You know what would be terrible? Terrible in a sort of dystopian, capitalism-run-amok sort of way? Imagine buying a brand-new, fancy, premium-grade car. From an automaker with a respected name. Like, say, BMW. This is a machine with some status! Let’s say it costs, oh, $61,500, and you’re paying, what, about $1300 a month? Something […]
So… you don’t own a house, the bank owns it. Don’t give them ideas.
That’s not how mortgages work. You own the house, the bank owns the loan.
In other countries than the US that distinction actually means a lot more. For instance, some countries will not allow a bank to repossess cars or houses once a simple majority of the loan has been repaid. In the US, you could be on the final 1 cent payment and the bank, from a legal standpoint, can foreclose on the whole thing if you fail to pay it. In realistic terms, it’s theirs until the loan is entirely repaid.
Semantics. Try not making a couple of mortgage payments and you’ll find out very quickly who actually owns that house.