Business

Zuckerberg shows wealthy get deal on mortgages

Monday, July 16, 2012
Facebook CEO Mark Zuckerberg

(AP Photo)

Talk about a reverse sliding scale -- when it comes to getting a mortgage deal, Facebook CEO Mark Zuckerberg proves the richer you are, the less you can pay.

Public records show, Zuckerberg has re-financed his $6 million Palo Alto home with a 30-year adjustable rate loan starting at 1 percent.

While all lending rates are near historic lows right now, experts say high net-worth individuals can pay even less using adjustable rates. Most people can't afford the risk of a large increase later on, so they lock in a higher interest rate.

Zuckerberg is the world's 40th wealthiest person, worth $15.7 billion.

(Copyright ©2014 KGO-TV. All Rights Reserved.)

Get more Business »


Tags:
mark zuckerberg, palo alto, mortgages, business
blog comments powered by Disqus
Advertisement