Financing question, advice needed

[ssawka]

I think I read somewhere that DVC financing does not show up on your credit report, correct? To be more specific, we are interested in joinging dvc soon to take advantage of the current incentives and so we can book for next year's spring break at 11 month, however I just submitted an application to refinance our house. We should have no problem passing the credit check for either, but I don't want the DVC to jeapordize the refinance. In your opinion, do you think it would be a problem to join DVC while going through refinancing, or do you think we should wait until closing on the refinance? We can easy afford both, so I'm not worried in that respect, but I don't know if there would be a problem with two finance applications going at the same time. Thanks.

 

[Sandisw]

I think I read somewhere that DVC financing does not show up on your credit report, correct? To be more specific, we are interested in joinging dvc soon to take advantage of the current incentives and so we can book for next year's spring break at 11 month, however I just submitted an application to refinance our house. We should have no problem passing the credit check for either, but I don't want the DVC to jeapordize the refinance. In your opinion, do you think it would be a problem to join DVC while going through refinancing, or do you think we should wait until closing on the refinance? We can easy afford both, so I'm not worried in that respect, but I don't know if there would be a problem with two finance applications going at the same time. Thanks.

Congratulations! You are correct that the DVC financing will not show up on your credit report.

I am in the process of adding on to BLT and initially was going to finance. When I got the paperwork, it appeared that the first payment would not be for almost 3 months. It typically takes a lot less time to go through the refi process (when I did it back 5 years ago, it was only a month).

I would give your guide a call. I know that they pull your credit and that will show up as a hit on your report, but I would assume that the bank you are refi with has already pulled your credit so you should be okay.

Good luck (and if you need a referral or the name of a great guide, you can find a lot of names on the referral thread!).

 

[Misty89]

Congratulations! You are correct that the DVC financing will not show up on your credit report.

I am in the process of adding on to BLT and initially was going to finance. When I got the paperwork, it appeared that the first payment would not be for almost 3 months. It typically takes a lot less time to go through the refi process (when I did it back 5 years ago, it was only a month).

I would give your guide a call. I know that they pull your credit and that will show up as a hit on your report, but I would assume that the bank you are refi with has already pulled your credit so you should be okay.

Good luck (and if you need a referral or the name of a great guide, you can find a lot of names on the referral thread!).

Sorry to hijack your thread OP
But Sandisw, can you elaborate on the first payment due date?
It that normal for the first payment to be due 3 months later? does that happen with everyone who finances? - a few months before DVC payments kick in?
thank you

Tina

 

[Tozzie]

I think I read somewhere that DVC financing does not show up on your credit report, correct? To be more specific, we are interested in joinging dvc soon to take advantage of the current incentives and so we can book for next year's spring break at 11 month, however I just submitted an application to refinance our house. We should have no problem passing the credit check for either, but I don't want the DVC to jeapordize the refinance. In your opinion, do you think it would be a problem to join DVC while going through refinancing, or do you think we should wait until closing on the refinance? We can easy afford both, so I'm not worried in that respect, but I don't know if there would be a problem with two finance applications going at the same time. Thanks.

This is absolutly correct, in fact I added on in March and while I have the money I was in the middle of refinancing my house and didn't want the large withdrawl on my bank record so I temporarily financed and it does not show up on credit reports either. If I pay it before April 20 there will be no finance charges either.

Good luck I am dropping 2 whole points on my mortgage.

 

[Tozzie]

Congratulations! You are correct that the DVC financing will not show up on your credit report.

I am in the process of adding on to BLT and initially was going to finance. When I got the paperwork, it appeared that the first payment would not be for almost 3 months. It typically takes a lot less time to go through the refi process (when I did it back 5 years ago, it was only a month).

I would give your guide a call. I know that they pull your credit and that will show up as a hit on your report, but I would assume that the bank you are refi with has already pulled your credit so you should be okay.

Good luck (and if you need a referral or the name of a great guide, you can find a lot of names on the referral thread!).

While DVC does pull your credit it is a soft pull, not a hard one and that doens't usually affect your credit score. When I first purchased I also financed temporarily and I was approved in 5 minutes for preffered financing all they wanted was my Credit score.

 

[Tozzie]

Sorry to hijack your thread OP
But Sandisw, can you elaborate on the first payment due date?
It that normal for the first payment to be due 3 months later? does that happen with everyone who finances? - a few months before DVC payments kick in?
thank you

Tina

I am not Sandi but I have financed twice and yes it takes about 2 months before the payments are due, it is a bit longer if the resort isn't open yet such as AKV Jambo VS BLT. The first pament for my first purchase was about two months it is longer with VGC and I think that is because the resort isn't open yet.

 

[christa112]

Just recieved my paper work and our 1st payment isn't until July and it is a double payment to make up for June.

 

[AlwaysPlanning]

If you look at the payment brakedown you will see it is not a double payment but the interest for the time from closing till now.

 

[Sandisw]

Sorry to hijack your thread OP
But Sandisw, can you elaborate on the first payment due date?
It that normal for the first payment to be due 3 months later? does that happen with everyone who finances? - a few months before DVC payments kick in?
thank you

Tina

HI Tina,

Based on other's comments, I think that it taking time for the financing to show up a few months down the road is typical. I ended up cancelling my DVC financing and going a different route, but it was nice to know I was going to have a few months before that first payment was due. It gave me time to secure other financing.

Good luck!!!
Sandi

 

[tkh2009]

So we started the process towards the end of Feb & I believe it says my first payment will be auto debited mid may...The only thing I have received since all the signing docs is the letter saying the financing was approved, etc. Will I receive something else verifying the payment date or will they just do the debit in May? We bought AKV if it matters...