Do you own or rent your home?

[jaydub]

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Just curious where OOT'ers call 'home'.

On a side note, are there any homeowners here under 25 on here?

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bought first home at 23, cashed out a few years later, am now waiting for the inevitable market correction and aspects of my life to stabilize before buying again. in my case i was able to buy at a young age with minimal capital due to a high income, great credit, and the home being in a developing suburb.

[namknils]

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Just curious where OOT'ers call 'home'.

On a side note, are there any homeowners here under 25 on here?

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I "own" my condo, but not as much as the bank, as Patrick points out.

I'm 23, I bought the condo when I was 20.

[Toro]

My mortage has been paid off for about 5 years now. Great feeling. You'll get there.

Off topic: Have you seen the new KFC commercials with the secretary laughing at the rocket scientist. Think of you every time I see it.

[celiboy]

I own and am about a year from paying my mortgage off and I'm 30. I hate debt and it hepled that I lived at home until 25

[chessforlife]

i live with my girlfriend. she pays the rent because i'm a card carring bum.

[MrTrik]

I own and am about 6 years from payoff. Probably will trade up before then though.

[The Goober]

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As of right now, the bank owns my home more than I do. At the current rate, I'll own it in full in about 28.5 years.

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Not to be a nit (okay, I'm being a nit), but you do actually own your house - the whole thing. The bank has a lien on it - meaning that they you are obligated to give them what you owe if you sell it (and they may be able to stop you from doing certain things to it that might wreck its value).

If the bank actually owned part of it, then they would take a share of the profit if it goes up in value. They don't, though - you could sell the house for 1000% of what you paid, and you only have to pay off the remainder of the mortgage - all the rest of the profit is yours.

[Patrick del Poker Grande]

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As of right now, the bank owns my home more than I do. At the current rate, I'll own it in full in about 28.5 years.

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Not to be a nit (okay, I'm being a nit), but you do actually own your house - the whole thing. The bank has a lien on it - meaning that they you are obligated to give them what you owe if you sell it (and they may be able to stop you from doing certain things to it that might wreck its value).

If the bank actually owned part of it, then they would take a share of the profit if it goes up in value. They don't, though - you could sell the house for 1000% of what you paid, and you only have to pay off the remainder of the mortgage - all the rest of the profit is yours.

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Alright, good. Let me revise my statement, then.

I own my house and the bank has a lien on a significant portion of its value. I intend to sell it for 1000% of its current value in about 5 to 10 years, at which time I will pay the bank only what remains to be paid off from our agreement 1.5 years ago (and I'll be a multi-millionaire). Well... we'll see about the 1000% part.

[Shajen]

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As of right now, the bank owns my home more than I do. At the current rate, I'll own it in full in about 28.5 years.

[/ QUOTE ]

Not to be a nit (okay, I'm being a nit), but you do actually own your house - the whole thing. The bank has a lien on it - meaning that they you are obligated to give them what you owe if you sell it (and they may be able to stop you from doing certain things to it that might wreck its value).

If the bank actually owned part of it, then they would take a share of the profit if it goes up in value. They don't, though - you could sell the house for 1000% of what you paid, and you only have to pay off the remainder of the mortgage - all the rest of the profit is yours.

[/ QUOTE ]
Alright, good. Let me revise my statement, then.

I own my house and the bank has a lien on a significant portion of its value. I intend to sell it for 1000% of its current value in about 5 to 10 years, at which time I will pay the bank only what remains to be paid off from our agreement 1.5 years ago (and I'll be a multi-millionaire). Well... we'll see about the 1000% part.

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SIMO

<font color="white">Standard, in my opinion. </font>

[chucksim]

Purchased at 26. 29 now. I will be paid off in 8 more years at my current pace. Took a 15 year instead of a 30 and pay as much as possible extra each month. Part of any extra money I can scrape up goes to savings and investment, part to pay down the mortgage.