Help with resale

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hcipi

Mouseketeer

Joined

Feb 1, 2013

• Jun 18, 2015

• #1

First time... Direct BLT 150 point uy march..... Needed to book a vacation ASAP reason for direct.

Now, family growing and more space needed so more points needed!

I have been stalking contracts from reputable sellers....and am ready to grab one before the prices get any higher ( boy BLT has jumped since poly opened!)

I have decided BLT ( location, ease of getting 7 mos. window etc).

Can you guys recommend who to finance with ( yes I know I should have the cash- we did that for the first with a very small finance' can I use the same company I bought direct with?)

What is a realistic time frame of the whole process buying resale?

Should have financing set ahead of time?

I am shooting for 160-200 points to give us more flexibility, not necessarily an every year trip, we are generally an every other year family, but wouldn't mind checking out other resorts just for the hotel aspect not parks.

Thanks again for your help!!

 

Disneychica18

Mouseketeer

Joined

Aug 17, 2012

• Jun 18, 2015

• #2

We used Monera. The interest rate is higher but we plan to put our tax return toward it every year too it's paid. They are so easy to work with.

 

disneynutz

DIS Veteran

DIS Lifetime Sponsor

Joined

Dec 11, 2006

• Jun 18, 2015

• #3

Resales can take 90 days.

Can you save any money by renting instead of buying direct?

Bill

 

DVC Doctor

Member since 2001

DVC Gold

Joined

Mar 19, 2014

• Jun 18, 2015

• #4

What getting about a HELOC on your home for the best rates?

http://www.bankrate.com/funnel/home...duct:30K_Home_Equity_Loan:30K_HELOC&prods=437

 

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BrittanyLynn

Earning My Ears

Joined

Apr 24, 2015

• Jun 30, 2015

• #5

DVC Doctor said:

What getting about a HELOC on your home for the best rates?

http://www.bankrate.com/funnel/home...duct:30K_Home_Equity_Loan:30K_HELOC&prods=437

Click to expand...

That is an option if your a home owner and have enough equity in your home. One thing that I always like to remind people if they keep a balance on their HELOCs is that if something terrible happens to you financially...and you can't pay it...then they will take your entire home. Whereas a timeshare loan, they will take you timeshare. A car loan, then they will take your car. Just something to keep in mind. I can do without a lot of things if God forbid (my husband dies or becomes laid off or disabled)...but I can't do without my home.

**edited for typos

 

DVC Doctor

Member since 2001

DVC Gold

Joined

Mar 19, 2014

• Jun 30, 2015

• #6

BrittanyLynn said:

That is an option if your a home owner and have enough equity in your home. One thing that I always like to remind people if they keep a balance on their HELOCs is that if something terrible happens to you financially...and you can't pay it...then they will take your entire home. Whereas a timeshare loan, they will take you timeshare. A car loan, then they will take your car. Just something to keep in mind. I can do without a lot of things if God forbid (my husband dies or becomes laid off or disabled)...but I can't do without my home.

**edited for typos

Click to expand...

I sorta agree with you, but paying 4% HELOC is a smarter financial move than 10-14% interest

Additionally, a DVC membership is generally $15k or so and a HELOC for many people can be up to $250k so the impact is not that large.

Regarding a home - you most certainly can do without your home as many people that are facing financial disasters would be better renting a 1 bedroom apartment than trying to tread water or keep sinking money into a bad upside down mortgage and stay in a home they can't afford.

In reality, joining DVC is BEST if you do not finance at all or if you do, use a low interest rate - otherwise, you are also better off renting points as you need them.

 

Savagekids

Mouseketeer

Joined

Jun 15, 2015

• Jun 30, 2015

• #7

I would either BORROW points from a future use year or RENT POINTS while shopping for another contract. Either one will save you a lot more than financing or buying direct. And rushing a resale sounds stressful.


Also, Disney has this thing where you get hotel rooms too.

 

pmaurer74

DIS Veteran

Joined

Apr 29, 2010

• Jun 30, 2015

• #8

I have been watching resale easterly awaiting an email for the perfect or near perfect contract and I have been getting frustrated. I imagine one will come available in time. I saw some earlier in the month had I been home I could have jumped on. There is one contract I am thinking of but I think it is too much.

 

Dean

DIS Veteran<br><a href="http://www.wdwinfo.com/dis

Joined

Aug 19, 1999

• Jul 1, 2015

• #9

DVC Doctor said:

I sorta agree with you, but paying 4% HELOC is a smarter financial move than 10-14% interest

Additionally, a DVC membership is generally $15k or so and a HELOC for many people can be up to $250k so the impact is not that large.

Regarding a home - you most certainly can do without your home as many people that are facing financial disasters would be better renting a 1 bedroom apartment than trying to tread water or keep sinking money into a bad upside down mortgage and stay in a home they can't afford.

In reality, joining DVC is BEST if you do not finance at all or if you do, use a low interest rate - otherwise, you are also better off renting points as you need them.

Click to expand...

Others can do what they want but my personal view is first, financing a timeshare, or any luxury purchase, is not a great choice. Hopefully the goal is to have less debt, not more, so the difference in costs on a timeshare at a lower vs a higher rate is not worth the risk to one's home, IMO even though the risks may be lower for some, they are not zero for anyone.

 

A

abbysmama

Earning My Ears

Joined

Apr 16, 2015

• Jul 6, 2015

• #10

We did not finance but are looking at more than 4 months so far on the resale purchase.

 

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Psypher

Earning My Ears

Joined

Mar 3, 2013

• Jul 6, 2015

• #11

We financed our resale purchase through LightStream. They were really easy to deal with and it was all handled electronically. You pick the terms of your loan, fill out the credit app, and they will let you know if you qualify. They may ask you to send them a copy of your pay stub. They had some of the best interest rates around for an unsecured loan and they are backed by SunTrust Bank.

The only issue is that you have 30 days from the time of approval to when you have to accept the loan offer. This means that you have to submit your loan application and your resale offer and hope you pass ROFR within 30 days. This worked out for me but just barely. You could get in a situation where you have to accept the loan and then not pass ROFR.

 

ziravan

Welcome Home

Joined

Apr 4, 2014

• Jul 6, 2015

• #12

Monera.