Wachovia expands into German mortgage market-paper (Reuters)

Ron Burgundy · #1 (**permalink**) 01-11-2006, 06:13 AM

Reuters - Wachovia Corp. , the No. 4 U.S.
bank, plans to muscle into the German mortgage market this year
in competition with leading German property lenders, a Wachovia
official told a German newspaper on Thursday.

Link To Original Article

The Wizard · #2 (**permalink**) 01-12-2006, 05:21 PM

This is interesting. Does anyone know if mortgages are done the same in Germany as they are in the states? I know that in the UK you can have your loan move with you when you move.

Erik · #3 (**permalink**) 01-12-2006, 06:18 PM

I doubt it - they do things differently for almost everything in the EU. Usually, if you're driving in one of those round-abouts and you come upon a merging street, you have to yield to the person who wants to get into the round-about, isntead of the other way around like it is here.

carlo@CreditReportAtlas · #4 (**permalink**) 01-12-2006, 09:15 PM

Quote:

Originally Posted by The Wizard

This is interesting. Does anyone know if mortgages are done the same in Germany as they are in the states? I know that in the UK you can have your loan move with you when you move.

What do you mean about the "loan moving with you when you move". Explain how that works.

The Wizard · #5 (**permalink**) 01-13-2006, 11:56 AM

In England and Aust. their mortgages actually move properties as the borrower moves, so say you take out a $200,000 mortgage stay in the house till you owe $180,000. Then decide to buy another house for say $350,000 you would take your loan for $180,000 with you and get another loan for the difference minus any down payment you put down. Etrade was the first company to offer this in the US. It got a huge amount of press.