GiddyGap@lemm.ee to News@lemmy.world · 4 days agoOwning a home has rarely been this much more expensive than rentingfinance.yahoo.comexternal-linkmessage-square163fedilinkarrow-up1358arrow-down18
arrow-up1350arrow-down1external-linkOwning a home has rarely been this much more expensive than rentingfinance.yahoo.comGiddyGap@lemm.ee to News@lemmy.world · 4 days agomessage-square163fedilink
minus-squareTodd Bonzalez@lemm.eelinkfedilinkarrow-up2arrow-down3·3 days agoNo. Having mortgage dues doesn’t make one not a homeowner.
minus-squareArchRecord@lemm.eelinkfedilinkEnglisharrow-up6·3 days agoBut having a mortgage does put you on the path to becoming one. Have a mortgage you pay for long enough, and you’ll end up with ever decreasing payments, then no mortgage, and a house. Have rent you pay for long enough, and you’ll have ever increasing payments, and never own a cent of the property when you quit.
minus-squareLuca@lemmy.worldlinkfedilinkEnglisharrow-up1arrow-down1·3 days agoFor me, my apartments was proprietary of the bank till i managed to full repay the loan.
minus-squareTodd Bonzalez@lemm.eelinkfedilinkarrow-up1·3 days agoThat’s not really how loans or equity works, but okay.
No. Having mortgage dues doesn’t make one not a homeowner.
But having a mortgage does put you on the path to becoming one.
Have a mortgage you pay for long enough, and you’ll end up with ever decreasing payments, then no mortgage, and a house.
Have rent you pay for long enough, and you’ll have ever increasing payments, and never own a cent of the property when you quit.
For me, my apartments was proprietary of the bank till i managed to full repay the loan.
That’s not really how loans or equity works, but okay.