Thursday, February 6, 2014
I have a big issue with this term as it does not fully say who you are. You see according to me, an owner owns hundred percent of something and in the case of real estate or house ownership that is not what it should not mean. The way I see that (at least in the United States) is that unless you have paid the full price of the house, you have borrow money somehow to finance this purchase. And the best way to finance is to through a mortgage from a financial institution. And for that they either ask you to put some percentage of the down payment of the total amount of the house purchase price. The more you put the less there will be risk for the bank financing it since they will lose less money if you are unable to pay back that loan. And how do you get that down payment is through your own savings, your parents, friends or relatives. So I get to my point that unless you have paid a full price for the house, you should not be called a home owner. I know it is none of anybody's business whether you paid full price for the house or got a mortgage (unless you choose to tell them), the house can never be yours unless you have paid the mortgage and so every time somebody ask me if I am the owner of the house, I say this I am the owner but only 10 or 20 percent (whatever is my case) and the rest is owed by the bank, so I don’t pay them the 80 percent, I lose the whole 100 percent. So the house you think you own is not your unless you have either completely paid down the mortgage and there are no more loans against it or have brought it outright with your own money.