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I'm sure it does. Your ownership is in proportion to equity. It's not as if your life situation suddenly changes when you make that last mortgage payment. Your
by tayistay 6y ago
I'm sure it does. Your ownership is in proportion to equity. It's not as if your life situation suddenly changes when you make that last mortgage payment.
Your point makes me wonder if mortgages just had the effect of transferring rents from landlords over to banks.
- mamon 6y agoIn some sense yes, you're paying rent to your bank. But the difference is: with a landlord you would pay that rent indefinetely, with mortgage you pay it for 20-30 years and then the house becomes yours.