[usconservative]

So, do you also think the bank has the right to tell someone who applies for a home loan, what kind of house they can buy? Because after all, they would be using SOMEONE ELSE’S MONEY.

That's not an apples to apples comparison and I suspect you know that.

Having said that, YES the Bank does tell you what your obligations are during the term of the loan. For example: You must maintain adequate PROPERTY INSURANCE in the event of fire for example, either damages or destroys the home your insurance must either (a)put the home back to liveable condition or (b) be sufficient in sum to replace the home (build new) to equivalent value of the loan

You as the borrower are also required to pay PROPERTY TAXES (if required in the state which the loan is issued) either through ESCROW payments included with your mortgage payment or providing proof of payment each year to the bank.

So YES, a bank DOES tell you what you MUST DO during the term of the loan.

[ourworldawry]

“That’s not an apples to apples comparison and I suspect you know that.

Having said that, YES the Bank does tell you what your obligations are during the term of the loan. For example: You must maintain adequate PROPERTY INSURANCE in the event of fire for example, either damages or destroys the home your insurance must either (a)put the home back to liveable condition or (b) be sufficient in sum to replace the home (build new) to equivalent value of the loan

You as the borrower are also required to pay PROPERTY TAXES (if required in the state which the loan is issued) either through ESCROW payments included with your mortgage payment or providing proof of payment each year to the bank.

So YES, a bank DOES tell you what you MUST DO during the term of the loan.”

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I’m aware of the logistics....though not my question.