Quote:
Originally Posted by suesiegel
I'm not sure why you are asking us. We have all been through it but, did it years ago.
A lender today will often, confuse you with all the numbers, points etc. BY LAW they need to tell you the APR so you can compare apples to apples.
My view-YOU need to hire people on YOUR SIDE-a home inspector-cost about $600-an atty-cost about $800. The broker who you may believe is your friend is a commissioned salesperson. Do not allow yourself to be boxed in on either side. Everything you said while driving around with the broker they know. Well based on what we've seen this is a great deal. She should not but probably has shared that with her friend the broker representing the seller.
THE BOND-an interesting and foreign concept to us when be bought our house NEW. The bond which far as I know is calculated, set, based on the value of your home. Value of your home is of course based on what the builder and developer think they can sell it for. In our case the bond was approximately 6% extra on the price we paid for the home. Too many people buy and do not understand this.
Also, as someone else stated the interest is not a tax deduction and the interest is at a higher rate than your mortgage.
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No. The correct answers are found on the District web site.
The Bond Debt Assessment was set at the time the bond used to build the infrastructure was issued. The formula for calculating each lot’s proportionate share starts with the total cost of the bond (including interest) issued to pay for the infrastructure. That cost is divided equally among each assessable acre in the “phase” of the District for which the bond was issued. That gives you a cost per acre. The cost per acre is then multiplied by the number of acres in the unit in which you live. That gives you the obligation for the unit as a whole. The unit total cost is then divided by the number of lots or parcels in the unit, and that computation gives you the amount of the assessment levied against each property. Therefore, each lot within a unit pays the same amount. Amortization schedules for each unit are located on the Districts' website;
Village Community Development Districts under the Finance Department link.
