Economy Joe and Jill Biden refinanced their Delaware home 20 times — raking in $4.2M from the $350K property

[White Whale]

https://nypost.com/2024/06/25/real-estate/joe-and-jill-biden-refinanced-their-delaware-home-20-times/

Joe Biden Reportedly Refinanced His Delaware Homes 35 Times Borrowing $6 Million — Expert Asks: 'Why Would Anyone View Their Home As An ATM?'

President Joe Biden and first lady Jill Biden have reportedly used their Delaware properties to secure numerous mortgages and refinanced them 35 times over the past few decades, borrowing $6 million. With an estimated net worth of $10 million, this extensive financial leveraging raises questions...

finance.yahoo.com

Joe and Jill Biden refinanced their Delaware home 20 times — raking in $4.2M from the $350K property

Hail to the cha-ching.

President Joe Biden and First Lady Jill Biden treated their various Delaware real estate holdings like a personal ATM for years, taking out several mortgages and refinancing a whopping 35 times, according to a report.

The couple, said to boast a net worth of $10 million, allegedly borrowed $6 million on the properties over the decades.

The wheeling and dealing dates back to the late 1970s — shortly after Joe and Jill were married. The pair have negotiated new mortgage or credit deals approximately every 17 months, the Daily Mail reported. The frequent refinancing has raised eyebrows.

“It doesn’t make a lot of sense unless they were desperate for cash,” a finance expert commented to the outlet.

The revelations add a layer of intrigue as the President faces scrutiny over his family’s financial past.

The Bidens’ current residence, a mansion purchased in 1996, still has an outstanding $541,000 mortgage nearly three decades later, records show.

The president’s previous Wilmington home, bought in 1975 for $185,000 and offloaded in 1996 for $1.2 million, had 15 mortgages and lines of credit attached to it before being sold to the vice chairman of credit card company MBNA, Delaware’s largest employer, which reportedly hired Hunter Biden that same year.

Why would anyone view their home as an ATM?” LA realtor Tony Mariotti, founder of RubyHome.com, asked the Daily Mail.

“Over time, mortgage fees really add up. Paying off a mortgage… is like a forced savings account that bears modest interest,” Mariotti said.

Records show the Bidens purchased their current four-acre spread for $350,000 in 1996 and have since leveraged it with 20 different home credit agreements and mortgages totaling $4.23 million.

The Bidens think their homes are their personal banks and have refinanced 20 times. They should have more than enough money to not be desperate for cash. Are they doing something illegal or is Biden just bad with handling money?

 

[Kassitus]

Very strange. Does he plan to declare bankruptcy eventually while hiding his money in a mattress or something? Considering real estate is mostly an appreciating asset why not just pay it off pronto?

 

[NickNick]

I'm no finance guru but isn't this what a lot of rich people do, mainly with stocks? You have an asset that is appreciating at a stupid rate, so you take loans out against it for money. This seems perfectly legal unless the assets are being massively overvalued, ie fraud.

 

[Belaya Smert]

Maybe he could sell the antique corvette for collateral? I mean he’s not mentally fit to drive the thing and Hunter would prob put burns in the seats.

 

[EndlessCritic]

Talk about a nothing story.

Unless Biden lied about the value of his home to obtain greater financing than he ought to have, in which case it's a crime?

 

[CantCucktheTuck]

Talk about a nothing story.

Unless Biden lied about the value of his home to obtain greater financing than he ought to have, in which case it's a crime?

even that doesn't make sense. The banks do appraisals.... unless of course he knew someone on the inside that could fudge the numbers.

 

[Scerpi]

Very strange. Does he plan to declare bankruptcy

No, he plans on dying...

Get that money then bitches

 

[boingyman]

Meh. If their dating back over 25+ years I can see why, especially when your home value appreciates that much. Just look at the trajectory of mortgage interest rates and home values since the 80’s. In 1981 peak interest rates were over 18% for a 30-year loan (of course home values were much lower back then). In 2020-2021 they went as low as 2.25%. I would have constantly refi (including cash out refis) my mortgage as well. That probably included nearly a handful of HELOC’s too. Between 2013-2020 I’ve done 5 refi’s (on 3 different homes though) and took out 2 mortgages (on 2 different homes) and opened 1 HELOC. I almost refi’d my rental home again too and we almost bought a new home in 2020. That would have been 10 transactions in 10 years. Hypothetically if rates would have dropped even lower I probably would have kept refinancing. In California there is so much competition among non big bank lenders that most don’t charge a bogus “origination fee” and they will compete by offering more lender credits and covering certain fees. So many people could get away with refinancing and made money doing so while lowering their interest rates (when rates kept dropping). People went refi crazy between 2019-2021. The last 2 refi’s I did I made money while dropping my rate. My last one I took a bigger lender credit and my refi amount was about 7k higher then what I owed (without it being considered a cash-out refi). Still got 2.5% at 30 years (I could have gotten 2.25% no points). Made money off the refi and basically took out a small $7k cash-out. I was hoping 30-year rates would get to 2-2.175% (no points), but it never happened. If it did I would have refi’d again.

