BCV Township?

[DoeWDW]

We're in the process of buying Beach Club Villa points. This has been a dream of ours for a long time and we're very excited!

The bank is insisting that they need to know the township and county that the Beach Club Villas are located in. I believe they are in Orange county but does anyone know what township???

Thanks!
Doreen in PA

 

[dianeschlicht]

I believe it is Lake Buena Vista. Why are you not financing through Disney?

 

[RobDoc]

You might want to give your guide a call to get the exact description the bank is looking for. You can call 1-800-800-9100 and they should be able to answer your question directly.

Good Luck!

 

[DoeWDW]

DisneyDiane wrote "Why are you not financing through Disney?"

We were approved for Disney financing at 11.99%. I went to my local bank and got a home equity loan for 5.99% instead. The interest savings will help us pay for our annual passes - I'm so excited to be thinking of Disney vacations for the next 40 years!!

My bank feels that Lake Buena Vista may be the correct mailing address but may not be the name of the township. For example, in my area, your postal address may be Mount Joy but you may pay taxes to West Donegal township. I guess maybe they're looking for the municipality that gets the local taxes?

Thanks for the info. I may try to call my guide. I'll post if I get an answer - hard to believe I'm the only one being asked to provide this information to my bank....

Doreen in PA

 

[Beth]

Just curious...

So what is the collateral on your "home equity loan," your permanent residence, or the timeshare, itself? If they're asking for the specific details on the township for BCV - it sounds like they intend to use it for collateral. That's the first I've heard of a traditional bank accepting a DVC timeshare for collateral.

Interesting...

 

[DoeWDW]

Beth,

The bank is using our permanent residence as collateral. However their policy is to note the intended use of the home equity loan money, which for us is financing a timeshare and that includes the township information that they're asking for.

I don't think the information (or lack thereof) will break the deal but they REALLY want to have it on file (for whatever reason).

I just called Member Services and they also said to tell the bank "Lake Buena Vista". They didn't have any other information listed, so this must be a really uncommon question!

Doreen in PA

 

[Terry S]

I am at work, but when I get home at around 1:00, I can look at the purchase agreement for BCV and see what it states.

 

[inky dinky doo]

DoeWDW, I surely don't have anything to add to this conversation, because I'm a new member, myself, but I just had to tell you how happy I was to spot the words "Mount Joy" and "West Donegal Township." Unless I'm mistaken, you're talking about the very place I was born. Keystone state. Right? I've lived in Ohio for a long time, now, but I have fond memories of my childhood in Mount Joy and of Donegal Springs Road.

And, now we'll be neighbors at the BCV. Small world, eh?

Inky

 

[Horace Horsecollar]

The four DVC resorts at WDW are in Orange County, Florida. The southern part of WDW (including the All Star reosrts and the town of Celebration) is in Osceola County, Florida.

Through DVC annual fees, we pay property taxes to the Reedy Creek Improvement District. See http://www.state.fl.us/rcid/

There are two "cities" within the boundaries of the Reedy Creek Improvement District: the city of Lake Buena Vista and the city of Bay Lake. My AAA Orlando-South map makes it appear that OKW is in Lake Buena Vista and the other three DVC resorts at WDW are in Bay Lake -- even though they don't have Bay Lake mailing addresses. (I don't know if there is such a thing as a Bay Lake mailing address for anyone, even though there's officially a city of Bay Lake.)

 

[DoeWDW]

Terry,

Thanks for the offer, but I'd hate to see you use your lunch hour for this! I've already scoured all the paperwork that we got from DVC and nothing's listed.

I just called the bank and told her that Lake Buena Vista would have to do. She said they are required by law to fill out a form if you buy a property or renovate a property. She thought it was a federal or state mandated form (she called it a HUMDA form) and they lose points if their loan packages are audited and this form isn't filled in correctly.

Thanks for all your help!

Doreen in PA

 

[Horace Horsecollar]

DoeWDW: Call Reedy Creek Improvement District at (407) 828-2241. They should know the real answer.

 

[DoeWDW]

You are all a fountain of information!!

Horace, thanks so much! This is very informative and I'll follow up on it!

Inky - you're right. I'm living very close to West Donegal township and the town of Mount Joy in central Pennsylvania! It is indeed a small world and I hope to meet you at BCV someday!!

Warm regards!
Doreen from PA

 

[Beth]

DoeWDW.

First of all - GOOD LUCK with your purchase - you are really going to enjoy DVC and all of its benefits.

But I also wanted to thank you for this discussion - it's very interesting.

I've been in banking all of my adult life, though never directly in our loan area. I printed this discussion out and carried it over to our senior consumer loan officer. He found it interesting, also.

The talk of HMDA - that's a BIG topic with the auditors right now, so perhaps your Bank is just trying to be extra careful...

Welcome Home, soon...

 

[BobH]

Deeds that are issued (at least mine) specifies only my ownership interest in a unit in "Disney's Old Key West Resort" in Orange County Florida. The deed does specify that I have a certain contract number and that my agreement is with Disney Development Inc of Celebration, Florida. No mention is ever made of any legal location beyond this. For those of you who are interested you can look up your deed at http://www.comptroller.co.orange.fl.us/records/records.htm

I hope this works. I am not very accomplished at listing web addresses.

 

[tiffany123]

I've never heard of a bank requesting the address or any other info on how a home equity loan is used. Sounds as though this might not even be legal. We have had a couple of home equity loans and have never been asked such questions. Our current one is prime for the life of the loan (currently 4.75%) no annual fee and no prepayment penalties. If your bank is giving you a hassle, you might want to take your business elsewhere.