Villages Bond Refinancing

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  #46  
Old 03-28-2020, 08:21 PM
Bogie Shooter Bogie Shooter is offline
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Originally Posted by kaseydog View Post
even if you pay off bond you still incur a yearly maintenance fee. were these bonds financed through citizens bank? as i understand it
citizens is owned by morse family.
Nice try!
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  #47  
Old 03-28-2020, 08:24 PM
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Originally Posted by VApeople View Post
We closed on our house in Sept 2016 and were told our bond interest rate was 6%.
So, was it true what you were told?
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  #48  
Old 03-28-2020, 08:31 PM
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Originally Posted by jonathanb View Post
Best thing to do is refinance your house and take enough equity out to just pay off the bond. Do you really think the district is going to lower the interest rate. Never happen.
You missed post #15.
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  #49  
Old 03-28-2020, 09:36 PM
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Originally Posted by Goldwingnut View Post
These bonds have absolutely nothing to do with Citizen First Bank, these are commercial bonds sold to investors. They are also not a mortgage and can't be compared to one in terms of "refinancing". If I recall from the bond sales for the Amenity purchase in 2016, Chase bank was the financial institution to issue the bonds.

In these bonds, since they are investment vehicles, there are many limitations on reissuance of the bonds built into the bonds to protect both the buyers and the sellers. Remember these were 30 year fixed rate bonds the buyers purchased to make a given return on their investment.

In the past when the windows for reissuing (refinancing) the bonds opened, AND if the market was favorable, these bonds were reissued and the homeowners paying them saw the savings in their annual tax bill. Bonds for CDD3 though CDD8 were reissued in 2012, 2013, 2016 and 2016 to recognize such savings to the residents. A quick check of these bond rates indicates:
2010 bonds=4.817%
2012 bonds=2.784%
2013 bonds=4.25% to 4.94%
2015 bonds=4.25%
2016 bonds=3.35%.

None are at the OP's stated 6%, but then I didn't check every bond's rate only a sampling from each CDD.

Yes, on a 30 year at almost any interest rate above 2.4% will result in paying more interest than principal. If there is a service fee paid to the bond manager, as there always is, then the apparent amount paid on the bond at any given rate is still higher.

As many have already said, if you are unhappy with it you can either refinance it or pay the bond off.

One last thought, if it were not for the bond system allowed under Florida Law, the Villages would not be the community it is today. These bonds made and make it possible for the developer to invest their money in Rec Centers, golf courses, etc. instead of sewer pipes, electrical systems, roads, etc. This is to our benefit as well as theirs. You would pay for the infrastructure one way or the other, either it would be rolled into the cost of the house or as a separate line item as a bond.
That is how the developer becomes a billionaire!
  #50  
Old 03-28-2020, 10:07 PM
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Originally Posted by vintageogauge View Post
But keep in mind the equity loan will not follow the transfer of your deed if you sell your home. You will have to pay it off and you will not necessarily get your bond payoff back when selling your home as you will have to price it that much higher than the comps that have recently sold or are for sale, many buyers will not even take that into consideration.
Great thought by the OP. I 100% agree with the issue that Vintageogauge raises.
  #51  
Old 03-29-2020, 05:40 AM
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Originally Posted by Moonrunner View Post
And paying off your bond is not a good option because they tack on the iWnterest for the life of the bond. Sounds like gouging on a major scale.
Wrong
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  #52  
Old 03-29-2020, 12:13 PM
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Default bond paid , then what?

We recently purchased a home in District #1. The bond was paid off at some point by a prior homeowner.

If the bond is paid on a home like ours , is there still an "assessment" or "maintenance" fee? If so could someone please explain why or what it is?

I know there is the $159 +/-fee and that's not the fee in question. I understand that one.

Thanks for the time and knowledge!
  #53  
Old 03-29-2020, 01:17 PM
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Quote:
Originally Posted by Jerseybob View Post
We recently purchased a home in District #1. The bond was paid off at some point by a prior homeowner.

If the bond is paid on a home like ours , is there still an "assessment" or "maintenance" fee? If so could someone please explain why or what it is?

I know there is the $159 +/-fee and that's not the fee in question. I understand that one.

Thanks for the time and knowledge!
This video explains the maintenance assessment everyone pay

The Villages 6-19-19 Construction Update and Maintenance Assessment discussion. - YouTube
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  #54  
Old 03-29-2020, 01:32 PM
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Quote:
Originally Posted by Jerseybob View Post
We recently purchased a home in District #1. The bond was paid off at some point by a prior homeowner.

If the bond is paid on a home like ours , is there still an "assessment" or "maintenance" fee? If so could someone please explain why or what it is?

I know there is the $159 +/-fee and that's not the fee in question. I understand that one.

Thanks for the time and knowledge!
The time to ask was before you signed on the line!
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