patrick.net

I've checked... At least in California you get the same "grant deed" if you buy with your own money or borrowed money. So, even by your own definition one would "own" the home even with a mortgage. Sure, you rented the money to buy the home, but the bank doesn't own it. The person who has the deed owns it. They (the bank) just have a lien against the house. And guess what, even if you pay with cash from your own bank account someone can put a lien on your house say good bye to owning!

RG says

I’ve checked… At least in California you get the same “grant deed” if you buy with your own money or borrowed money. So, even by your own definition one would “own” the home even with a mortgage. Sure, you rented the money to buy the home, but the bank doesn’t own it. The person who has the deed owns it. They (the bank) just have a lien against the house. And guess what, even if you pay with cash from your own bank account someone can put a lien on your house say good bye to owning!

I'm really not sure of the mechanics of the paperwork. but I do know when I "borrow" the money for a Car,... I don't actually hold the piece of paper that says I own The Car till I pay it off.
4-5 years later you get the "pink slip" in the mail from the bank.

This can't be any different for a house, Can it? really doubt anyone here knows anyways. I'll ask my grandmother (like she really knows)

I think the only thing you have until payoff is liability IMO.

A mortgage is a contract to make payments,( You have to work for those payments, right?) for a set amount of years, at a price and rate that can almost double the cost of the house from the original starting price . This IMO is not ownership folks. it's Debt Slavery.

Marker don't go with your credit union. I used TechCU and then i used a broker, the broker saved me 50K over a period of 30 years.

Genral rule....Shop from multiple places at the same time.

Also my strong advise DONOT BUY IN EVERGREEN, I used to live around that area in Beryessa, So I've seen people suffering in those freeway exits serving Everygreen

Marker,

Since you ask those questions it sounds like you are not one of the wealthy people who can buy their way in here regardless of the prices. Or maybe you have an Alternative Personal Lifestyle that is more tolerated in the liberal places on the Left Coast (like the Bay Area)

That being said, if you're not either one of "them" categories and if you don't already have roots here, I don't recommend "settling down here". The weather is nice and so are the recreation opportunities. Not much else going for it (unless of course, the Alternative Lifestyle). If you think you wanna establish "roots" here well most likely your kids will leave for somewhere else with more rational cost of living, so much for the "roots".

Katy Perry says

I’m really not sure of the mechanics of the paperwork. but I do know when I “borrow” the money for a Car,… I don’t actually hold the piece of paper that says I own The Car till I pay it off.
4-5 years later you get the “pink slip” in the mail from the bank.
This can’t be any different for a house, Can it? really doubt anyone here knows anyways. I’ll ask my grandmother (like she really knows)
I think the only thing you have until payoff is liability IMO.
A mortgage is a contract to make payments,( You have to work for those payments, right?) for a set amount of years, at a price and rate that can almost double the cost of the house from the original starting price . This IMO is not ownership folks. it’s Debt Slavery.

I hold the note on a few of my paid in full homes here in L.A. County, although on the official one page piece of paper it’s titled “Substitution of Trustee and Full Reconveyance” and was mailed to me by the County of Los Angeles after recording. After the final payoff, the mortgage company in Santa Rosa, Sonoma County has it notorized there and then they send it to L.A. County for recording at the Recorders Office. This has been asked and answered back on January 27th http://patrick.net/?p=613216

Katy Perry

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Thu, 27 Jan 2011 at 11:05 am Link Top Bottom Quote Email Flag

is there one man on this site that actually 100percent owns there own home? anyone here holding the note for your own home?

Marker: Redfin displays school scores on the map. You can determine for yourself what kind of schools you are interested in. I live in Cambrian area bordering Los Gatos under Union School district. Union school district area is better than Cambrian/Willow Glen area as far as scores are concerned. Noddin, Alta Vista has 10 API, Union middle and Leigh high have 9 API rating.

Regarding Evergreen, I agree, the schools are good but traffic will stress you out. If you are looking for 10 API schools, you will have to pay more than 500 K, I guess.

RG,

You will not find a SFH (no matter how crappy it is) for less than $500 K with 900 + API. In fact, you may get for around 550 K on a busy road or near high tension power lines.

I have been looking for ages. :)

Why do people keep perpetuating the lie that rents never decrease?

dodgerfanjohn says

Why do people keep perpetuating the lie

Welcome to the Cool and Hip Bay Area.

is there one man on this site that actually 100percent owns there own home? anyone here holding the note for your own home?

I own mine free and clear. It never had a mortgage because in Tokyo, where I live, it's virtually impossible for immigrants to get home loans thanks to the fact that home loans are "recourse" and thus the borrower could abandon a high-LTV property whose price has collapsed by moving abroad.

I paid $140k, about three years' salary, for it during my eleventh year as a working adult. Best decision I ever made -- saves me a ton of money; I can rent it out for income in the future; neighbors are much more solicitous of a fellow owner than a transient renter. Wouldn't have it any other way.