Bcv & Mb

[Wags]

I understand that MB buys back your points at $10/pt. Can that sale back to DVC go towards part of the 20% down payment?

Obvioulsy then, one makes up the difference between that
buy-back amount and the required 20% down, correct?

BTW, what are points currently selling for at BCV, I thought I saw $84 on this board some time ago?

Also, what is the annual maint. fee per point? And can that be included in a financed program throught DVC? In other words, can the maintenance fee be added to the monthly payment of the financed amount?

So if one is buying 175 pts. at $84/pt = $14,700
175 x $10 = $1750
20% Down is $2,940
$2,940 - $1,750 = $1,190 (out of pocket)
Financed amount is $11,760, at 10 years @9.75% (thru DVC)

Did I do this correctly?

 

[poj7]

Just don't pay 9.75% interest for ten years. Wow. Home equity lines are about 3.49% and the interest is deductible.

 

[JulesMom]

Yes, the money can be applied to the deposit.

The interest on the loan thru DVC is deductible, too.

 

[Maistre Gracey]

I could be wrong here, as things change from time to time.
Magical Beginnings can be used as part of the downpayment, but not part of the first 10%. In other words, you must pay at least 10% out of pocket. Again, things may be different now.

Good luck.....

 

[Goofyzgurl]

Gracey,
You're right, you still have to put down actual money of 10% down. We just turned in our paperwork last week and am now waiting for every thing to be recorded.

 

[lenshanem]

Just paid deposit yesterday.
10% of the total down first, then they minus the MB.

 

[Wags]

Sorry for being ignorant.

So if I understand this, at $14,700 and 10% down that's $1,470 out of my pocket.

Then the MB program would "kick" in another $1,750 (in my example of 175 pts).

So does that mean the actual money applied towards the puchase would be $3,220, or 22% down? Or is DVC looking at this as only a 10% down payment (the $1,470 I outlay) and the interest rate then would be higher?

Also, what about my question regarding the maintenance fees, can that be added to the monthly payment. And what are the approximate maintenance fees at BCV.

One of the respondents mentioned a Home Equity, and I understand those interest dollars are deductible, and another said the interest is deductible through DVC as well. Is that in fact true?

With the Home Equity option being used as the finance vehicle, is the MB program available, or does DVC "force" you to use their financing in conjunction with the MB program?

One more final question, (for now), was I correct at $84/point?

You are all so very helpful, thank you.

 

[lenshanem]

I'm going to send you an email.

 

[Wags]

lenshanem,

Can you send your e-mail to j.j.wagner@na.modine.com

Thank you.

 

[jonesmatNY]

You have it right about the 22% down, we just did a 100 point add on, put down $840, got the $1,000 MB credit and financed the rest. As far as Maintenance, you can pay it up front for the year, or have it deducted from your account each month. I split up the time of month for the loan payment and maint fees. Maint fees are a recurring expense every year for as long as you own in DVC, FYI.

 

[lenshanem]

WAGS, did you get my email?

 

[Maistre Gracey]

Originally posted by Wags
Sorry for being ignorant.

No need to apoligize, we like talking about DVC stuff.

So if I understand this, at $14,700 and 10% down that's $1,470 out of my pocket.

Then the MB program would "kick" in another $1,750 (in my example of 175 pts).

So does that mean the actual money applied towards the puchase would be $3,220, or 22% down? Or is DVC looking at this as only a 10% down payment (the $1,470 I outlay) and the interest rate then would be higher?

That is a very good question about lowering the interest rate because of the extra money down. I think the answer is yes, it would be lower, but I am not certain about that.
The rest of your statement is correct.

Also, what about my question regarding the maintenance fees, can that be added to the monthly payment. And what are the approximate maintenance fees at BCV.

As another poster has said, mtc fees can be billed monthly, at zero interest. It will be a seperate payment than the mortgage. The fee at BCV is slightly under $4/pt.

One of the respondents mentioned a Home Equity, and I understand those interest dollars are deductible, and another said the interest is deductible through DVC as well. Is that in fact true?

Yes, it is likely deductible. Check with your tax person. The interest on my DVC loans are deductible as a second home. The portion of your mtc fees that pay taxes are also deductible.

With the Home Equity option being used as the finance vehicle, is the MB program available, or does DVC "force" you to use their financing in conjunction with the MB program?

It is my belief that you can get MB regardless of how you finance, or even if you pay cash.

One more final question, (for now), was I correct at $84/point?

Yes, you are correct.

You are all so very helpful, thank you.

Your Welcome! Please feel free to ask more questions....