financing resale question

[bags6490]

O.K., now I was wondering where you went to get financing for those of you who bought through resale? Did you go through your local bank or credit union or use someone else? Thanks!

 

[salvatorejrm]

Go to Tammac Financial they finance timeshares and are very good.

Good Luck

 

[Caskbill]

We have an ongoing Home Equity Loan we use for major purchases (Cars, for example) and used that. Just wrote the check for the resale.

 

[Alexander]

When looking at resales we applied for a pre-approved credit with Tammac. We have a FICO score of almost 800, which was going to earn us an interest rate of 11.75%! We felt that this was way out of line with our excellent credit score.

If you have a very good reputation with your bank, you may qualify for a personal loan. Home equity loans are great to use too. Some people will re-morgage their homes since these loans seem to carry the lowest interest rate you can get.

If your company has a 401K plan or something of the sort, you might look at borrowing your own money. We are able to do this, pay ourselves back with 6% interest while we are earning 5% on the money that was "frozen" in our account for the loan. In all, we pay 1% interest.

 

[Cruelladeville]

You might also consider a credit card if you can get a low intro rate for a cash advance, and are able to pay it back quickly. You will also want to read the fine print. We did the credit card, and it worked well until Christmas, when the payment was late. For two months I have had an interest rate of 19% which means a much higher payment schedule to get things paid off on my original schedule.

 

[bags6490]

thanks so much for all your responses. we ended up buying at SSR today. DH and I decided not to do it in 1998 and are kicking ourselves today for that decision. we just decided go ahead and do it through disney so we wouldn't find another reason to not buy (thus, be kicking ourselves in future years).

 

[athenna]

Congratulations and Welcome Home, Neighbor!!

 

[bags6490]

thanks! we are doing this dance too, especially the DH.

 

[JoeEpcotRocks]

We've been approved for a home equity line of credit @5%. If only ROFR was so quick and easy (still waiting).