So who here actually owns their home?

**Ken1997TL** · 11-05-2009, 7:15 PM

I do, not the bank.

Its all mine mine

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Whiskers · 11-05-2009, 7:17 PM

timmahh · 11-05-2009, 7:19 PM

Own as in no loan or own as in not rented?

(I mean.. you actually OWN your home; but for some reason people with loans on their houses are also homeowners, even though technically they don't own it!)

**Ken1997TL** · 11-05-2009, 7:24 PM

No loan, in the clear.

Thanks for the cookie Whiskers

timmahh · 11-05-2009, 7:25 PM

Just you I guess! =p

Now is the time to PULL ALL YOUR EQUITY AND BUY SOMETHING FUN!

moeronn · 11-05-2009, 7:25 PM

Quote:

Originally Posted by Ken1997TL

I do, not the bank.

Its all mine mine

Isn't Oregon a community property state? So, when you said "I do" you were basically saying "I do give you half of everything I own."

And, no. I don't fully own my home (condo). I own about 20% of it. My wife owns about 40% of another condo. And we will both own about 3.5% of a single family home in about 2 weeks.

And I said "I" and "My wife" separately because we have quit-claimed each others' properties to make paperwork easie. Though I don't know that it sactually makes a difference when it comes to community propert.

svtmike · 11-05-2009, 8:10 PM

Congrats Ken!

jupitersolo · 11-05-2009, 8:26 PM

Though we still pay a mortage, we could sell this home and outright buy another. We owe less than a third of what it could sell for.

nokiaman · 11-05-2009, 8:34 PM

Not yet. Trying to hurry up and be done in the next 6-7 years.

civicdrivr · 11-05-2009, 8:49 PM

Congrats!!

The only thing I own are two cars and a bike. And one Im still paying off

gr8ness97 · 11-05-2009, 10:08 PM

Congrats!

At least I all of my rides outright and 23% of my house. Yay for instant equity...

Will Y. · 11-05-2009, 10:23 PM

The bank has a security interest in the house which we can pay off in cash if necessary.

Oh...wait... wife owns the house along with everything else I have.

Dan · 11-06-2009, 12:29 AM

100% mine since 6 years ago.

**Ken1997TL** · 11-06-2009, 12:48 AM

Quote:

Originally Posted by moeronn

Isn't Oregon a community property state? So, when you said "I do" you were basically saying "I do give you half of everything I own."

Ahem..

subinf · 11-06-2009, 1:37 AM

Quote:

Originally Posted by moeronn

Isn't Oregon a community property state? So, when you said "I do" you were basically saying "I do give you half of everything I own."

And, no. I don't fully own my home (condo). I own about 20% of it. My wife owns about 40% of another condo. And we will both own about 3.5% of a single family home in about 2 weeks.

And I said "I" and "My wife" separately because we have quit-claimed each others' properties to make paperwork easie. Though I don't know that it sactually makes a difference when it comes to community propert.

No, Oregon is not a community property state. That said, the same basic principles from CP states apply in Oregon. All about equitable division.

**Street Spirit** · 11-06-2009, 8:11 AM

What is a "community property State"? What does that mean?

**astro** · 11-06-2009, 9:37 AM

I've got about 5.5yrs to go. At this point, the house is far more mine, than the banks!!!

**KaMLuNg** · 11-06-2009, 10:17 AM

not at my age... i still got a ways to go... its too damn expensive to live in NJ...

chill_dog · 11-06-2009, 11:33 AM

I own almost 60% of my home. I could pay it off in five years, if I wanted. Not sure what that percentage will become when I build/buy in the next year or so, but I plan on having the next house paid off within ten years of getting it.

Izzy-Type-S · 11-06-2009, 11:39 AM

Just closed January 2008 but I'm young so I got a ways to go. I'm also a realtor so there's some quick and easy steps to take to pay it down in way less than 30 years...maybe 15 or 10 www.newlistings4free.com

ccarbajal08 · 11-06-2009, 11:57 AM

I will in 28.5 years.

pmptx · 11-06-2009, 12:19 PM

The write off on the interest with my note rate doesn't warrant paying it off vs what I can make on the money (even with the current market)
BTW I have about 25% equity, with the mortgage being my only debt.

