Pilot Butte - Use your Home Equity to Pay for Centralized Water

With all the new housing that is popping up in the developments bordering the town, Pilot Butte's Central Water Project is in full swing. As our community continues to grow, the Pilot Butte Town Council determined that a Central Water system is vital for the new developments that are entering our town of Pilot Butte and for growth to continue. This means that the town of Pilot Butte's current residents are now enduring the long process of this Central Water Project in order to have treated water pumped directly into each family home. This project though, does come with a hefty price tag.

The Cost of Water

I have included the Town of Pilot Butte's Water Project Fact Sheet below, which breaks down payments for each part of the Central Water Project process. This includes fees such as the $3500 for line boring, $750 for water line connecting, and an estimated $372 per meter for frontage costs, service connection fee of roughly $2100, a water meter (refundable) deposit of $350, and additional plumbing costs. The total will come to well over $10,000 for most of the current home owners in Pilot Butte.

Prepay For Savings

If you have not already, there is still time to pay your estimated water fee early and receive a discount off the completion costs of the Central Water Project. I have also attached a sheet outlining the Resident Incentive Prepayment Program, for the town of Pilot Butte, which will show that you can still save 2% until the end of May and 1%, when you prepay by the end of July, 2013.

Save Money by Using Your Home Equity

Another way to save on this heavy cost of the Pilot Butte Central Water Project, is to look at a refinance on your mortgage. With enough equity in your house, and on approved credit, my team and I, at First Foundation, can help you obtain financing that can combine your home mortgage with the central water costs and save you thousands of dollars in interest. Current mortgage rates are at less than 3% for a 5 yr and less than 4% for a 10 yr, while if you wait to put the cost of the central water on your taxes the interest rate will be at 6% over 10 years!

Why pay more than you have to?

If you have any questions or want to learn more about a mortgage refinance, please contact me anytime!