Do you own your own house?

Picked up an inheritance and bought a new house a few years ago. It's a fairly absurd amount of money for me to know what to do with. My daughter has college money and a newer car. I figured I'd upgrade to a better house but eventually might move back to the east coast.
 
Yes, subject to a mortgage. We've got a good amount of equity though. Renting in my market is ridiculously priced. We actually didn't have possession of our house for the first 3 months and got to rent it to the seller at market rate. If we financed at 100% (we didn't) and escrowed taxes + insurance, market rent was roughly 150% of what the mortgage payment would have been. In fact, the rental payment for those 3 months paid our mortgage on the new house + the mortgage on the house we were getting ready to sell.
 
90 50 said:
The bank owns it I guess technically but I get closer every year lol.
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No, they don’t. They gave you a loan, and you own the house. If you can’t pay back that loan, they will take the house as collateral. But for all legal purposes, you own the house. The money they gave you to buy it does not grant them ownership in any way.

Yes, I own my house.
 
Jack Reacheround said:
No, they don’t. They gave you a loan, and you own the house. If you can’t pay back that loan, they will take the house as collateral. But for all legal purposes, you own the house. The money they gave you to buy it does not grant them ownership in any way.

Yes, I own my house.
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No shit Sherlock, that’s why I said “technically “ they own it.

If you stop paying see who really owns that mother fucker quick.

You’ll be living under a bridge in a cardboard box talking about how you “own “ your home lol.
 
I own one which I've converted into a small hotel - 12 rooms
Another one I am paying a mortgage, it should be aid off in about 7 years.
I am thinking of buying another place to rent out, it would have a bigger mortgage.

I didn't borrow money until I was 30 years old.
 
90 50 said:
No shit Sherlock, that’s why I said “technically “ they own it.

If you stop paying see who really owns that mother fucker quick.

You’ll be living under a bridge in a cardboard box talking about how you “own “ your home lol.
Click to expand...

Dude, you are using the word "technically" wrong. You technically own it, however, that ownership doesn't mean much with a big mortgage on it.
 
90 50 said:
The bank owns it I guess technically but I get closer every year lol.
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I have never understood why people say this. The bank holds a debt which is secured against the house. To suggest they own the house is nonsense.

Consider, the bank does not have any right to possess the house, unless you are in default on the mortgage.

If the house increases in value, does the bank enjoy any increase in that value? No, they get nothing.

You own the house. Period.
 
not a house but i own my apartment, all paid up, feels good not to worry about mortgage no more
 
My grandfather that I hate died in February and I got his house. Does that count?

Gonna renovate it next year and move to live their with my future wife. House is nothing special but has two levels so enough room for wife, me and few kids in the future.
 
I have 23 years left on a 30 year fixed. I pay extra every month to pay it off early.

To not have a house payment would be fantastic.
 
Been paying 1200 a month on a 15 year fixed rate for 7 years. 8 more to go
 
Yes I do. Fully paid for too. Will most likely sell once the local market heats up again, though.
 
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