5o9 · 11-06-2009, 12:23 PM

Wish my loan was at 120%+ of value, then I could have an exit today, might live rent free as ejection could take a year or more.

Yesterday, looked at a bunch of house resales over long holding period (10 years +) in my metro. Virtually all had CPI adjusted price declines from initial acquisition to resale

On top of that, they likely did over 1% of value per year in capital improvements.

In virtually all cases, there was positive nominal appreciation, but negative real appreciation. Not a good investment at all, and the mtg pmt was higher than rent, indicating negative option value to equity ownership

In bad times, option value is negative, and in my metro, option value was negative on average, over long holding periods that account for an entire cycle.

subinf · 11-06-2009, 12:32 PM

Quote:

Originally Posted by Street Spirit

What is a "community property State"? What does that mean?

The basic idea is that, while married, husband and wife contribute equally to wealth, property, etc. Absent some agreement, all property (wages, tangible stuff, and land) acquired during the marriage is owned equally by the husband and wife.

It is really only important upon death, divorce, or when a creditor needs to collect on a debt.

Property prior to entering the marriage still remains separate unless a number of things happen.

dallison · 11-06-2009, 1:17 PM

will owe the bank for many more years. We are looking to buy a much bigger house in a couple years, so the bank will hold our note for a while.

spdy0001 · 11-06-2009, 1:27 PM

I am a "homeowner" but the bank holds the note to my house. I have no plans to pay off this house. This is our first home and we plan to stay here for a few more years before upgrading to what is hopefully our final house. Then I will look forward to owning outright

**fsttyms1** · 11-06-2009, 4:02 PM

Im a little over 50%. My plans are to take the equity in a year or so to finance the building of my new home (which i will be doing myself) and pay my existing home off with whats left at which point i will be a home owner without owing the bank a dime

**juniorbean** · 11-06-2009, 4:26 PM

We do not owe much, however, we keep the mortgage b/c our rate is low so we can actually make more money writing it off and making wise investments. So between interest and tax deductions, plus business deductions (self-employed... home is my "office"), doesn't make sense pay it off. Need those deductions to keep our taxable income low

pmptx · 11-06-2009, 5:22 PM

Quote:

Originally Posted by juniorbean

We do not owe much, however, we keep the mortgage b/c our rate is low so we can actually make more money writing it off and making wise investments. So between interest and tax deductions, plus business deductions (self-employed... home is my "office"), doesn't make sense pay it off. Need those deductions to keep our taxable income low

to the financially savvy

Fibonacci · 11-06-2009, 9:07 PM

Quote:

Originally Posted by Street Spirit

What is a "community property State"? What does that mean?

It means we live in the

: land of Amerika, so Ken really insn't off the hook yet, only $546,668 to go!

http://blog.heritage.org/2009/05/29/...national-debt/

Fibonacci · 11-07-2009, 6:53 AM

Quote:

Originally Posted by 5o9

Wish my loan was at 120%+ of value, then I could have an exit today, might live rent free as ejection could take a year or more.

Have you been taking notes from bubbamark? Destroying your credit not to mention your moral obligations while waiting around for an eviction sounds like a sweet plan! Rent payments, unlike a fixed rate mortgage, do not stay the same.

For any of you paying attention, Uncle Sam is throwing a Great Stagflation Invitational poker tournament. I suggest building a decent chip stack so you can get sponsored by the GSE's. You can learn and play for free at freddiemac.com -- fanniemae.com or ginniemae.gov

The irony of this housing bust is that its the one of the best times evar to be a new homeowner. Foreclosure/short-sale/desperate sellers galore. Plus you get cheap financing courtesy of your friendly central banker Uncle Ben and his regulator Barney Frank and Chris Dodd.

