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Do you really own your home if you have a mortgage?
When you purchase a home via a mortgage loan, as a borrower you are, in fact, a homeowner free to make decisions pertinent to the property (decor, renovations, construction, etc.) Simply put, yes, you do own your home but your mortgage lender does have interest in the property based on documents signed at closing.
Why do we pay taxes on property we own?
Property taxes are real estate taxes calculated by local governments and paid by homeowners. Revenue generated from property taxes is generally used to fund local projects and services such as fire departments, law enforcement, local public recreation, and education.
What do you really own when you own real property?
Most property ownership law is built on the Latin doctrine, “For whoever owns the soil, it is theirs up to heave and down to hell.” Simply put, you own everything in, around, beneath, and above your property! There are exceptions though.
Should you Own Your Home “Free and clear”?
Sometimes it’s less about the bottom line and more about peace of mind. If you own your home free and clear, that can provide benefits that can’t be measured in strictly financial terms. For many, eliminating a monthly mortgage payment ahead of retirement can provide mental relief when considering living on a fixed income.
What are the costs involved in buying a house?
Down Payment. Down payment is the amount of the money that you have to pay upfront rather than financing it through your mortgage.
How do you bless your new home?
In each room, the priest or yourself, will sprinkle holy water and recite passages from the Bible. If you do this on your own, take the anointing oil and mark each window and door with a cross. As the sign of the cross is made in each room, be sure to ask God to bless the house and the room in particular.