Pay Off Bond or Pay Down Mortgage?
After reading through hundred's of listings in the Villages over the last several years prior to buying, it seems like the bond is almost an afterthought compared to the listing price. Although "No Bond" is listed as a selling point I don't know that it registers with most buyers how much debt the average bond is on new homes until after they pick a home to buy.
With that in mind, would it be crazy to pay off the bond vs paying down the mortgage by an equivalent amount? We're still working and our house in Bradford will be a 2nd home for at least 2 more years. When we sell here we'll want to reduce our monthly costs to the minimum possible so planning on using all the proceeds from the sale to reduce our only remaining payment, the house.
Just curious if others have gone through the same decision process.
Thanks, Jim
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