How many multi-million dollar properties can you build/develop without one? Did YOU pay cash for your own home? Or does a bank hold the paper?
If you have a mortgage, then the banks OWNS YOU! Right?
Yes, the bank owns the home until you do. But residential loans are different from commercial loans. Most notably, commercial loans typically have call provisions.
Try renting out your home for more than s year, the bank will reclassify the property and probably demand a refinance to a commercial loan.