Million Dollar Mortgages

[Anonymous]

We have a 1.7M mortgage on our primary residence. It is at 2.75%. When rates were low, we moved over the balances from a few rental properties and consolidated them into one mortgage with a low rate. So, our house is worth about 3.5M, our rental properties are worth 2.5M combined, and they bring in 12,000 a month in rent, which fully pays for the mortgage, taxes, and insurance on all the houses. We like using debt to our advantage since we essentially live in a 3.5M dollar house for free. On paper you would see only the amount of our mortgage and not the rest of our finances.

[Anonymous]

We have a total of about $3 million mortgages on two homes, one at 3 and 1/8% and one at 3 and 1/4%. We could pay off easily any time, but why would we? Better to keep the money invested.

[Anonymous]

Anonymous wrote:I was playing around with the Maryland database and looking up mortgages for my kids’ classmates’ parents. Blown away to find many, many $1-2 MILLION dollar mortgages. Why would anyone take this on? My spouse and I both have stable jobs and hate having a mortgage of several hundred thousand dollars. We live in a smaller (less than $1 million) house inside the Beltway. We know if one of us dies or loses their job, the other will be fine. Shocked at people, some with only ONE parent in the workforce, are taking on these giant debts! And some with kids who will be out of the house and in college in less than a decade. What am I missing?

You’re missing common sense.

[Anonymous]

Anonymous wrote:We have a mortgage over $1 million that we could easily pay off tomorrow. We prefer to keep our money and invest it given our mortgage interest rate is 2.375%. I assume there are many people like us.

Isn’t there still state/fed tax shield from mortgage interest in states with a state income tax??

[Anonymous]

Anonymous wrote:You can look up peoples mortgages? I knew about the real property database. It would never occur to me to look up someones debt.

You can look up any property and liens on the property are attached to the deed.

[Anonymous]

Everyone in the dmv is a big law partner that gets special financing at sub 3% on mortgages. Didn’t you know that? Sorry you can’t wrap your brain around that, poor.

[Anonymous]

Just wondering: Do all the top 0.1% earners post on DCUM?

[Anonymous]

Aww, OP. I am disappointed in you…wasting all that analytical talent on hours of really pointless research that is not going to make you a penny richer after all is said and done. You should channel these stalk and tell skills on something that is going to bring in more coin so you and DH can move closer in. Do better.

[Anonymous]

Homes.com shows mortgage info.

Next step, look up the home values of the kids grandparents! Or if you’re really bored, enter names in the court record or criminal databases! 🙀

[Anonymous]

Low interest. We have a similar situation . . . we can easily pay off the loans, but there can be financial advantages to keep the status quo.

[Anonymous]

I just looked up our own house on homes.com and the mortgage info is so wrong it’s funny. Where in the world did they pull that from???

[Anonymous]

Shocking I know, but some people make more money than you do. Where we live, you can't even find a house that's under $2 million.

[Anonymous]

Anonymous wrote:We have a total of about $3 million mortgages on two homes, one at 3 and 1/8% and one at 3 and 1/4%. We could pay off easily any time, but why would we? Better to keep the money invested.

This. I'm returning 17% so far this year in the market.

[Anonymous]

We have a $1M mortgage on a $4M house. We also have an $800,000ish mortgage on a $2M second home. Who cares? We make $4M+ a year. Looking at the balance of mortgages of your classmate's parents is legitimately crazy. I hope you are in therapy.

[Anonymous]

We have an HHI over $1m, so it kind of makes sense for us, but I really wish it were less. My spouse is the higher earner, wants a big house, and complains that I hold them back when I ask them to be more conservative.