It is advisable to carry the bond for a few years even if you think you just bought a forever home. Things change. Once you are here for a while you may find better options. Many people are in their second home for various reasons.
Here comes the bond part. The home value does not include the bond. A 200,000 home is not a 220,000 home because the bond is paid. Banks don't appraise high er. This forces all buyers to be able to pay that extra money up front in cash.
It is hard to explain to new buyers why the house is priced 20,000 over market value in a real estate ad.
We bought one part time home and one forever home....and sold them both. Thank heaven we held off paying the bond on both.
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