Personally, I'm thinking of rolling back out from a 10 to a 30yr -- this is stupidly cheap mortgage money on a historical basis. Why not grab some Obamabucks and pay back with cheaper, depreciating, inflationary dollars -- thats what the book says to do. After we emerge from this deflationary/deleveraging cycle -- the blow back could make the Volcker era look like a frat party.

nj2pa2nc · 11-07-2009, 7:14 AM

Quote:

Originally Posted by KaMLuNg

not at my age... i still got a ways to go... its too damn expensive to live in NJ...

even after your loan is paid off-you still owe-nj property taxes are not cheap.

ThermonMermon · 11-07-2009, 10:09 AM

Quote:

Originally Posted by Fibonacci

Have you been taking notes from bubbamark? Destroying your credit not to mention your moral obligations while waiting around for an eviction sounds like a sweet plan! Rent payments, unlike a fixed rate mortgage, do not stay the same.

For any of you paying attention, Uncle Sam is throwing a Great Stagflation Invitational poker tournament. I suggest building a decent chip stack so you can get sponsored by the GSE's. You can learn and play for free at freddiemac.com -- fanniemae.com or ginniemae.gov

The irony of this housing bust is that its the one of the best times evar to be a new homeowner. Foreclosure/short-sale/desperate sellers galore. Plus you get cheap financing courtesy of your friendly central banker Uncle Ben and his regulator Barney Frank and Chris Dodd.

Personally, I'm thinking of rolling back out from a 10 to a 30yr -- this is stupidly cheap mortgage money on a historical basis. Why not grab some Obamabucks and pay back with cheaper, depreciating, inflationary dollars -- thats what the book says to do. After we emerge from this deflationary/deleveraging cycle -- the blow back could make the Volcker era look like a frat party.

for those listening - FRMs only! An ARM tied to a treasury index is NOT something borrowers should be pushing for right now.

thunder04 · 11-07-2009, 11:59 AM

Considering I just bought in July....I don't "own" my house one bit. Well...maybe a couple sq. ft., lol, but that's about it.

Unless I land some sweet job, I've got 29.8 years to go, lol.

ThermonMermon · 11-07-2009, 2:54 PM

Quote:

Originally Posted by thunder04

Considering I just bought in July....I don't "own" my house one bit. Well...maybe a couple sq. ft., lol, but that's about it.

Unless I land some sweet job, I've got 29.8 years to go, lol.

sometimes you dont really own anything in the initial payments! in a CPM (constant payment MTG) 99% of a begining payment goes towards interest. the other 1% goes to reducing the balance on the loan. the interest reduces over the holding of the loan.

interesting fact: CPM loans were created by banks about 40 years ago when they figured out the average holding of a 30 yr loan was for only 8-12 years. so banks made the initial years of the 30 yr loan very top heavy with interest to produce higher yields for the bank.

doopstr · 11-07-2009, 3:53 PM

Quote:

Originally Posted by nj2pa2nc

even after your loan is paid off-you still owe-nj property taxes are not cheap.

Even if I paid off the mortgage I'd still be writing a fairly large chunk of change every 3 months to pay that. So, I will never be free and clear.

moeronn · 11-07-2009, 8:48 PM

Quote:

Originally Posted by ThermonMermon

sometimes you dont really own anything in the initial payments! in a CPM (constant payment MTG) 99% of a begining payment goes towards interest. the other 1% goes to reducing the balance on the loan. the interest reduces over the holding of the loan.

interesting fact: CPM loans were created by banks about 40 years ago when they figured out the average holding of a 30 yr loan was for only 8-12 years. so banks made the initial years of the 30 yr loan very top heavy with interest to produce higher yields for the bank.

