How much is your house mortgage?

@KiwiBird
If you lived in your car, I suppose it would be called a car mortgage then.

@swirlie I am not sure you can mortgage your car. Car loans are instruments by way of security not mortgages.

@KiwiBird
To mortgage means to give 'title' to the property to a lending institution as collateral, with the legal promise to release the title upon full payment of the mortgage. You're probably right that we can't get a car mortgage because the bank doesn't put their name on 'ownership' with your vehicle, but instead just takes their chances when they loan us the money.

@KiwiBird If you are fortunate that you either fully own where you live outright or you have some other arrangement that works for you, that's wonderful. Every payment I make off my home loan gives me ownership of another small piece of the property (land and the building). And I'm no longer paying off someone else's investment (by renting).

@swirlie It depends. A car loan maybe unsecured or secured by an IWS as I previously said.

@zonavar68 I have mortgages but not on my house.

@KiwiBird
If it was secured, then it would be called a mortgage, not a loan.