Mark Zuckerberg has a current net worth of about $15.7 billion. Why does he have a mortgage on his Palo Alto home? Apparently he recently refinanced the $5.95 million mortgage into a 30-year adjustable-rate note at 1.05 percent (not a typo). Sure, this is like borrowing for free, but any financial advantages on having this mortgage are peanuts to him–so why not just pay cash for the house and be done with it? This is like me purchasing a cup of coffee. I look forward to the day when I no longer have a mortgage. I don’t get it. But, then again, I don’t understand his 12 year-old boy hoodie look, either.
Bright financial minds out there…this is your opportunity to voice your opinion and shine! Why the mortgage? If you were Zuckerberg would you have the mortgage?
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