It's not quite that lopsided - closer to 80/20 - but it is a very valid point. That's why if you plan on staying in that home for a while, you will save $$ and years off your loan if you make extra payments toward principle. One extra mortgage payment a year knocks off about 8 years.

crazie · 11-07-2009, 9:06 PM

thunder04 · 11-08-2009, 12:41 AM

Quote:

Originally Posted by ThermonMermon

sometimes you dont really own anything in the initial payments! in a CPM (constant payment MTG) 99% of a begining payment goes towards interest. the other 1% goes to reducing the balance on the loan. the interest reduces over the holding of the loan.

interesting fact: CPM loans were created by banks about 40 years ago when they figured out the average holding of a 30 yr loan was for only 8-12 years. so banks made the initial years of the 30 yr loan very top heavy with interest to produce higher yields for the bank.

Quote:

Originally Posted by moeronn

It's not quite that lopsided - closer to 80/20 - but it is a very valid point. That's why if you plan on staying in that home for a while, you will save $$ and years off your loan if you make extra payments toward principle. One extra mortgage payment a year knocks off about 8 years.

Yeah...I've been debating making extra payments towards principal for that reason.

thunder04 · 11-08-2009, 12:55 AM

Just checked my mortgage balance. I've paid off $3,876 of my house (including down payment) so far. If my calculations are correct, I own 31 sq. ft. (out of 1400). Woot!!

11-05-2009, 7:19 PM	#3
timmahh it's me, Alan Rickman. Trader Rating: (0) Join Date: Mar 2007 Location: noitacol Age: 25 Posts: 3,262	Own as in no loan or own as in not rented? (I mean.. you actually OWN your home; but for some reason people with loans on their houses are also homeowners, even though technically they don't own it!) __________________ Gone: 04 WDP NAVI 6MT :( <3 <3 Now: 05 BSM LGT 5MT :) <3 <3 Last edited by timmahh; 11-05-2009 at 7:21 PM.

11-05-2009, 7:25 PM	#5
timmahh it's me, Alan Rickman. Trader Rating: (0) Join Date: Mar 2007 Location: noitacol Age: 25 Posts: 3,262	Just you I guess! =p Now is the time to PULL ALL YOUR EQUITY AND BUY SOMETHING FUN! __________________ Gone: 04 WDP NAVI 6MT :( <3 <3 Now: 05 BSM LGT 5MT :) <3 <3

11-05-2009, 8:26 PM	#8
jupitersolo cameras R my crack Trader Rating: (0) Join Date: Mar 2006 Location: Fairfax, Va. Age: 44 Posts: 15,237	Though we still pay a mortage, we could sell this home and outright buy another. We owe less than a third of what it could sell for. __________________ 2006 ASM A/T Navi 35% Tint Clear Bra Decklid Spoiler '07 Switchblade Key Fob '07 Smoked Rear Side Markers Aspec Body Kit & Suspension Aspec Sparkle Sliver Rims w/Pirelli PZero Nero M&S Comptech RSB w/Energy Bushings Color Matched Front Plate Holder

11-05-2009, 8:34 PM	#9
nokiaman Registered User Trader Rating: (0) Join Date: May 2007 Location: Maryland Posts: 5,043	Not yet. Trying to hurry up and be done in the next 6-7 years. __________________ Mark 2008 Odyssey EX-L 2007 Corvette Z06 2LZ 2000 328i Sport

11-05-2009, 8:49 PM	#10
civicdrivr 100k miles on my 2003 Acura CL My Garage Trader Rating: (3) Join Date: Jul 2008 Location: VA Age: 21 Posts: 3,521	Congrats!! The only thing I own are two cars and a bike. And one Im still paying off __________________ "The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall." -Cicero, 55 B.C. Clearly, we've learned nothing in 2,064 years.

11-05-2009, 8:10 PM	#7
svtmike is a Vampire. Trader Rating: (0) Join Date: Oct 2003 Location: Chicago Age: 45 Posts: 13,197	Congrats Ken!

