You love your house, but the bank technically owns it until you make that final payment. Why? When you signed a mortgage contract with an interest rate and monthly payments to be made over a set period of time, they automatically became owner's at least in spirit. The only way for them not to claim ownership is if you choose other arrangements or simply pay off the home early! When you purchased your home, even though legally speaking it's yours now (usually), when signing on as mortgagor there are some things that must be considered—the amount borrowed being one thing altogether; how much money will I need each month going forward including all taxes/insurance fees etc.; what should my credit score look like before closing this deal out.