MORTGAGE INDUSTRY FACTS
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MORTGAGE FUN FACTS
American Colonial house built in 1639. It’s been a museum since as far back as 1899.
How about the most expensive home ever sold? Currently, that record goes to 521 Round Hill Road in luxurious Greenwich, Connecticut. The property, featuring 8 bedrooms, 8 full baths, 4 half baths, and 17,603 square feet on 40.26 acres, sold for $49,895,000 – just shy of $50 million.
Paying off your mortgage is a seminal event for anyone, but people often celebrate their freedom from a home loan in interesting ways. For instance, in Scotland, homeowners paint their front doors to signify that they’ve paid off their mortgage. The U.S. has our own quirky traditions, with a winged eagle plaque over the front door traditionally symbolizing that the home’s mortgage has been paid off.
The Facebook founder refinanced his Palo Alto home in 2012 with a 30-year adjustable-rate mortgage. His interest rate: only 1.05%! Given that the previous interest rate on Zuckerberg's mortgage was 1.75%, refinancing saved him approximately $1,981 a month. You might be wondering: Since he's so rich, why not just pay for the home in cash? Because the relatively low cost of mortgage debt— and the access to liquidity you get—often makes getting a mortgage a smarter move than buying the home outright. Even for the obscenely wealthy.
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