Financing - How long to hear?

[carolina_yankee]

Question - we decided last Wednesday to take the DVC plunge and signed the paperwork on 160 points while visiting SSR. Since we're 2 unmarried adults, we both have to qualify on financing for it to go through. How long does it usually take to hear - do they contact you if everything is fine or only if they want us to put more down?

The decisions for me are never the hard part - it's the waiting. Grrr.

 

[rayzke]

If my memory serves it was about 2-3 weeks before we recieved our paperwork. No phone calls just a large envolope in the mail

 

[carolina_yankee]

Does that mean there's add'l paperwork once financing is approved? We paid the down payment and signed many, many sheets of paper while we were there (including mortgage forms) and got our "big box." The official closing date is sometime in March, but I thought this was everything.

Dirk

 

[4mcbjCtr]

It won't take very long to hear back. Call them and ask. It doesn't take long to run a credit check.

 

[M4travels]

Question - we decided last Wednesday to take the DVC plunge and signed the paperwork on 160 points while visiting SSR. Since we're 2 unmarried adults, we both have to qualify on financing for it to go through. How long does it usually take to hear -

Hey, guys,
It didn't take Marc and I but 2 weeks to find out that all was well. Don't go crazed with the wait! BTW, we're in the phone book in L.A. and are always ready to head to D'land. We must have missed your call this past summer!!!!

Michael

 

[dcfromva]

carolina_yankee,
My recollection is it took about 2 or 3 weeks to receive the actual letter of approval...

A mortgage agreement is included in the paperwork Disney sends to you, if are seeking financing through them. The actual approval for financing comes in a separate letter after you submit your paperwork. This is an important detail. I have heard of instances where the guide was very positive and said everything looks fine with the financing and then an additional down payment was requested by DVD...

It is outlined in the Product Understanding Checklist. In my latest contract, it was Item 17 and it says, "Final approval of any contract financed through DVD is contingent upon receiving credit approval. DVD will notify you in writing whether or not your application has been approved."

There is also a Purchase Agreement which says (Item 9 on mine): "Mortgage Financing. If PURCHASER desires to seek mortgage financing from DVD, a mortgage application will be completed and submitted as part of this Agreement. PURCHASER agrees to cooperate with all reasonable requests made by DVD in connection with the mortgage application, and PURCHASER shall furnish to DVD upon request such financial information as DVD may from time to time reasonably request...."

-DC

 

[wyodan]

We just completed everything with ours. Took about 3 weeks after we submitted the down payment and the large packet of papers. We even had a slight issue that DVC Credit needed some information on.

So you should hear soon!

 

[TomD]

took @ 2 weeks to hear. We got 2 letters the same day. 1 was thanking us for buying DVC and saying if we financed we should recieve a letter in the mail with their decision.

Second letter was our approval

 

[cobbler]

You can call before you receive the letter. Give them about 5 business days after they receive your documents. You call quality control and they will be able to tell you if you have been approved. Basically if you don't hear anything before you receive the letter then you are approved. They will only call if there is something wrong with your paperwork or you need more of a down payment.

I called about a week after they received my documents to find out if we were approved. Then received the letter about a week and a half later.

 

[Jon99]

How tough are the financing standards???? We went thru some major financial issues about a year ago as we started a new business, got behind on everything... Now we are back on track and would like to buy into DVC within the next year or two, but obviously going to take time to repair our credit..

 

[minnieandmickey]

I would like to know this too. We are currently signing our papers and I hate to have all my hopes up as well as planning and get a "we're so sorry letter". They ask for your SS# ahead of time why don't they do a Credit report then? I am not too worried but there have been issues in the past but we have been getting all back in order.

 

[Rozzie]

from what I hear, it is hard not to be approved. They might ask for 30% down.

But from what I read with others, they usually call pretty quickly if there is a red flag, so I think no news is good news when it comes to DVC.

I think we got our letter in 2 weeks.

 

[carolina_yankee]

I would like to know this too. We are currently signing our papers and I hate to have all my hopes up as well as planning and get a "we're so sorry letter". They ask for your SS# ahead of time why don't they do a Credit report then? I am not too worried but there have been issues in the past but we have been getting all back in order.

