[thomas47]

I am going to pay off half my bond and am wondering if there is a best time of year to do so?

[Villageswimmer]

I called a few weeks ago and was told to do it before March 16. I'd suggest calling to confirm this, though, in case I got it wrong. After looking at the amortization schedule, I think we're right behind you. Our interest rate is 6.125%.

[rayschic]

Originally Posted by thomas47

I am going to pay off half my bond and am wondering if there is a best time of year to do so?

Here's a link to info on bond payoff. It looks like you can only pay it off in full, not half.

Village Community Development Districts

[tommy steam]

Originally Posted by rayschic

Here's a link to info on bond payoff. It looks like you can only pay it off in full, not half.

Village Community Development Districts

Great information.

[Barefoot]

Originally Posted by thomas47

I am going to pay off half my bond and am wondering if there is a best time of year to do so?

We had the same idea, pay off half the bond. We were told it must be discharged in full. So we're planning to pay our entire bond by March 16.

Sorry, it looks as if this info has already been stated.

[dewilson58]

Originally Posted by naneiben

I called a few weeks ago and was told to do it before March 16. I'd suggest calling to confirm this, though, in case I got it wrong. After looking at the amortization schedule, I think we're right behind you. Our interest rate is 6.125%.

Don't for get about that Admin Fee.........that's also a cost of money.

[REDCART]

Originally Posted by dewilson58

Don't for get about that Admin Fee.........that's also a cost of money.

The admin fee that you're referring to is on the tax bill, or is it something that get's added to the bond "payoff amount"?

[mulligan]

If you're talking about the annual maintenance fee, that has nothing to do with the bond.

[dewilson58]

Originally Posted by gryoung

The admin fee that you're referring to is on the tax bill, or is it something that get's added to the bond "payoff amount"?

It's the annual administration fee and its on the amortization schedule.........it's just another way to charge you a higher APR.

[OBXNana]

We were told mid March, but because we close on the property 2/12/14, we will pay at closing. When we figured the numbers over a 30 year period, the bond cost would triple. We felt that wasn't a good return on our money. It's a personal choice on our part.

[REDCART]

Originally Posted by gryoung

The admin fee that you're referring to is on the tax bill, or is it something that get's added to the bond "payoff amount"?

The Bond Amortization Schedules on the VCDD web site breaks down the annual bond payments as: Principal, Interest, Administrative, Total, and Balance. The Administrative fee declines slightly each year so it must be a fixed percentage of the balance. In our case the admin fee for the next few years is around $40. So I'd like to believe once the bond has been completely satisfied, that there's no longer an administrative fee charged (collected via the real estate tax collector.)

[Carla B]

yes, when the bond is paid off the administrative fee goes away forever.

[thomas47]

Thanks for info, ya have to pay it all or continue getting hit yearly with that interest. Summer in Canada sounds good to this Canuck after this past Florida one. Thanks again eh.

[Barefoot]

Originally Posted by thomas47

Thanks for info, ya have to pay it all or continue getting hit yearly with that interest. Summer in Canada sounds good to this Canuck after this past Florida one. Thanks again eh.

Paying off a bond does save a lot of interest if you stay in one home. The only negative about paying off the bond happens if you decide to move. Resale purchasers do like the idea of buying a bond-free home, but strangely, it doesn't make a big difference to the bottom line that they are willing to pay.

At least that was our experience when we sold our bond-free CYV to buy a larger home.

Good luck with your decision!

[hfeatherston]

Is the bond tax deductible?