Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Bond
How do I find out the balance of my Bond?
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#2
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Go to districtgov.org, click on residential bond assessment information, click on amortization schedules, click on your county, district, etc. It will show the entire amortization schedule for your bond, assuming that you have not paid it off.
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#3
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Thank You!
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#4
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#5
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Be sure to check the interest rate. It varies depending on when the home was built. Mine was a whopping 6.125%.
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#6
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PS - as a buyer, I ALWAYS add the bond to the asking price of the house when comparing homes for sale. I believe (its just how I do it) that the bond amount should ALWAYS BE CLEARLY STATED in homes for sale. It is in fact, part of the capital amount you are or may be financing (directly or indirectly).
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#7
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Quote:
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#8
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2-plane,
You are absolutely correct. However, you are paying for both, at an interest rate (some here have said they are paying in excess of 6% on their bond!). You ARE paying different parties, but you are still paying for both. I am saying that to compare the overall costs, I add the bond to the asking price when looking at or comparing homes that are on the market. |
#9
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Pay it off!
Just take a look at how much interest is being charged on the bond and how front loaded it is. I bought 9 years ago with the intent of not moving from my house and paid off the bond immediately. After 8.5 years I am saving tons of money now. Of course if you have plans on moving to another house within 8 years or so from purchase most choose not to pay it off. The realtors are apparently trained to tell everyone to NOT pay it off but I consider that pretty bad advise. Even if selling within 8 years, houses with bond PAID are much more attractive than still having a bond that is almost the same as it started out. Either way, you have to factor in that the bond is part of what you are paying for the house.
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#10
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And as I understand it the interest on the bond is not tax deductible as mortgage interest usually is for most folks most of the time.
__________________
"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine |
#11
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That is correct, it is not deductable.
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#12
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Pay it with a home equity line of credit maintaining a zero balance like a credit card.
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#13
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Is the bond a negative, not really since most homes here in The Villages have them. Not having a bond payment is a definite positive and if all other things on two identical homes are the same, take the one without the bond of course. I agree with your position of paying off the bond if you are going to stay in the home long term as it will save a considerable amount in interest. Is the number 8 years, longer, or less, that depends on the bond interest rate, finances, and level of pain you are willing to endure paying interest. If you move every couple of years, as some do, paying off the bond does not offer a sufficient payback to justify the expense.
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Don Wiley GoldWingNut (a motorcycle enthusiast not a gilded fastener) Village of Hillsborough www.goldwingnut.com YouTube –YouTube.com/GoldWingnut and YouTube.com/GoldWingnutProductions Carpe diem quam minimum credula postero Society is produced by our wants, and government by wickedness; the former promotes our happiness positively by uniting our affections, the latter negatively by restraining our vices. - Thomas Paine, 1/10/1776 |
#14
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I have to always laugh when I see homes advertised for sale proclaiming the bond is paid off. What fool would pay off their bond and then not increase the selling price accordingly? As the saying goes, nothing is free.
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#15
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That should be confusing enough. |
Closed Thread |
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