From what our guide said, they are very gentle and won't come back with a "no." If there are problems, they're likely to propose various options. I imagine a larger down payment is the obvious one, though we could buy few points since we've contracted for more than 150. For us, our check for 10%, the rebate DVC offers, and the Friends & Family discount means we've got a 25% down payment already. I'm prepared to have them ask for another 10%, but hopefully not much more than that. It is tax season, and since clergy are considered self-employed by the IRS, it means money has to go elsewhere besides Disney!!

 

[carolina_yankee]

You can call before you receive the letter. Give them about 5 business days after they receive your documents. You call quality control and they will be able to tell you if you have been approved. Basically if you don't hear anything before you receive the letter then you are approved. They will only call if there is something wrong with your paperwork or you need more of a down payment.

I called about a week after they received my documents to find out if we were approved. Then received the letter about a week and a half later.

That's very helpful information - thanks. We're fed-exing our W-2s and pay-stubs tomorrow, so it sounds like I should be able to call sometime after the 23rd. Of course, it would be nice if they've already run the numbers and are just waiting for income verification, then I could call sooner.

Sorry for all the angst - but this is as close as we'll get to having a child or buying major real estate, so it's big for us!!

 

[Tinkaroo]

From what our guide said, they are very gentle and won't come back with a "no." If there are problems, they're likely to propose various options. I imagine a larger down payment is the obvious one, though we could buy few points since we've contracted for more than 150. For us, our check for 10%, the rebate DVC offers, and the Friends & Family discount means we've got a 25% down payment already. I'm prepared to have them ask for another 10%, but hopefully not much more than that. It is tax season, and since clergy are considered self-employed by the IRS, it means money has to go elsewhere besides Disney!!

Just curious - what additional rebate are you getting from DVC currently? I thought it was just the F&F discount right now - is there something else?

I'm seriously looking into things, and would love to know. TIA!

 

[carolina_yankee]

Just curious - what additional rebate are you getting from DVC currently? I thought it was just the F&F discount right now - is there something else?

I'm seriously looking into things, and would love to know. TIA!

OK - I mistyped. The 15% F&F was applied to the downpayment. I thought there was an add'l rebate in there, but I just reviewed my paperwork. The downpayment includes our 10% plus Mickey's 15%, nothing more.

However, I think they are offering a smaller percentage discount (10%?) for non F&F that also counts towards the downpayment for those who don't have a DVC member's referral.

Incidentally, they had to make us aware that there is an easement through SSR for monorail expansion. They also emphasized that there are aboslutely NO plans to use it!! Then they said Disney never tell them anything because knows they'll tell the guests. Given all the rumors about monorails, I found their comments amusing.

 

[Tinkaroo]

Thanks for clarifying!

But oh, how I was hoping there was something else! Would make my argument so much easier...

 

[carolina_yankee]

Well, we ran numbers, and decided that 150 DVC points, even with 10 year financing and membership fees would be chepaer than 7 nights at a moderate resort every year over the course of the contract. Compare apples to apples (7 nights in a deluxe room on cash vs. a DVC studio on points) and you save even more money). Plus 150 points, actually gets you 8-12 nights in a studio, depending on whether you include weekends or not. It all depends on your Disney addiction! I can't say what the comparison would be if you buy enough points for a 1 br or 2 br vs. multiple rooms at a moderate or deluxe, but I suspect you still come out ahead.

Dirk

 

[Tinkaroo]

I have no doubt that we will buy someday. However, I'm trying to make my argument for NOW. I hate to see the 15% off pass us by. It's only going to get more expensive if I know Disney!!!

 

[carolina_yankee]

I have no doubt that we will buy someday. However, I'm trying to make my argument for NOW. I hate to see the 15% off pass us by. It's only going to get more expensive if I know Disney!!!

Now is really the time to buy if you're going to go through Disney. The F&F discount is about as good as it's going to get, and it expires Feb 1. They also said rates will go up after then, too. We decided to take the plunge because of the deal and the reports from other members that they wished they had bought in sooner. I'm already wishing I bought I year ago, but the cost is cheaper now for having waited because of the discount.