While mortgage application activity has been in decline recently, at least one high-profile bucked the trend and took out a home loan for their new residence.
The U.S. Sun reported that Jennifer Lopez and Ben Affleck received a $20 million mortgage on their new $61 million Beverly Hills mansion. The residence encompasses 38,000 square feet with 12 bedrooms, 24 bathrooms and parking for 92 cars.
Initial media reports said the Hollywood A-listers paid in cash for their home, but in reality they financed part of the transaction with a 30-year home loan from JPMorgan Chase Bank. The mortgage is an interest-only loan at 5.5% interest for its first six years, after which the rate increases. But the principal and interest will not start being paid off until November 2033.
The couple were living in Lopez’s Bel Air home, which is now on the market for $42.5 million.
Photo courtesy Columbia Pictures