KCRag Forum

bahua wrote: Buy down? Do you mean paying down your loan?

No, you could pay money to reduce your fixed interest rate without actually refinancing.

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?

Yes - typically you are taking joint tennancy in the house, which is a whole other can of worms. 

LenexatoKCMO wrote: Yes - typically you are taking joint tennancy in the house, which is a whole other can of worms. 

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.

Oh absolutely - I guess we were making different assumptions about the nature of the relationship involved here. 

LenexatoKCMO wrote: Oh absolutely - I guess we were making different assumptions about the nature of the relationship involved here. 

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 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?

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. 

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. 

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: 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. 

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?

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.

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