Just as Mark Zuckerberg stunned the world with Facebook, he now has the real estate community buzzing about the insanely low 1.05% mortgage rate he scored.
Zuckerberg purchased his 5,617-square foot home in Palo Alto, CA last year for $7 million and, even though his net worth is estimated to be over $4 billion, he still decided to take out a mortgage. Aside from providing more liquidity and tax breaks, there are a variety of other benefits to mortgages versus paying cash.
With interest rates for mortgages hitting record lows, and the low risk associated with lending to someone as wealthy as Mark Zuckerberg, it’s no surprise he was able to secure a low rate. But, 1.05% on a $5.95 million mortgage? That’s fantastic.
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