I called myself a homeowner and was corrected by someone who told me that very few Americans are homeowners since the bank really owns the home. Fine. I guess I'm an equity-builder then. Still beats renting in my opinion.
The person who told you this did not think it all the way through. This is a common phrase you'll here people say, but it is not correct, although they are getting their point across. You own your house, but you have a loan to pay for the house. You house is collateral for the mortgage. You pay taxes on it because you own it. It would probably be more accurate to say the bank owns you. You are a slave to your creditor, thus you are a slave to your workplace. No job, no money. No money, no house payment. No house payment, no house.
Not a slave - I'm simply bound to this obligation for as long as I choose to hold the house and my income is dependent upon my 8-5. I have the option to sell the house, quit my job and move to Europe to live on a goat farm and work for my room and board. Not saying I would, but slaves don't have options.
Right, it's not exactly the same as being a slave. I was just saying that it was more accurate to say that the bank owns you rather than saying the bank owns the house. You're right, it is still not exactly correct.
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The person who told you this did not think it all the way through. This is a common phrase you'll here people say, but it is not correct, although they are getting their point across. You own your house, but you have a loan to pay for the house. You house is collateral for the mortgage. You pay taxes on it because you own it. It would probably be more accurate to say the bank owns you. You are a slave to your creditor, thus you are a slave to your workplace. No job, no money. No money, no house payment. No house payment, no house.
Not a slave - I'm simply bound to this obligation for as long as I choose to hold the house and my income is dependent upon my 8-5. I have the option to sell the house, quit my job and move to Europe to live on a goat farm and work for my room and board. Not saying I would, but slaves don't have options.
Right, it's not exactly the same as being a slave. I was just saying that it was more accurate to say that the bank owns you rather than saying the bank owns the house. You're right, it is still not exactly correct.
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