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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?
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2 Replies
rjs
Level 15
Level 15

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

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.

 

KrisD15
Expert Alumni

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

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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