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I'm hearing a lot of ads on the radio for "Buy California Bonds"http://www.buycaliforniabonds.com/
I'm wondering if anyone here has any experience buying these. How easy or difficult was the process?
I'm also having a hard time understanding the interest rate, yield and duration of the bond. How do I find that? There is some info here, but I don't quite understand it completely --http://www.buycaliforniabonds.com/bcb/rop.asp
I'm looking to move some of my "house down payment" fund into short term tax free bonds. Hence the interest.
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You buy these bonds from a broker such as Schwab or Vanguard. IT's a very easy process. You tell them which bonds you're interested in and they will tell you the "approximate" coupon rate that you will get. The exact rate is calculated a day or two later when all the sales are in. At that time you have the option to cancel your puchase if you're not happy with the final rate. I believe that what they quote is very close to what you get.
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