system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: If I buy a house using a mortgage loan, did I really buy the house or did the bank buy the house?

As my husband and I were celebrating the closing of our first home, one buzz-kill friend corrected us saying that we didnt buy the house. The bank really bought the house and it's not ours till we pay off the mortgage. I thought how it worked was our name was on the deed and the bank is listed as a lien holder till the loan was paid off, making the house ours. So now I'm not sure if there's a technicality missing/ignored in common vernacular: can we say we bought our house?
gpt
Ignore your buzzkill friend, he's taking a small technicality on your ownership and overexaggerating it.  The bank has no right to live in the property, to upgrade or alter the property, or to sell the property unless you default on your loan.  And that's what ownership is. 

All they have on it is a lien or an interest in the property while you're paying off your loan terms.  The house is the collateral of your loan, and if you default they have the right to take it back, but unless that happens, they have no ownership rights to that property.  It is yours in every useful sense of the term, and your friend is a turd.