Bond pay off ?
 

Hello everyone we came up to the villages and had a really wonderful time met plenty of great people . We have a ? If we pay cash for our home and pay the bond off do we start the 1.000 bond fee right away the one you start paying after the bond is paid in full . Just wanted to make sure my thinking is clear .:)

Recently I paid my bond off. I suggest you go over to the finance offices and ask for an amortization schedule and take a look at it to decide if the expense is worth it for you.

Not only did we save thousands by financing it with our mortgage, but they also had a $96 per year admin cost, which is also elimated.

Paid mortgage off too, so I was surprised how much was saved with the bond.

Do a search for bond and you will see lots of different opinions.

I'm confused. If the bond is paid off.....what other ($1,000) bond are you referring to??

We've owned a CYV where the bond was paid off. I've never heard of a bond fee of $1,000 that starts when you pay off the bond in full! I think that is faulty information. You should double check with whoever gave you that understanding.

I suspect the poster is referring to the annual maintenance fee.

Bill :)

From reading past posts on TOTV I recall the following:
It all depends on when you pay off the bond. So basically you can pay off the bond in full but still owe accrued interest for the first year. I'm sure if you check you will find out. I think if you pay off after July you will owe money. Very good decision to pay off the bond IMHO! Good luck.

Annual Manintance Fee
 

That's what I was talking about sorry :) if I pay the bond in full does the AMF start right away the same year or at a later date .tks in advance

The day you have closing on your home you will be responsible for the annual maintenance fee. A prorated portion for the remainder of the year will be listed on your closing statement. Thereafter it is included with your yearly tax payment. It is not specifically $1,000 across the board for all homes, although there could be some units that have this very round amount. For example, I am in unit 136 Village of Bonita District 7 and our yearly maintenance fee is $451.09. I believe the maintenance fees are higher in the new areas.

I paid the bomd off when I saw the interest rate. At the time it was 7.19% and my money funds do not come close.

Who do you call to get info on buying off your bond ie: amount owed? Thanks

Your CDD will send you a letter annually regarding the payoff option for your bond. We received our letter from CDD7 in early May. It gives you all the info you'd ever want to know (well, for the most part! :) ) - original amount/payoff, interest rate, last year's charge, current balance for payoff, as well as the date and procedures for paying it off if you choose to do so.

It lists "Bond Pay-Off Direct line (352) 751-3900" in the letterhead. Sounds like that would be the place to start if you have questions.

Hope that helps!!

Bill :)

Thank you all the the info . This will help me make a more informed decision .And I will make a few calls. tks again everyone :)

Bond Amortization Schedules
 

Was mentioned in this morning's Recreation News that you can now access all bond amortization schedules, which also show interest rate, on the VCDD's website under the "How Do I?" tab. It's interesting to look up your own and then compare to other units/villages.

Regarding payoff of the bond. You CAN pay it off at any time. If there is even the most remote possibility you may move to another home in TV (the running joke is that people buy the first home and either move up or down in home size in a year or 2), DON'T PAY THE BOND OFF!! You'll never get that money back when you sell. If you KNOW you won't be moving...ever...pay it off. Otherwise, I'd give it a year or two until you're certain you won't be moving. You won't "lose" that much in interest in a couple years, compared to what you'd lose by paying in full and then moving to a new property, with a (most likely) NOT paid bond.