financing

[Cinderella1122]

I'm surprised to see that this thread is still going strong I ended up doing a 10 year loan, which I’m planning on paying off early, as I receive work bonuses and whatnot. I ended up choosing the 10 year because it worked out to be a monthly payment of around $80 a month, which is what I pay for my tanning salon membership. So I cancelled my tanning membership and now use that money to pay off the DVC loan. A girl needs to make sacrifices for Disney.

 

[Coach81]

We did home equity for ours.. that is working great for us.

 

[BurghFan111]

Given the economy today and the credit crunch I would go with DVC. Because it does not show on credit reports it does not affect your debt to income ratio. It could help you with another loan or refinance to not have this show up. We are in the process of refinancing our home to a better rate but had to buy a car due to the old one failing us and I'm sure it helps not to have an additional 15k of debt invisible to the the bank. Just my opinion.

 

[mickeymisfit]

We just purchased a resale and we are using a 2.99% offer on our credit card. The 2.99% is good until the balance is paid off.

 

[richardsa98]

I just wanted to give everyone a heads up if they are considering using their HELOC- I just recently purchased a DVC at AKV and I had every intention on using my line of credit to pay for it being as Disney's rate was more then half my rate on my line of credit.

I got home on Sunday, I wrote the check Monday, got home from work on Tuesday and received a letter in the mail from Countrywide stating that draws on my line of credit have been suspended due to the economic crisis and depreciation in home value. I called them immediately and they told me that they think my condo depreciated more then $20K which I honestly do not believe, even in this market. They told me in order to get the suspension listed I need to get my condo appraised or get a Comparative Market Analysis (current listings, recent sales) from a realtor, and send them the documents. I am extremely thankful that I did not send the check yet, so I can figure all of this out!

Just wanted everyone to know to contact their lender before deciding on using their HELOC.

This seems to be a countrywide problem...my friends line of credit was just suspended and they have a huge beautiful home in a prime area of NJ that if anything has grown in value, not lost it. i wonder if another company is about to go belly up
We used a home equity loan at 5.5% interest. We can afford the payment and know in 3 more years we are going to have it paid in full. Would rather have the cash in the bank and a reasonable per month payment that we can afford. But that is us! No one can really compare anyone to anyone because everyone's finances are very different!!!

 

[Grumpy's_Gal]

I'm surprised to see that this thread is still going strong I ended up doing a 10 year loan, which I’m planning on paying off early, as I receive work bonuses and whatnot. I ended up choosing the 10 year because it worked out to be a monthly payment of around $80 a month, which is what I pay for my tanning salon membership. So I cancelled my tanning membership and now use that money to pay off the DVC loan. A girl needs to make sacrifices for Disney.

Congratulations on your purchase! We'll be going to Disney in less than 2 weeks, and am interested in finding out more info about DVC. Is there somewhere I can look to see if I financed through DVC, what my approximate payment amount would be for various lending periods and point amounts?

Thanks,
Lori

 

[Liljam]

Congratulations on your purchase! We'll be going to Disney in less than 2 weeks, and am interested in finding out more info about DVC. Is there somewhere I can look to see if I financed through DVC, what my approximate payment amount would be for various lending periods and point amounts?

Thanks,
Lori

You could look up a loan calculator and figure the amount of points you want to finance, round off about how much you think that will be and then put in 10.75 or 14 as a starting point for your interest rate for 10 years. See if that helps you figure some numbers out. Take off the amount you'd have for your down payment.

Aslo, doesn't DVC sometimes do something with the hotel portion of your stay if you buy while you're there? I didn't know to ask about that when I purchased or you can bet I would have, but for some reason, I thought I read here that some people got their hotel credited to their down payment or something or I could just be in Wonderland today.

 

[crisi]

Aslo, doesn't DVC sometimes do something with the hotel portion of your stay if you buy while you're there? I didn't know to ask about that when I purchased or you can bet I would have, but for some reason, I thought I read here that some people got their hotel credited to their down payment or something or I could just be in Wonderland today.

They haven't done this for years - it was a promotion many years ago......

 

[crisi]

Thank you, thank you, thank you!
I dislike high horses, always have, always will and one of the things I have always tried to avoid on this board and others were threads that made me feel like I was less of a person for financing my DVC purchase because I wanted something but didn't have enough cash on hand to buy outright. Frankly, I really don't care anymore what people think, but I sure do appreciate that you've finally taken the time to post this here!

High horses go both ways. For those of us that argue for conservative fiscal behavior, the implication that we don't value our families, don't create memories, aren't giving our children a great childhood is not necessarily an implication we enjoy.