Finance timing

[fixerupper]

We are signing our first DVC contract, resale. I am hoping to finance about 60% of it through Lightstream and pay it off over the next year. At what point do I actually apply for the loan? The closing is set for 10 weeks from now. I don't want to apply today and then be paying interest and loan payments for two months when I haven't even paid the deposit... But I also don't want to get caught off guard if things (hopefully) move more swiftly ~ or for whatever reason this lender doesn't work out to be the best option.

 

[sethschroeder]

Can't you tell them a closing date as to when you want the money?

 

[Cyberc1978]

Normally you need to inform the broker about financing as the closing costs are higher but if Lightstream is a personal loan then you dont.

 

[EYL]

We are signing our first DVC contract, resale. I am hoping to finance about 60% of it through Lightstream and pay it off over the next year. At what point do I actually apply for the loan? The closing is set for 10 weeks from now. I don't want to apply today and then be paying interest and loan payments for two months when I haven't even paid the deposit... But I also don't want to get caught off guard if things (hopefully) move more swiftly ~ or for whatever reason this lender doesn't work out to be the best option.

After you are approved for a Lightstream loan, you have 30 days to fund your account, at which time, interest calculations start. If you do not fund within that time, you will have to reapply. If closing is set 10 weeks from now, I would wait until less than 30 days before to apply. Note that each application is a hard pull on your credit, which means that it will lower your credit score a bit and you don't want to do that too many times unless absolutely necessary.

 

[Sandisw]

I have used them and it’s easy. As mentioned, I would just wait until you pass ROFR and then apply, as once approved, you can get the money immediately, or delay it as mentioned above.

Good luck!

 

[fixerupper]

Thanks for the info!