BOND and when to pay?

Closed Thread
Thread Tools
  #1  
Old 02-03-2014, 11:07 AM
thomas47 thomas47 is offline
Member
Join Date: Feb 2013
Posts: 36
Thanks: 0
Thanked 0 Times in 0 Posts
Default BOND and when to pay?

I am going to pay off half my bond and am wondering if there is a best time of year to do so?
  #2  
Old 02-03-2014, 11:38 AM
Villageswimmer Villageswimmer is offline
Platinum member
Join Date: Feb 2011
Posts: 1,919
Thanks: 2
Thanked 749 Times in 259 Posts
Default

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%.
  #3  
Old 02-03-2014, 11:40 AM
rayschic rayschic is offline
Veteran member
Join Date: Jan 2013
Location: Hacienda South
Posts: 813
Thanks: 0
Thanked 25 Times in 12 Posts
Default

Quote:
Originally Posted by thomas47 View Post
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
  #4  
Old 02-03-2014, 12:20 PM
tommy steam tommy steam is offline
Gold member
Join Date: Dec 2011
Location: New York, Georgia , Arizona, Vietnam 66 67
Posts: 1,363
Thanks: 0
Thanked 6 Times in 6 Posts
Default

Quote:
Originally Posted by rayschic View Post
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.
  #5  
Old 02-03-2014, 12:25 PM
Barefoot's Avatar
Barefoot Barefoot is offline
Sage
Join Date: Jul 2007
Location: Winters in TV, Summers in Canada.
Posts: 17,669
Thanks: 1,694
Thanked 243 Times in 184 Posts
Default

Quote:
Originally Posted by thomas47 View Post
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.
__________________
Barefoot At Last
No act of kindness, no matter how small, is ever wasted.
Saving one dog will not change the world, but surely for that one dog, the world will change forever.

Last edited by Barefoot; 02-03-2014 at 12:26 PM. Reason: Sorry, duplicate info, should have read the whole thread before posting
  #6  
Old 02-03-2014, 01:12 PM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 11,496
Thanks: 834
Thanked 9,686 Times in 3,599 Posts
Default

Quote:
Originally Posted by naneiben View Post
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.
  #7  
Old 02-03-2014, 01:23 PM
REDCART REDCART is offline
Platinum member
Join Date: Mar 2007
Posts: 1,879
Thanks: 110
Thanked 193 Times in 92 Posts
Default

Quote:
Originally Posted by dewilson58 View Post
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"?
  #8  
Old 02-03-2014, 01:42 PM
mulligan mulligan is offline
Sage
Join Date: Sep 2008
Posts: 2,990
Thanks: 17
Thanked 345 Times in 153 Posts
Default

If you're talking about the annual maintenance fee, that has nothing to do with the bond.
__________________
........American by birth....Union by choice
  #9  
Old 02-03-2014, 01:49 PM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 11,496
Thanks: 834
Thanked 9,686 Times in 3,599 Posts
Default

Quote:
Originally Posted by gryoung View Post
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.
  #10  
Old 02-03-2014, 02:50 PM
OBXNana OBXNana is offline
Veteran member
Join Date: Apr 2013
Location: Central PA, Outer Banks, NC, Pinellas (soon)
Posts: 595
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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.
  #11  
Old 02-03-2014, 06:19 PM
REDCART REDCART is offline
Platinum member
Join Date: Mar 2007
Posts: 1,879
Thanks: 110
Thanked 193 Times in 92 Posts
Default

Quote:
Originally Posted by gryoung View Post
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.)
  #12  
Old 02-03-2014, 08:44 PM
Carla B Carla B is offline
Sage
Join Date: Mar 2008
Posts: 2,757
Thanks: 52
Thanked 695 Times in 371 Posts
Default

yes, when the bond is paid off the administrative fee goes away forever.
  #13  
Old 02-04-2014, 05:14 AM
thomas47 thomas47 is offline
Member
Join Date: Feb 2013
Posts: 36
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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.
  #14  
Old 02-04-2014, 08:43 PM
Barefoot's Avatar
Barefoot Barefoot is offline
Sage
Join Date: Jul 2007
Location: Winters in TV, Summers in Canada.
Posts: 17,669
Thanks: 1,694
Thanked 243 Times in 184 Posts
Default

Quote:
Originally Posted by thomas47 View Post
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!
__________________
Barefoot At Last
No act of kindness, no matter how small, is ever wasted.
Saving one dog will not change the world, but surely for that one dog, the world will change forever.
  #15  
Old 03-25-2014, 03:18 PM
hfeatherston hfeatherston is offline
Junior Member
Join Date: Aug 2013
Posts: 0
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Is the bond tax deductible?
Closed Thread

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 03:46 AM.