In other countries than the US that distinction actually means a lot more. For instance, some countries will not allow a bank to repossess cars or houses once a simple majority of the loan has been repaid. In the US, you could be on the final 1 cent payment and the bank, from a legal standpoint, can foreclose on the whole thing if you fail to pay it. In realistic terms, it's theirs until the loan is entirely repaid.

Semantics. Try not making a couple of mortgage payments and you'll find out very quickly who actually owns that house.