Originally Posted by
sailingfun
Also omitted was the fact you can refinance to capture a lower interest rate. I have yet to own a home I did not refi. 1 week ago I got a 5.9% quote from chase bank on a 30 year fixed. Rates are always moving. I suspect I can find 5.5% on a 15. I refinanced one house 7 times in 10 years. Had a broker with me on speed dial. Told him anytime you can lower my cost 1/4% on a no cost refi call me!
This is also an important rebuttal to anyone who says "the bank owns the house" so long as one has a mortgage. The bank has a
lien on the house but does not
own it except after a foreclosure, which will only occur if one stops paying the loan. The ability to change loans when rates drop, or to simply pay the minimum, or to make extra payments and pay the house off, or even to take out a HELOC for a legitimate investment purpose are all benefits to home ownership that go beyond what has already been discussed.