Do i own my home if i make payments to a bank?

does it matter if i own my home or make payments to a bank?

posted

You own your home. You took a loan from the bank to pay for the home, and you are making payments on the loan. But you own the home. The bank does not own it. They just lent you money that you used to buy the home.

If you have a mortgage on your home, you still "Own" (not rent) your home.

Yes, you own your home.

No, making payments does not matter.

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The state of IL sent me a letter claiming i owe $209 of late payment. However, i filed my taxes in February. Why does IL say i didnt make full estimated payment?

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Do i own my home if i make payments to a bank?