Two separate mortgages for one house from same bank?

Could two people apply for individual mortgages and buy one house. For example, I apply for a $90,000 mortgage at 6.5% and the other applies for a $90,000 mortgage at 9.5% from the same lender/bank and both use their mortgages to purchase one property. Since both are using the same lender, just at different rates, would the purchase of a single property be viable?Two separate mortgages for one house from same bank?
I don't think this situation is possible bec Financial Institutions loan money for a mortgage based on risk and in doing so, they check with local government tax office on the recording of the deed to make sure property title is good and their order/precedence (1st Lien) to the owning the property if you were to default or miss payments resulting in foreclosure. That said part of the settlement costs you buy gives the Financial Institution ';title insurance'; for mistakes (by the way, normally if you the Buyer want optional title insurance, then they want extra $$. This is why I believe it is not possible to have 2 half-half mortgages on same property, or two separate and unknown parties buying the same property bec Financial Institution and maybe local government would require a single deed with 2 names that could be tied to same property, and mortgage loan would also be one. Problem or rather extra expenses might come down the road when 2 parties for some reason split %26amp; go separate ways or if one buys out the other, it takes a legal contract to change and record new ownership deed. There are cases where owners can be replace via ASSUMPTION OF MORTGAGES but I would advise doing everything they correct way bec say one owner buys out the other owner and then tries to sell eventually down the road and the TITLE DEED is a mess bec legal documents are missing or say they can't find other owner and written contract wasn't notarized or prepared by attorney/lawyer where it's one party's word vs another. Such a situation go literally STOP one from selling DEAD IN ITS TRACKS trying to take a short cut and maybe costs more in the long run to untangle compared to both parties in the beginning applying for a mortgage as joint owners.





I'm not an attorney and only participated in several (5-10) real estate transactions...and hope I understood your question correctly and that my explanation was sufficient...Two separate mortgages for one house from same bank?
Uh, no, the lender isn't going to allow that, and why would you choose the MOST EXPENSIVE route to a home purchase?





You'll pay out the nose, even if you could finance it like that, which you can't.





It sounds like you are trying to get around something...and remember that bank fraud is a felony and there are sweeping new laws getting ready to come down from Congress that will put people in the pokey for pulling crap like that.
Yes if the two borrowers had formed a legal partnership of some sort (like an LLC or corporation). You could have different names on the different promissory note but both be named in the mortgages and share interest on title assigning it to the partnership name.
that happens...and it's fraud with the seller.





but whichever buyer goes to the county to record first...is the new owner.





most banks have a system that reviews for the same property, but it's not connected with other lenders
No.