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Why you should pay off your Woodland Springlake Mello-Roos? How? (2 replies)
 

When a homeowner purchased a property in Springlake,  each property has been assessed a fixed amount of Mello-Roos, which is slightly over $20,000 to fund public facilities in the neighborhood.  If a homeowner does not pay off this amount in full, the balance is treated as Bond/Loan at a interest rate of 7% to 9% per year even with current super low interest rate.  As a result, you will end up paying about $40,000 interest during the whole period (assuming 30 years), plus the original principle ($21,000).  

Therefore, paying off the Mello-Roos is the correct way to go if you could afford it (The City only accepts full payment) :)

The following are the steps to pay off Springlake Mello-Roos:

  • Contact Adam Devlin at Adam.Devlin@cityofwoodland.org or call him at (530)661-5835.
    • In your email or voice mail, clearly provide your address and APN#, which is provided on your tax bill from the county.
    • Ask him to provide your Mello-Roos pay-off amount.
    • Follow-up with him if you do not receive his call or email within 3 days, usually he is pretty good.
    • His address is: Finance Department, 300 First Street, Woodland, CA 95695.  You might visit there in case he is not available during this holiday season. 
  • Upon receiving your request, he will send you an email with an attachment which lists your Mello-Roos pay-off amount.
  • You send the check and the attachment document to him as instructed in his email.
  • Winter deadline is in January, if you cannot make it this time, you may pay next June.

Enjoy the big saving!

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Posted – 12/16/12 1:40am by smilesue2005@yahoo.com, updated or replied 01/03/13 4:29pm
 
 

The interest rate for Mello Roos is insanely high. Paying off in advance definitely is something to consider if you plan to live in your house for 10 years or longer. Heck, if you don't have enough cash, but have built up some equity already, maybe it is worthwhile to pay off the Mello Roos fee with your home equity. That should at least knock the interest rate down a few points. Correct? 

Posted – 01/03/13 2:52pm by chenwsu@yahoo.com
 

What is interesting about this is that the current interest rate is not fixed and subject to change each year.  I would not expect it go down in the future. If u would use your equity to pay off this,  u are looking at savings around $20,000 depending on int rate and the base amount of MR. Assuming 30 yr pay period.  Definetely way to go unless u are planning to sell soon.  

Posted – 01/03/13 4:29pm by smilesue2005@yahoo.com
 

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