Business and Real Estate in Oakland

I’m not going to talk about a dream, like Luther King. Not even an imaginary land, as Tolkien. The non-recourse mortgage, exists and is of this world. It is not easy to get, of course, but we must not despair too soon.

What bothers us most is all the guarantee that requires us to get to third in dance, and sometimes even fourth and fifth. It is assumed that the mortgaged property itself must serve as collateral for repayment of the loan (often called a mortgage) but sometimes the banks want to ensure and require us to guarantee the cursed, depending on our conditions and the market situationn time, because when banks compete like crazy with each other so hard they could not, by any means.

The subjective characteristics of which will depend on that ours is a non-recourse mortgage or are no more or less, this:

“Our age. Banks tend to give mortgages without collateral more easily if you are relatively young, although the conditions will be worse and more expensive fees. If you are a little older, instead of the guarantee will ask for a life insurance. Of the mortgage without life insurance and talked for some time.

-Type of contract and employment. If you are official, no problem. If you have a permanent contract, haypocos problme. If you have six months pro contract, get in the worst …

-The percentage to apply the valuation of the property.

Very careful in this last paragraph because, in theory, if requested less than 80% of valuation of the mortgaged property, the bank should not, legally, ask for collateral.

Another thing is that the bank three heck cares about the law and refuses any other pretext. But it is good to know, right?

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