Interesting note about financing...

[yyzgurl]

An interesting note about financing from our recent purchase...

We chose an August UY, and the closing will be on June 7th, 2005. This means that we won't start accruing interest until after that date.

However, we were given a choice of other UY, including December. But, if we chose those, we would start making our payments (and incurring interest) in the next 30-45 days. I mentioned that it was really odd that a later closing would mean earlier payments, but he stated that is the way it worked out. So he suggested we take August so we would have 3.5 months to put in as much priniciple as possible. That was the only factor in us chosing an August UY over a later one.

 

[MOM POPPINS]

An interesting note about financing from our recent purchase...

We chose an August UY, and the closing will be on June 7th, 2005. This means that we won't start accruing interest until after that date.

However, we were given a choice of other UY, including December. But, if we chose those, we would start making our payments (and incurring interest) in the next 30-45 days. I mentioned that it was really odd that a later closing would mean earlier payments, but he stated that is the way it worked out. So he suggested we take August so we would have 3.5 months to put in as much priniciple as possible. That was the only factor in us chosing an August UY over a later one.

Hi I am also going through picking a date currently. I was told we could have an August UY and begin payments on August 1st. Is this what you were told? She also had a December UY but payments would begin June 15th. and October UY with payments beginning in June as well. I think we are going with the August.. Is that what you choose? Thanks for any information..

 

[JodyTG]

We chose a December use year since the dates we travel (May & December) are both in the 100% banking window in case we cancel a schedule trip.

We begin making our payment in July, but don't start paying our maintenance fees until December.

 

[yyzgurl]

For an August UY, the payments start either on July 15th or August 1st. HOWEVER, interest starts accruing on June 7th, the closing day.

This is true for any UY. Interest will start accruing once your building has been registered with the county.

 

[nboicepardee]

For an August UY, the payments start either on July 15th or August 1st. HOWEVER, interest starts accruing on June 7th, the closing day.

This is true for any UY. Interest will start accruing once your building has been registered with the county.

This is the information that I was given as well. Our use year is August and our first payment on August 1st is larger than our regular payment because of accrued interest.

 

[Dean]

This may have to do with the building you are getting. They can't actually do the closing until it's close enough to being occupied. I wonder if you weren't getting only 2005 points for August but 2004 points for Dec, if so, Dec would have been the better deal even with the higher interest costs.