No, you could pay money to reduce your fixed interest rate without actually refinancing.bahua wrote: Buy down? Do you mean paying down your loan?
First Time House Buyer Question
- grovester
- Oak Tower
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Re: First Time House Buyer Question
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- City Center Square
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Re: First Time House Buyer Question
Yes - typically you are taking joint tennancy in the house, which is a whole other can of worms.im2kull wrote: Sorry to jack the thread, but question for you guys...
A first time homebuyer, can you get a mortage in two peoples names...kinda like co-signing I suppose...but with anyone and not just a domestic partner/spouse?
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Re: First Time House Buyer Question
no, the ownership of the house and the makers of the note are different. the co-signor can be anybody who is willing to sign, not just the person with whom you bought the house.LenexatoKCMO wrote: Yes - typically you are taking joint tennancy in the house, which is a whole other can of worms.
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Re: First Time House Buyer Question
Oh absolutely - I guess we were making different assumptions about the nature of the relationship involved here.
- im2kull
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Re: First Time House Buyer Question
Lets say a bunch of college guys want to pool their assets and get a larger house, can they purchase (Rather than rent) by having like multiple ownership?LenexatoKCMO wrote: Oh absolutely - I guess we were making different assumptions about the nature of the relationship involved here.
What's graciously given to KC, is strong for the region as a whole. Passion and benevolence will one day exeem towards all whom know true adoration. We shall triumph to better the community as One within
THINK (ONE) KC.
THINK (ONE) KC.
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Re: First Time House Buyer Question
Yes - you can have tennancy in multiple parties - though the more individuals involved, the more I should think the bank would be skittish about the loan.im2kull wrote: Lets say a bunch of college guys want to pool their assets and get a larger house, can they purchase (Rather than rent) by having like multiple ownership?
- im2kull
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Re: First Time House Buyer Question
But the less the chance of a complete default? Or so you would think...if all the parties involved had excellent credit, and debit to income ratio...but lacked credit history. The ol' catch 22.LenexatoKCMO wrote: Yes - you can have tennancy in multiple parties - though the more individuals involved, the more I should think the bank would be skittish about the loan.
What's graciously given to KC, is strong for the region as a whole. Passion and benevolence will one day exeem towards all whom know true adoration. We shall triumph to better the community as One within
THINK (ONE) KC.
THINK (ONE) KC.
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Re: First Time House Buyer Question
LenexatoKCMO wrote: Oh absolutely - I guess we were making different assumptions about the nature of the relationship involved here.
That's long been a problem for me.
- LindseyLohan
- Western Auto Lofts
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Re: First Time House Buyer Question
A Cow-worker of mine did the same thing. Him and three of his friends bought a $400k house together. So when he decided to spend 2 years getting baked while working at a nursing home driving the shuttle, he could still come home to his recently built suburban castle master suite.im2kull wrote: Lets say a bunch of college guys want to pool their assets and get a larger house, can they purchase (Rather than rent) by having like multiple ownership?
- Missionite
- New York Life
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Re: First Time House Buyer Question
CommunityAmerica Credit Union also holds their own loans and services them in-house. They also process and service loans for several other area credit unions including Mazuma. I'm buying my first home and have been pre-approved with a rate of 5% through CACU. I do all of my banking with CACU and couldn't be happier.
www.cacu.com
As a Credit Union member you also will get a percentage of your mortgage balance back each year in the form of a member dividend (since credit unions are not-for-profit). One other perk is that if you choose a Realtor from the CU Realty Services network, you get a portion of your closing costs back in the form of a cash rebate (Missouri) or gift card (Kansas). Just so happens that the Realtor I chose lives in Quality Hill and has been a huge help since I'm looking at moving downtown from the 'burbs.
Matt
www.cacu.com
As a Credit Union member you also will get a percentage of your mortgage balance back each year in the form of a member dividend (since credit unions are not-for-profit). One other perk is that if you choose a Realtor from the CU Realty Services network, you get a portion of your closing costs back in the form of a cash rebate (Missouri) or gift card (Kansas). Just so happens that the Realtor I chose lives in Quality Hill and has been a huge help since I'm looking at moving downtown from the 'burbs.
Matt
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