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Debunking Mortgage Myths: You Always Own Your House!

Your Digital Home Advisors

by zac folsom

Debunking Mortgage Myths: You Always Own Your House!

Are you tired of hearing misleading statements about mortgages and homeownership? Don't worry, because I'm here to set the record straight and provide you with the truth. In this blog post, we'll dive into the key concepts discussed in the video, empowering you with the knowledge to navigate the world of real estate confidently.

Informational graphic saying "You Own Your House" with a picture of zac folsom realtor

Mortgage Ownership: Separating Fact from Fiction

One common misconception is that having a mortgage means the bank owns your house. This is simply not true. Let me make it crystal clear: you always own your house, regardless of whether you have a mortgage or not. A mortgage is merely a loan with your real estate serving as collateral.

Understanding Mortgages and Collateral

Let’s break it down further. A mortgage is a financial agreement between you and the lender, usually a bank. They provide you with the funds needed to purchase your dream home, and in return, you promise to repay the loan within the agreed-upon terms. During this period, the lender has a legal claim on your property as collateral, meaning they can take possession of it if you default on the loan.

Paying Back the Loan: The Key to Homeownership

Now, here’s the crucial point: the only time the bank can take ownership of your house is if you fail to repay the loan. Think of it as a simple transaction—you borrowed money, and now you have the responsibility to pay it back. Your monthly mortgage payments go towards fulfilling that commitment, gradually reducing your debt and strengthening your ownership.

Debunking Misguided Advice

Unfortunately, there are individuals who perpetuate these mortgage myths and provide terrible real estate advice. If someone tries to convince you that you don’t truly own your house because you have a mortgage and pay the bank, they are unequivocally wrong. Don’t be swayed by their misguided opinions.

Empowering Homeowners

My mission is to empower you, the homeowner, with accurate information and debunk the misconceptions surrounding mortgages. By understanding the nature of a mortgage as a loan to be repaid, you gain control over your financial future. Take charge, make informed decisions, and disregard the naysayers.


In conclusion, always remember that you are the rightful owner of your house, regardless of whether you have a mortgage. Mortgages are a means of financing your homeownership dreams, not a mechanism for the bank to seize your property. Don’t let misleading advice cloud your understanding.

Now armed with the truth, you can confidently navigate the world of real estate. Make informed decisions, explore your options, and embrace the opportunities homeownership brings.