You have gotten some good answers. I think if you want it to be 100% yours sooner, simply get a 15 year loan, or make double payments (if you can) and pay the loan off faster. This will save you time and money as you will save 15 years of interest payments. You just need to make sure your loan does not have a penalty for paying off the loan early. Good luck!
Think of it as a car that you got a loan on. If you owe chase $15k for your car and you want to get a new one, you need to sell it for at least that amount so you can pay off the loan. It's the same with houses basically. As long as the bank is getting it's money back they have no say in what you sell the house for.
That part I understand, but my question is whether it impacts my ability to sell, whether I need permission from the bank on any decision in such matter.
For example - if I want to sell the property later below market price (but still at a profit) to a "family" or "friend". Will I have that freedom or does the bank have any recourse in blocking something like that as long as the title is under the bank ?
Again, thanks in advance.
So, under this circumstance, there is a possibility for me to go with a 15-year loan instead.
Would you know the disavantages to having this title under the bank rather than myself? Am I limited on the decisions or actions I can take on this house during the period that the title belongs to the bank?
Again, many thanks!