Do people with 1.8mil+ houses have mortgages?

[Anonymous]

I just assume that y'all are rich enough that you just have wealth in your bank accounts to purchase outright. Or do people really have million dollar jumbo jumbo mortgages?

[Anonymous]

Mortgages.

[Anonymous]

Not an owner of a $1.8 million + house but I would guess yes. Most people would not keep all that money in a savings account. They'd have it invested and are better off keeping it there (notwithstanding the current stock market performance) and taking out a loan. They also get preferential rates for large loans, plus if they have so much money can save even more by getting an ARM and know they can pay it off any time.

[Anonymous]

We have a mortgage, but the house cost us half the current value when we bought it and got the mortgage. And like PP said, our rate is so low now it makes no sense to pay it off outright, even though we could.

[Anonymous]

Of course

[Anonymous]

Our house was $2.4 with 20% down. Mortgage.

[Anonymous]

$1.8M is not that much OP. That's upper middle class, and of that group the vast majority have mortgages.

I would say mortgage free would start around the $5M-$7M mark.

[Anonymous]

I mean, with 2.5% interest rates, of course I have a mortgage. Now if we didn't refinance when we did and had to now with 6% and the market down I wouldn't. But pretty happy with very cheap money.

[Anonymous]

Anonymous wrote:I just assume that y'all are rich enough that you just have wealth in your bank accounts to purchase outright. Or do people really have million dollar jumbo jumbo mortgages?

That jumbo jumbo mortgage might have 3% interest rate.

[Anonymous]

If they do, I’d still assume they have the cash to cover it but choose to keep it infested instead.

If you own a 2 mil house, you should have at least 6 mil in investments.

[Anonymous]

Anonymous wrote:$1.8M is not that much OP. That's upper middle class, and of that group the vast majority have mortgages.

I would say mortgage free would start around the $5M-$7M mark.

You are so wrong. Anybody with an ounce of financial savvy worth that much wouldn't pay cash. Mortgage rates are too low for that to make sense -- even at current interest rates.

You just outed yourself as middle class.

[Anonymous]

Anonymous wrote:Do people with 1.8mil+ houses have mortgages?

The smart ones do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$1.8M is not that much OP. That's upper middle class, and of that group the vast majority have mortgages.

I would say mortgage free would start around the $5M-$7M mark.

You are so wrong. Anybody with an ounce of financial savvy worth that much wouldn't pay cash. Mortgage rates are too low for that to make sense -- even at current interest rates.

You just outed yourself as middle class.

I never tried to pretend I wasn't middle class. And what is wrong with that? You just outed yourself as a major *sshole.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$1.8M is not that much OP. That's upper middle class, and of that group the vast majority have mortgages.

I would say mortgage free would start around the $5M-$7M mark.

You are so wrong. Anybody with an ounce of financial savvy worth that much wouldn't pay cash. Mortgage rates are too low for that to make sense -- even at current interest rates.

You just outed yourself as middle class.

This. When interest rates are low and you can make more money by investing that money, you get a mortgage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$1.8M is not that much OP. That's upper middle class, and of that group the vast majority have mortgages.

I would say mortgage free would start around the $5M-$7M mark.

You are so wrong. Anybody with an ounce of financial savvy worth that much wouldn't pay cash. Mortgage rates are too low for that to make sense -- even at current interest rates.

You just outed yourself as middle class.

I never tried to pretend I wasn't middle class. And what is wrong with that? You just outed yourself as a major *sshole.

Ok, I'll rephrase. You just outed yourself as clueless.