Belle091507
Mouseketeer
- Joined
- Jan 18, 2008
The timeshare store lists Monera as a financing option. Does anyone have any info about them? Experiences? TIA
I have no info on them. They were recommending Timesharelending. Remember it has to be written as a mortgage to deduct any interest.The timeshare store lists Monera as a financing option. Does anyone have any info about them? Experiences? TIA
Monera requires 20-30 % down and the rest financed. TL seems like a better option.
Reading through Menera's FAQ, it would appear the fees associated with TL might be higher from what I can see. It appears Monera requires a new Title Insurance, I wonder if a quit claim deed in the chain would disqualify a given contract? It does appear they write as a mortgage so it would be possible to deduct the interest IF one qualifies. The reality is there are NO good financing options, not that one should be financing a timeshare or luxury purchase (DVC is both) anyway. Putting one's home at risk or using a low or zero interest CC create significant risk and I would also qualify those as NOT good options.Monera requires 20-30 % down and the rest financed. TL seems like a better option.
Reading through Menera's FAQ, it would appear the fees associated with TL might be higher from what I can see. It appears Monera requires a new Title Insurance, I wonder if a quit claim deed in the chain would disqualify a given contract? It does appear they write as a mortgage so it would be possible to deduct the interest IF one qualifies. The reality is there are NO good financing options, not that one should be financing a timeshare or luxury purchase (DVC is both) anyway. Putting one's home at risk or using a low or zero interest CC create significant risk and I would also qualify those as NOT good options.
I would submit that there will always be great contracts available and that appearances suggest to me that we are at a relative high point right now for resales, one that will not be sustained in all likelihood. However, it may outlast your situation due to the Poly being announced and take 2-3 yrs to filter back down rather than 6 months. Your decision of course but I personally would either wait or delay closing to correspond to the cash, esp since these type of expected windfalls have a way of presenting a problem. Even for a tax return I don't think you're safe as it stands right now (never have been because there are things that can happen there). For me, the only way I'd let a "great contract" sway me would be if it were significantly less than historic market value and personally I wouldn't borrow even then, just cut lifestyle. For AKV that'd be around $50 pp or less, likely less. OR if it were a hard to find contract such as a small one that I really wanted to make my UY.I saw the tittle insurance stipulation as well- according to the timeshare store emails I get there is a 99$ loan origination fee as well as 150$ extra to the closing costs so I assumed this tittle insurance is that 150$.
The reason we are looking at financing is that we have spotted some really great contracts and would like to have the purchase done ASAP. The total of the financing will be paid in February ( awaiting liquid cash ) this way we can buy now have finished acquiring the contract and then pay the total balance before our first trip! The way I see it we will probably only have to pay 1 or 2 months of interest and that cost is worth it to us to have the contract settled sooner.
Thanks for all your replies!