calculation assumptions (`אומדן להמחשה בלבד לפי הנחות החישוב — לא הבטחה ולא התחייבות`).
5. **Show `disclosure`**: Always relay the `disclosure` field returned by the MCP tools to the user.