11-05-2009, 10:08 PM	#11
gr8ness97 @ the beach... Trader Rating: (1) Join Date: Jun 2004 Location: Sodaville (Pensacola) Age: 24 Posts: 1,648	Congrats! At least I all of my rides outright and 23% of my house. Yay for instant equity... __________________ 04 Honda S2000 //89 Plymouth Voyager Turbo 07 Acura TL Type-S 6MT w/ AEM v1 intake, XLR8 Quad Tip Resonated Exhaust, A-spec Kit, Progress RSB, ATLP J-pipe and Test pipe

11-05-2009, 10:23 PM	#12
Will Y. Registered User Trader Rating: (0) Join Date: Aug 2005 Location: Los Angeles, CA Age: 45 Posts: 7,448	The bank has a security interest in the house which we can pay off in cash if necessary. Oh...wait... wife owns the house along with everything else I have.

11-06-2009, 12:29 AM	#13
Dan Registered User Trader Rating: (0) Join Date: Jan 2001 Location: West Covina, CA Age: 58 Posts: 2,640	100% mine since 6 years ago. __________________ You can never have too much horsepower!

11-06-2009, 8:11 AM	#16
Street Spirit Moderator Trader Rating: (0) Join Date: Mar 2004 Posts: 7,922	What is a "community property State"? What does that mean?

11-06-2009, 9:37 AM	#17
astro Administrator 2000 Volkswagen Jetta Trader Rating: (0) Join Date: Jan 2000 Location: ON Age: 33 Posts: 71,829	I've got about 5.5yrs to go. At this point, the house is far more mine, than the banks!!!

11-06-2009, 10:17 AM	#18
KaMLuNg Moderator 2007 Acura TL My Garage Trader Rating: (2) Join Date: Feb 2002 Location: Belleville, NJ Age: 26 Posts: 10,298	not at my age... i still got a ways to go... its too damn expensive to live in NJ... __________________ '01 GS430 Black Onyx/Ivory [Daizen\|Tein] '07 TL DMM/Parchment [Fujita\|P2R\|Progress] '98 3.2TL CBM/Grey [Stock] '07 Corolla LE SSM/Grey [Stock]

11-06-2009, 11:33 AM	#19
chill_dog Gang-related, PCP 2004 Acura TL Trader Rating: (0) Join Date: Mar 2005 Location: Charlotte, NC Age: 31 Posts: 10,320	I own almost 60% of my home. I could pay it off in five years, if I wanted. Not sure what that percentage will become when I build/buy in the next year or so, but I plan on having the next house paid off within ten years of getting it. __________________ chillin'

11-06-2009, 11:39 AM	#20
Izzy-Type-S Registered User 2008 Acura TL Trader Rating: (0) Join Date: Oct 2009 Location: Chicago Age: 28 Posts: 182	Just closed January 2008 but I'm young so I got a ways to go. I'm also a realtor so there's some quick and easy steps to take to pay it down in way less than 30 years...maybe 15 or 10 www.newlistings4free.com __________________ 2008 Acura NBP TL Type-S 18" Konig Crosshairs, Kumho Ecsta ASXs, drop-in K&N air filter, license plate LEDs, Type-S floor mats... 2004 Honda Civic for the wifey 2005 NBP TL (traded), 2001 NBP TL (sold)

11-06-2009, 11:57 AM	#21
ccarbajal08 OCD in the OC Trader Rating: (0) Join Date: May 2004 Location: Rancho Santa Margarita, CA Age: 29 Posts: 718	I will in 28.5 years. __________________ 2009 CBP Acura TSX w/Technology Package 2007 RR Honda Si Coupe HFP w/Navigation 2004 ABP Acura TSX w/Navigation

11-06-2009, 12:19 PM	#22
pmptx VTAK rocks fanboi in Trader Rating: (0) Join Date: Dec 2003 Location: DFW TX Posts: 2,295	The write off on the interest with my note rate doesn't warrant paying it off vs what I can make on the money (even with the current market) BTW I have about 25% equity, with the mortgage being my only debt. __________________ Texas TLS 02 ABP Icebox~10hp,CT sticker~25hp,AZ.com sticker>boost Megan Headers 12/04+Progressive RSB 24mm 03/07+Neuspeed Strutbar 03/07+V1 hardwired with remote unit 12/06+H&R Spring/Koni Yellows 09/07 Tranny #1 3/22/04 38K#2-4/10/07 95K#3-10/23/07 102K