 

[syct23]

This is a very smart move on the Biden’s part, no wonder with a Dr. in the family…

 

[kflo]

obviously using it to wash money from his meth business with his buddy jesse.

 

[Blayt7hh]

I'm no finance guru but isn't this what a lot of rich people do, mainly with stocks? You have an asset that is appreciating at a stupid rate, so you take loans out against it for money. This seems perfectly legal unless the assets are being massively overvalued, ie fraud.

Yeah it’s tax avoidance shit. Pretty pathetic of a public servant to do it.

 

[CantCucktheTuck]

Man of the people, Scranton Joe, would never be involved in some sort of scheme to avoid paying taxes. He is for the working man!!!

Now me on the other hand......I do shit like this all the time.

 

[HomeCheese]

Don't people buy investment property, refinance when it appreciates and buy more property?

I thought this was pretty normal.

 

[Kassitus]

Meh. If their dating back over 25+ years I can see why, especially when your home value appreciates that much. Just look at the trajectory of mortgage interest rates and home values since the 80’s. In 1981 peak interest rates were over 18% for a 30-year loan (of course home values were much lower back then). In 2020-2021 they went as low as 2.25%. I would have constantly refi (including cash out refis) my mortgage as well. That probably included nearly a handful of HELOC’s too. Between 2013-2020 I’ve done 5 refi’s (on 3 different homes though) and took out 2 mortgages (on 2 different homes) and opened 1 HELOC. I almost refi’d my rental home again too and we almost bought a new home in 2020. That would have been 10 transactions in 10 years. Hypothetically if rates would have dropped even lower I probably would have kept refinancing. In California there is so much competition among non big bank lenders that most don’t charge a bogus “origination fee” and they will compete by offering more lender credits and covering certain fees. So many people could get away with refinancing and made money doing so while lowering their interest rates (when rates kept dropping). People went refi crazy between 2019-2021. The last 2 refi’s I did I made money while dropping my rate. My last one I took a bigger lender credit and my refi amount was about 7k higher then what I owed (without it being considered a cash-out refi). Still got 2.5% at 30 years (I could have gotten 2.25% no points). Made money off the refi and basically took out a small $7k cash-out. I was hoping 30-year rates would get to 2-2.175% (no points), but it never happened. If it did I would have refi’d again.

Have interest rates really been consistently dropping since the late 70s? Jeez I envy Americans sometimes.

 

[Whippy McGee]

Talk about a nothing story.

Unless Biden lied about the value of his home to obtain greater financing than he ought to have, in which case it's a crime?

That makes no sense. The banks do their own appraisal and that's all that really matters.

But... it is a nothing story, unless there is more to the story?

 

[boingyman]

Have interest rates really been consistently dropping since the late 70s? Jeez I envy Americans sometimes.

Since it peaked in '81 overall it kept dropping until 2020-2021 when we hit the lowest of lows. After the housing market bottomed out in 2010-2011 we had a nice run of homes being affordable and even a longer run of very low interest rates. Now home prices are not only ridiculous, but so are interest rates.

Also here are so old megathreads on mortgage/refinance rates from Slickdeals and Boglehead forums. Nothing was better than Fatwallets forum (RIP) refinance megathread though. All 3 of these forums helped me out a lot on my last 2 refi's. Might still be a good read to go through the discussions and learning the basics of mortgages/refinancing, reading loan estimates and all the nuances involved.

Refinance Mega Thread - Bogleheads.org

https://slickdeals.net/f/14173061-07-26-2021-best-mortgage-rates-from-big-reputable-lenders-and-sd-reviews-30year-2-75-15year-2-25-etc

Understanding loan estimates

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[LangfordBarrow]

That makes no sense. The banks do their own appraisal and that's all that really matters.

But... it is a nothing story, unless there is more to the story?

LOL! You have to defend TR7MP's crimes so can't go all out attacking Biden. But what if there's more to the story?

 

[LeonardoBjj]

- I presume that Biden is very rich, since he is one of the most successful american politicans ever. I reemeber him being mocked by Dana Carvey, in SNL reruns they used to show here i think on Sony back in 2000/01.