Monera question

Kahlenfiore

Earning My Ears
Joined
Feb 23, 2021
Hi all....Does anyone know if everyone listed on the deed of a contract need to also be on the loan through Monera? (ie If my husband and I are on the contract, can I alone apply for financing?)

We have an accepted offer on a small OKWe add on, and will likely just pay cash, but I just wanted to consider all the options.

Thank you!
 

Sandisw

DVC Forums
Moderator
Joined
Nov 15, 2008
I have not used them but did use www.lightstream.com and did not have to do both husband and I when buying a few years back.

But this was a short term personal loan not tied to what we were buying so not sure if it makes a difference.

We did it to bridge between a sale of one contract and the purchase of the other.
 

Spinster Travel

Mouseketeer
Joined
Jun 20, 2020
I have not used them but did use www.lightstream.com and did not have to do both husband and I when buying a few years back.

But this was a short term personal loan not tied to what we were buying so not sure if it makes a difference.

We did it to bridge between a sale of one contract and the purchase of the other.
I too have used www.lightstream.com and it didn't matter what the deed said. I didn't have to provide that to them. I was able to get approved and then pick the date for the loan to be funded. They deposited the funds into my checking account which I used in turn to pay for my contract with a cashiers check. I have heard good things about Monera so imagine it would be the same.
 

Bjaiken77

Mouseketeer
Joined
Feb 19, 2021
I don’t want to high jack a Monera thread, but I’m very interested in Lightstream. How easy is the process with them? It looks like they have good IR on short term loans. Do I have to put a % down, or what is to stop someone from walking away (not that I plan to do that, just wondering what they are using to secure the loan)?

I also was curious if there are any pre-payment penalties. I plan to pay that sucker off ASAP. I probably will do 5 years just to get a monthly payment that corresponds with a June raise I’m getting. However, I plan to pay more than the minimum toward principle. I have excellent credit, so I’m assuming I’d get the most favorable rate possible. Are there any hidden fees? I’m looking at taking a loan through my credit union, but lightstream has better IR. However, I think there are no origination fees with my credit Union. They just take it out of my pay check.
 

supersnoop

What time is the three o'clock parade?
Joined
Nov 13, 2013
If it's a personal loan, then it shouldn't matter. Monera says that their loans qualify for the mortgage interest deduction, so that makes me think it's a real mortgage with a lien on the property. In that case, I'd expect that all names would have to match.
 

Sandisw

DVC Forums
Moderator
Joined
Nov 15, 2008
I don’t want to high jack a Monera thread, but I’m very interested in Lightstream. How easy is the process with them? It looks like they have good IR on short term loans. Do I have to put a % down, or what is to stop someone from walking away (not that I plan to do that, just wondering what they are using to secure the loan)?

I also was curious if there are any pre-payment penalties. I plan to pay that sucker off ASAP. I probably will do 5 years just to get a monthly payment that corresponds with a June raise I’m getting. However, I plan to pay more than the minimum toward principle. I have excellent credit, so I’m assuming I’d get the most favorable rate possible. Are there any hidden fees? I’m looking at taking a loan through my credit union, but lightstream has better IR. However, I think there are no origination fees with my credit Union. They just take it out of my pay check.
Very easy. Rates were good for a 3 year term that I did..even though I paid it off with no penalty in 3 months. I do not remember paying any fees, other than interest.

I did it twice when selling DVC and buying another at the same time.
 

Bjaiken77

Mouseketeer
Joined
Feb 19, 2021
Very easy. Rates were good for a 3 year term that I did..even though I paid it off with no penalty in 3 months. I do not remember paying any fees, other than interest.

I did it twice when selling DVC and buying another at the same time.
Thank you so much. I just spent all my disposable vacation money on two contracts. I want one more but don’t have the savings for it. My income to expenses should allow me to pay it off quickly. I just don’t want to save up like I did for the other two since this will likely just be 50 point add-on.

Does Lightstream finance direct. I believe Monera is resale only. You can refinance ad direct purchase, but that’s not ideal. You have closing costs with Disney and refinance costs with Monera. That’s what I’ve heard at least. Someone please correct me if I’m wrong.
 

Where'sPiglet?

DIS Veteran
Joined
Dec 17, 2007
Thank you so much. I just spent all my disposable vacation money on two contracts. I want one more but don’t have the savings for it. My income to expenses should allow me to pay it off quickly. I just don’t want to save up like I did for the other two since this will likely just be 50 point add-on.

Does Lightstream finance direct. I believe Monera is resale only. You can refinance ad direct purchase, but that’s not ideal. You have closing costs with Disney and refinance costs with Monera. That’s what I’ve heard at least. Someone please correct me if I’m wrong.
I don't know specifically about Lightstream.

You can pay for a direct contract with a credit card. If you have a Disney Visa, you'll get 6 months with 0% interest. Some other cards have balance transfers at 0% for 15+ months, although those usually have a 3% or 5% fee to initiate.

Discover has personal loans with no prepayment penalties and their lowest interest rate is 6.99% from what I've seen.

If you buy DVC direct, you can get a 5-year loan as low as 8.99% with 20% down. If you can put 50% down, you can get a 1-year loan at 4.99%. There are no pre-payment penalties, and you can actually put extra principal payments on a credit card.
 

MouseFiend

Mouseketeer
Joined
Jul 9, 2008
My husband and I used Monera this past November and we both had to be on the loan since we are both on the deed. I wanted to have the loan in my name only but I would’ve had to take him off the deed.
 

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