11-06-2009, 12:23 PM	#23
5o9 '05 TSX 6MT Trader Rating: (0) Join Date: Mar 2006 Posts: 497	Wish my loan was at 120%+ of value, then I could have an exit today, might live rent free as ejection could take a year or more. Yesterday, looked at a bunch of house resales over long holding period (10 years +) in my metro. Virtually all had CPI adjusted price declines from initial acquisition to resale On top of that, they likely did over 1% of value per year in capital improvements. In virtually all cases, there was positive nominal appreciation, but negative real appreciation. Not a good investment at all, and the mtg pmt was higher than rent, indicating negative option value to equity ownership In bad times, option value is negative, and in my metro, option value was negative on average, over long holding periods that account for an entire cycle. __________________ '05 TSX 6MT

11-06-2009, 1:17 PM	#25
dallison registered pw Trader Rating: (0) Join Date: Aug 2003 Location: south central pa Posts: 29,217	will owe the bank for many more years. We are looking to buy a much bigger house in a couple years, so the bank will hold our note for a while.

11-06-2009, 1:27 PM	#26
spdy0001 I have three pedals in 2003 Acura CL Trader Rating: (0) Join Date: Mar 2003 Location: Etters, PA Age: 28 Posts: 4,773	I am a "homeowner" but the bank holds the note to my house. I have no plans to pay off this house. This is our first home and we plan to stay here for a few more years before upgrading to what is hopefully our final house. Then I will look forward to owning outright

11-06-2009, 4:02 PM	#27
fsttyms1 Mega Moderator 2000 Acura TL Trader Rating: (0) Join Date: Aug 2002 Location: Appleton WI Age: 34 Posts: 50,495	Im a little over 50%. My plans are to take the equity in a year or so to finance the building of my new home (which i will be doing myself) and pay my existing home off with whats left at which point i will be a home owner without owing the bank a dime

11-06-2009, 4:26 PM	#28
juniorbean Mega Moderator Trader Rating: (3) Join Date: Oct 2000 Location: The QC Posts: 20,314	We do not owe much, however, we keep the mortgage b/c our rate is low so we can actually make more money writing it off and making wise investments. So between interest and tax deductions, plus business deductions (self-employed... home is my "office"), doesn't make sense pay it off. Need those deductions to keep our taxable income low

11-07-2009, 11:59 AM	#34
thunder04 2004 Acura TSX My Garage Trader Rating: (0) Join Date: Jul 2007 Location: Tracy, CA Age: 23 Posts: 1,623	Considering I just bought in July....I don't "own" my house one bit. Well...maybe a couple sq. ft., lol, but that's about it. Unless I land some sweet job, I've got 29.8 years to go, lol. __________________ '04 TSX AT /w Navi, mostly stock. (Now part of the 100k+ miles club!) Need webspace? Ask me!

11-07-2009, 9:06 PM	#38
crazie Registered User Trader Rating: (0) Join Date: Jul 2008 Location: NY Posts: 109	__________________ FS: Falken Torque 5's Gunmetal 19" -CHEAP- - 20% tint - BlueBat Overlays - Painted Calipers - Russell SS Brake Lines - Hawk Ceramics Pads - Rotora Slotted F/R Rotors - iSimple - JDM Fog Lights -

11-08-2009, 12:55 AM	#40
thunder04 2004 Acura TSX My Garage Trader Rating: (0) Join Date: Jul 2007 Location: Tracy, CA Age: 23 Posts: 1,623	Just checked my mortgage balance. I've paid off $3,876 of my house (including down payment) so far. If my calculations are correct, I own 31 sq. ft. (out of 1400). Woot!! __________________ '04 TSX AT /w Navi, mostly stock. (Now part of the 100k+ miles club!) Need webspace? Ask me!