DVC - want to but...

[LuvTony0508]

My family and I travel to Disney every year. We looked at a DVC at SSR in 2004. Didn't purchase back then. However, since we are going every year with our children 11 & 3, we are seriously considering it this year. Here is my situation...

In the past I've had severe financial issues, credit is not so great. Since then things have looked up and we're doing well. I am wondering if my credit will be a factor in determining our eligibility to finance the DVC?

Also, as we speak we are in the middle of refinancing our home. My closing date will be right when I get back from Disney this year! It was supposed to be last Monday, red tape here, red tape there, I am wondering if I attempt this DVC purchase if it will affect my refinance by showing as a new debt, etc. etc.

These questions may be unanswerable, but DVC is closed today and I'm anxious to see what you guys can offer in the way of info.

Either way... WE'RE GOING TO DISNEY, WE'RE GOING TO DISNEY, WE'RE GOING TO DISNEY BECAUSE IT'S REALLY GREAT FUN!!! lol

5 MORE WAKEUPS!!!

 

[Chuck S]

As far as how it will impact your credit report...it will show as an inquiry. The very vast majority are approved for DVC/Disney financing, but those with some "problems" on their reports have been asked for higher downpayments. My understanding is that Disney does not report a loan to your credit report, unless there are problems with your payments, but if that is their current poliicy, I don't know.

Good luck with your purchase, perhaps we'll be able to say "Welcome Home" to you soon.

 

[LuvTony0508]

Thanks Chuck. I appreciate the info. By all rights, at this point the lender has already approved the refi, just waiting for one last piece of red tape to clear, they shouldn't even be checking my credit again at this point, but I don't want to risk any last minute problems with creating more debt and adding to my credit report. An inquiry that's no biggee. I'll talk to my mortgage broker tomorrow and see what she says. Any information from anyone would be greatly appreciated, I'm sure I'm not the only one out there whose had credit issues before, LOL. Again, looking forward to my trip on 7-6 thru 7-14 whether I buy or not!!! The AKV are really peaking my interest though.

Oh yeah, does anyone know a DVC rep named Julie Hughes? In 2004 she showed us around, wonder if anyone knows her, or if she's still around.

 

[PinGirl]

My family and I travel to Disney every year. We looked at a DVC at SSR in 2004. Didn't purchase back then. However, since we are going every year with our children 11 & 3, we are seriously considering it this year. Here is my situation...

In the past I've had severe financial issues, credit is not so great. Since then things have looked up and we're doing well. I am wondering if my credit will be a factor in determining our eligibility to finance the DVC?

Also, as we speak we are in the middle of refinancing our home. My closing date will be right when I get back from Disney this year! It was supposed to be last Monday, red tape here, red tape there, I am wondering if I attempt this DVC purchase if it will affect my refinance by showing as a new debt, etc. etc.

These questions may be unanswerable, but DVC is closed today and I'm anxious to see what you guys can offer in the way of info.

Either way... WE'RE GOING TO DISNEY, WE'RE GOING TO DISNEY, WE'RE GOING TO DISNEY BECAUSE IT'S REALLY GREAT FUN!!! lol

5 MORE WAKEUPS!!!

My advice would be to wait until you have cleared the refi. If you have had credit problems in the past - one inquiry can lower your credit score - so be wise about an inquiry while you are waiting for a loan to be approved. I had a friend of a friend do something like buy a new car in the middle of Escrow.......it did show up and red flagged their loan and held it up...etc. Just my 2C.....

 

[LuvTony0508]

Thanks for the advice. My lender has already approved the loan, they have even already put themselves on my homeowners insurance policy, got that today in the mail, I'm not too concerned about the inquiry, I'd be more aprehensive if it showed up as a $16000+ new debt! If that happened, that could hamper the final closing. I definitely won't purchase if it shows up as a new debt on my credit report.

 

[mom-mom2three]

Hi! I to have had credit problems in the past and was really concerned that I would not be approved. I was approved but at a slightly higher finance rate. that was okay I was willing to do that My down payment was 10 percent. We are so excited! Sending pixie dust your way

 

[jbrowna]

I would advise waiting until your re-fi is done -- I mean everything signed, the loan funded, nothing left to do. I never trust financial institutions 'til I have the $$$ in hand!

While you're at Disney you could certainly go take a look at DVC -- take the tour, etc. Be honest with them and tell them you're seriously thinking about it, but want to wait to "pull the trigger" until your refinance is completed. They'll probably be happy to assign you a guide, whom you can contact later. When you do they can Fedex the material out to you, and things will move very quickly.

 

[flyerron]

Waiting is no problem. Take the tour & your guide will give you plenty of time to make your decision upon your return home. Then wait for the closing & call your guide & make the DVC purchase.

 

[Flyerfan]

Can you take the tour twice? We took it in early 2006. Unless we buy before we go again, we may want to take another look.

 

[flyerron]

Gagne is Teriffic & The recent signings & trades set up a great season!
I can't imagine that a 2nd tour would be a problem. Most time share places will not offer special gifts for the 2nd tour within 12 months (fast passes). Usually after 12 months you get the same treatment as if you were taking the tour for the 1st time. I'm sure your guide would love to give you a 2nd tour.

 

[Flyerfan]

Gagne is Teriffic & The recent signings & trades set up a great season!
I can't imagine that a 2nd tour would be a problem. Most time share places will not offer special gifts for the 2nd tour within 12 months (fast passes). Usually after 12 months you get the same treatment as if you were taking the tour for the 1st time. I'm sure your guide would love to give you a 2nd tour.

You betcha! Just heard about Briere this morning! I can see Stanley coming down Broad Street already!

We hope to buy soon so a tour would not be necessary...but just in case.

 

[LuvTony0508]

We are going to wait. Not because of the refi, but rather because we can't get a BWV for our stay in 4 days. We knew it would be practically impossible to get a villa at BW so late before our stay, but SIL is a DVC member and kind of got our wheels turning. If we could have gotten a room at the same hotel as her for our stay this time, we would have done it. Now we will wait until next year. I am going to call my guide (from 2004) and plan a view of AKV if available. I hear they are beautiful. I will be doing lots of investigating until we save the 15% we were going to put down this year.


That shouldn't take too long and the refi will be complete by then.
It's all good!

Thanks for all of the helpful advice. I think it might be karma/kismet that we were unable to book the BWV, you know with the refi and all, might be a message from heaven.