Why do people say "I own my <br>house" when they have a <br>mortgage...?
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The choice is to "rent" or "own". People with a mortgage are buying a house, bit by bit. So, the do own it, they also own the loan that is the balance of payments. Just like when you buy a car, you pay every month, but it's _YOUR_ car.
Why do people say "I own my house" when they have a mortgage...?Maybe it's because, after the front-end loaded interest is paid, they do own at least a part of their house and they are accepting the responsibility to honor their loan commitment. In the eyes of some, none of us own anything as it is all on loan to us from God. Ownership in that sense is just a matter of pride.
Why do people say "I own my house" when they have a mortgage...?haha, I remember after the first year of making house payments, we celebrated. We had decided that we actually owned all of the doorknobs in the house.
Why do people say "I own my house" when they have a mortgage...?Capitalism is alive and well in America! Too many people use their plastic to buy things, and sure they take it home but they never actually own it. People are encouraged to buy things and that causes them tremendous debt. It's so sad. At least with having a mortgage on a house, the interest is deductible.
Why do people say "I own my house" when they have a mortgage...?Because it keeps them from sinking into the depths of despair thinking that they will be steeped in debt until they are used up husks of humanity waiting for the angel of death to toss a banana peeling under the foot that they don't already have in the grave.
Why do people say "I own my house" when they have a mortgage...?Could it have something to with a sense of pride and security that comes with the feeling of owning ones home?
Why do people say "I own my house" when they have a mortgage...?What do they say when they have a car loan? "The car that I drive, but is actually owned by the auto finance company"? They say they own it -- you're wrong.
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