Do You REALLY Own Your Home?

Do You REALLY Own Your Home?

Do You REALLY Own Your Home?

Mortgages, HomeOwners Insurance, And Property Taxes: Which One Is The Most Important?

The English word "real" in real estate is ACTUALLY Spanish, meaning "royal" estate. Truthfully, people do not own their homes in the true sense of the word (I do not mean to offend anyone). For example, people typically pay three main bills (not including the obvious utilities like cable,lights,water,etc.) in regards to their humble abode. The first one is called a MORTGAGE which is derived from the French word "mortir" meaning death. In essence, a mortgage is an "engagement until death". Mortgages are typically fifteen or thirty years (more common) in length. Furthermore, there are several different kinds of mortgages which will not be discussed here (An entirearticle can be written about mortgages alone).

The second bill is HOMEOWNERS INSURANCE which covers natural disasters such as tornadoes, hurricanes, fires, earthquakes, etc.. I believe it may be possible to even insure some of the MORE valuable items (Jewelry, Expensive Paintings, FireArms, etc.) inside the house also. HomeOwners Insurance is NOT mandatory nowadays so if one is fortunate enough to pay off their mortgage, Insurance will not have to be paid month after month, year after year (Although it is highly recommended).

The third bill is called PROPERTY TAX. The government taxes residents to use their properties. So the REAL owners of our homes is the local, state, and federal governments (Once again, please correct me if I am wrong). This payment is ABSOLUTELY mandatory for as long as we live in our houses! Property taxes is actually MORE important than the mortgage AND homeowners insurance. In other words, if the mortgage and insurance are paid in full to the bank and insurance company, property tax can NEVER be paid off! Miss a few tax payments if you REALLY want to know who truly owns your home.

In closing, I want to say for the record that I am NOT a real estate expert or investor. However, I do have aspirations to become an investor in the near future. The content in thisarticle is pretty basic. On the other hand, I have read several books on real estate investing. Robert Kiyosaki (New York Best Selling Author, Educator, Entrepreneur, and Investor) wrote books such as "Rich Dad, Poor Dad", "CashFlow Quadrant", and "Rich Dad's Guide To Investing"...I read all three of these books twice each. Anyone looking to invest in real estate should DEFINITELY read these books first. Thank you for reading my article. Post a comment or two if you wish. Visitor feedback is always welcome. Make sure to click on the links below to gain access to BONUS information. Just a small token of appreciation for stopping by :). http://www.workwithcoryjames.com

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