A Bond Story: Fees on Top of Interest
We went to the customer service center on Wedgewood to pay off the bond by the deadline. I took something to read as I imagined there'd be a line of people waiting to do the same, kinda like the wait to get new IDs. Wrong! We were the only customers in the whole center to do anything!
I had run an amortization schedule at the stated interest rate of 5.375%...it didn't match the yearly payment, so we asked why? In response, the lady brought out a HUGE 6" thick binder that contains all the amortization schedules for all the units in all the districts. She found our unit's schedule and pointed out that there is a administrative fee collected by the VCDD. In our case it was $84 per year, so our interest rate was really 5.81%, instead of 5.375%.
I wasn't thrilled about paying off the bond, but the other party to the deed insisted because he hates to owe money. .
