Quote:
Originally Posted by OrangeBlossomBaby
The bond is a financial obligation over and above the cost of the home. So if you see a house listed in the new construction section for $300,000, that doesn't include a bond that could be $20,000 on top of that. You can pay it all off at once, OR you can pay it monthly, with insane interest, and not be allowed to pay it off early if you change your mind.
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I live in a "newer" section south of 44. Bought my home last June.
I've never heard of anyone paying insane interest on a bond. Mine is ridiculously low (around 3.3% if you include the admin fee) and so is everyone that I've talked to that have bought in the past few years. I've also NEVER heard of anyone not being allowed to pay their bond off early. It's literally an option that's been presented to us from the beginning that it can be paid off anytime.