Union Perspectives

When you decide to buy a house, like most people you take a loan out from a bank. As a result, the bank actually owns the house until it is paid off. But, while the bank/mortgage company owns the house, you’re paying the property taxes and insurance to protect the property that the bank owns yet the bank pays nothing, plus the bank is earning interests on the loan you’ve taken out to buy the house in the first place. It’s a win-win for the bank. The banks and mortgage companies can also sell your house and make money on it while paying no taxes and getting interests on your house that they actually own and can foreclose on you. Taxes should be pro-rated. They, the banks and mortgage companies, pay most of the taxes at first but then as the loan gets paid down, you pay more of the taxes until you own the house at which time you pay one hundred percent of the taxes and you have no more interest to pay. Most home loans are for fifteen or thirty years. Just think about the taxes you pay