Million Dollar Mortgages

[Anonymous]

I don't think it is that 40% is the average down payment. It is that 30% of sales are no mortgage or 100% down payment. The remaining 70% are 10-20% down payment. That probably averages out to around 40% down payment.

[Anonymous]

Anonymous wrote:

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?

What Maryland "database" lets you poke around strangers' mortgages?

Homes.com

[Anonymous]

A lot of smart people use mortgage as a leverage v taxes. It's just an easier way to keep your money.

That said, a lot of people also have family money or made a ton of money from previous markets in real estate investments.

I get that if you've never known a lot of income why you would be befuddled though. It's like all the games we play with our money from stock market to ITA and ROTH/401k investments. There's a lot of tricks of the trade designed to help keep your money and gamble with it outside the casino. It's hocus pocus

But there are also fools who mortgage too much for sure. The only true thing is that the real estate market around here is too high. Life is too expensive these days

[Anonymous]

Anonymous wrote:

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?

What Maryland "database" lets you poke around strangers' mortgages?

Mdlandrec.net

[Anonymous]

Anonymous wrote:I love our mortgage, lol. Low interest, and reliable cost for a place to live for the next 25 years? Our interest is 3.1- mortgage at 1.4 million. HHI is over a million this year. I’m sure friends would be shocked about the income, maybe the mortgage too. Whatever

That works as long as you want to keep earning enough income for 25 more years. That’s a very long time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

What Maryland "database" lets you poke around strangers' mortgages?

Mdlandrec.net

I would guess if you became a fraud victim that the admins of this site would provide a list of users that viewed/downloaded your property records. It sure would be nice to see that long list of names.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

What Maryland "database" lets you poke around strangers' mortgages?

Mdlandrec.net

I would guess if you became a fraud victim that the admins of this site would provide a list of users that viewed/downloaded your property records. It sure would be nice to see that long list of names.

Homes.com also has the mortgage info for every home listed on the site. It’s not 100% but it’s usually directional.

[Anonymous]

Mortgage is public information

[Anonymous]

Nice try…is Homes.com a Maryland database? I think OP went ham on the MD land records site, the one that hopefully has a pretty detailed audit trail.

[Anonymous]

Our mortgage was 1.7 million, but at 2.5% it's effectively a super low interest margin loan to invest in real estate. For a lot of the ZIRP era the rates were so low getting a high mortgage was an investment. I wish we had gone for an even more expensive house given how low the rates were.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

What Maryland "database" lets you poke around strangers' mortgages?

Mdlandrec.net

I would guess if you became a fraud victim that the admins of this site would provide a list of users that viewed/downloaded your property records. It sure would be nice to see that long list of names.

Homes.com also has the mortgage info for every home listed on the site. It’s not 100% but it’s usually directional.

It seems to have the original mortgage amount only, which is not--at all--informative.

Lots of reasons to take a big initial mortgage... extra liquidity pending the sale of the previous house, an alternative to realizing capital gains, interest rates that are lower than the return on the next best use of liquid funds. I checked, in our case it (correctly) shows a $2M initial mortgage, which we paid down to zero less than a year later.

[Anonymous]

Anonymous wrote:Our mortgage was 1.7 million, but at 2.5% it's effectively a super low interest margin loan to invest in real estate. For a lot of the ZIRP era the rates were so low getting a high mortgage was an investment. I wish we had gone for an even more expensive house given how low the rates were.

Ironic part is you are getting a way bigger govt subsidy than families on welfare. A locked in low mortgage rate someone was screwed and most likely sitting at Fannie or Freddie on the books as a loss which they make up for by charging higher rates to new buyers

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

What Maryland "database" lets you poke around strangers' mortgages?

Mdlandrec.net

I would guess if you became a fraud victim that the admins of this site would provide a list of users that viewed/downloaded your property records. It sure would be nice to see that long list of names.

Homes.com also has the mortgage info for every home listed on the site. It’s not 100% but it’s usually directional.

It seems to have the original mortgage amount only, which is not--at all--informative.

Lots of reasons to take a big initial mortgage... extra liquidity pending the sale of the previous house, an alternative to realizing capital gains, interest rates that are lower than the return on the next best use of liquid funds. I checked, in our case it (correctly) shows a $2M initial mortgage, which we paid down to zero less than a year later.

Mine is same way. Took out a big mortgage in 2017. In mid 2020 wanted to refinance. Wife was absolutely against it to point of yelling at me for even bringing up moving my 30 year mortage from ending in 2037 to 2040. In end I had some CDs maturing and some cash in savings now at zero and wife said just start pre-paying which I did. I did that till rates started going up in 2022, Yes I have a lot of stocks too. But I had a decent amount of CDs and money markets that I just rathe than get zero in bank at time just started prepaying mortgage in 2020 and 2021. I am now at 300K left which is nothing and mainly principal each month.

I dont think I am alone. We had at my banks some older folks who were rolling 5 year CDs and had a mortgages. Once rates hit zero in March 2020 some folks did not refinance like me and just had each maturing CD go vs mortgage. That all stopped by Fall 2022 when CD rates went back up. But some folks were rolling 100K jumbo 5 year CDs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I love our mortgage, lol. Low interest, and reliable cost for a place to live for the next 25 years? Our interest is 3.1- mortgage at 1.4 million. HHI is over a million this year. I’m sure friends would be shocked about the income, maybe the mortgage too. Whatever

That works as long as you want to keep earning enough income for 25 more years. That’s a very long time.

Totally- and if we were otherwise spending all our money that would be an issue. But at our income, we save a ton, and so have plenty of flexibility (that we keep with a low rate mortgage). Risk is everywhere, but houses are generally sellable

[Anonymous]

Our homes.com is incorrect as far as remaining balance and interest rate.