Thursday, January 24, 2008
Homeowners
Here's a term you see constantly in the news lately - homeowner. As in, "homeowners losing homes to foreclosures" or "homeowner's adjustable rate mortgage payments skyrocket." The problem is that if they (or me) were truly homeowners, we wouldn't have that problem. The problem is that very few homeowners actually own the home in question.
At best, we're partial homeowners, which is just the same as not being a homeowner at all. Most homes are owned by some sort of financial organization. And you know what? If you stop paying them for the house you lose it all. You don't just the lose the 20%, or 50%, or even 98% that you've paid for, you lose it all. It'd be nice if you could just whack off a bedroom, bath and dining room and return that while keeping the 60% you already paid for.
I wish the news would use the correct terminology. How about homebuyer ? Usually you're considered a homebuyer until you sign the mortgage; but actually you've just started to be a homebuyer. Until that point you were looking at homes - a house hunter, or house seeker maybe. Not until you've signed the paper, do you become a homebuyer, and then not for another 30 years or so, unless you're lucky, will you become a real homeowner.
Labels: gripes
