How would someone finance a multi-million dollar pad?

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optimusprime_IHB

optimusprime_IHB

New member
Just curious but how does say rich person/movie star/ceo etc who makes $5million a year and has a few million saved in the bank finance a $5-10mm home?





I think you can only deduct interest for up to a $1mm mortgage right?
 
Maximum mortgage interest deduction is $1m plus $100,000 in HELOC used to improve the property. Many, many folks who purchase multi-million dollar homes do not finance them. They pay cash. That is mostly why you will not see many multi-million homes in foreclosure. They may go down in price, but the owners are not underwater.
 
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