Quote:
Originally Posted by logdog
I didn't mention the bond because that is really separate from the mortgage versus cash issue. Bond on a new CYV should be in the 12-15K range. It's about 20K on a Designer. Most people recommend you don't pay the bond off initially.
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To pay (off) or not to pay (off) that is the question...
First of all, remember, the bond (or lack thereof) is just part of the cost of your home. Yes, it is paid for differently. Yes, you can pay it off.
I would discuss this with your financial adviser, but here are a couple of quick tips:
1. If this is your first home in TV, live there at least a year before you pay it off. If you HATE your home or location or TV or Florida and you need to resell shortly after you purchase, you will likely not recoup the amount you paid for the bond, or at least not all of it.
2. Otherwise, in terms of paying it off, i think it depends on your financial situation. if you are one of the lucky ones with a private pension, you may want to continue to pay it off a year at a time. If you are retiring with savings plus just a 401(k), you may want to pay if all off as you will not have that "fixed" income stream.
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Oh my - I see that this is my 999th post...