Resale/Financing Help!

[mikeymc1115]

Have been looking into purchasing resale for quite some time now. Finally at the stages of looking into a minimal financing option. (Based on OKW and desired points, I am able to put down approximately 50% if needed, obtain very short term, 3-5 year loan on remainder)

I guess I have a large number of questions...Has anybody financed on a resale before? Is it worth it or should I continue to save? Any lenders better than others? Does my loan amount down payment include the 10% I would put down at acceptance with TSS?

Any help would be greatly appreciated!!

 

[Msmithmd]

Loans cut directly into the cost savings that is the purpose of DVC. That said, your stated statistics (50% down and paid off in a few years) make the loan interest not terrible, as long as you stick with your aggressive repayment intentions.

Financing with a HELOC would be cheapest, but that potentially puts your primary residence at risk for a timeshare, which is a generally bad idea. TSS could answer your latter question on down payment versus loan- just ask your broker.

 

[DizBub]

We financed our resale. For personal reasons we did not want to deplete our cash/savings so we financed through our Credit Union with a personal loan by pledging shares. Meaning they froze a portion of our money market account. We still have our cash and they are charging us only 2.4%. It can be paid off early without penalty. Just another way to do it.

 

[samandbailey]

You might want to try Monera Financial. We were in a similar situation and our agent at the Timeshare Store recommended them. We are very pleased with their services.

 

[4butlers]

You might want to try Monera Financial. We were in a similar situation and our agent at the Timeshare Store recommended them. We are very pleased with their services.

Would you mind going through your process with Monera Financial and the Timeshare Store? Did you get an accepted offer before you contacted Monera? Or did you contact them before you made any offers? TIA

 

[samandbailey]

I sent them an email before we made an offer. A man named Brad called me within two hours and explained their process and their terms to me. He answered all of our questions. I then got an accepted offer through the Timeshare Store and filled out the Monera Financial application on line. We received our acceptance letter by the next morning. You get to pick your rate and how many years you would like to finance. It's very simple. When we closed on the property we financed, Monera immediately transferred the funds. The most inconvenient part of the whole process was getting the paper work notarized for the mortgage financing. I hope this helps. If you have any more questions, please let me know.

 

[mikeymc1115]

What other lending companies have people used? TSS recommended me to timesharelending.net but I just want to make sure I cover all my bases. TIA

 

[Dean]

Have been looking into purchasing resale for quite some time now. Finally at the stages of looking into a minimal financing option. (Based on OKW and desired points, I am able to put down approximately 50% if needed, obtain very short term, 3-5 year loan on remainder)

I guess I have a large number of questions...Has anybody financed on a resale before? Is it worth it or should I continue to save? Any lenders better than others? Does my loan amount down payment include the 10% I would put down at acceptance with TSS?

Any help would be greatly appreciated!!

I'd suggest one looking to buy not finance. Either wait or buy less points that you can afford. Waiting is usually better if you know you need more points. Not only does financing add costs, more importantly, it adds risk. I also wouldn't recommend anyone buy in that has other consumer debt.

 

[sndral]

...(Based on OKW and desired points, I am able to put down approximately 50% if needed, obtain very short term, 3-5 year loan on remainder)
...!!

Why not take that 50% you've saved and buy a loaded contract 1/2 the size you desire. Use the prior use year pts. and current pts. for your next vacation. Then for the next vacation use that yrs. pts. and borrow the following year, meanwhile saving the money you aren't using to make payments and didn't pay in MFs on those extra pts.. In yr. 3 or so buy the second half of your desired points via another loaded contract.

 

[mikeymc1115]

Why not take that 50% you've saved and buy a loaded contract 1/2 the size you desire. Use the prior use year pts. and current pts. for your next vacation. Then for the next vacation use that yrs. pts. and borrow the following year, meanwhile saving the money you aren't using to make payments and didn't pay in MFs on those extra pts.. In yr. 3 or so buy the second half of your desired points via another loaded contract.

I would love to if I can find the right contract. We are in love with OKW but feel that getting a contract with the extension is a much better value. Because they do not come around all to often we feel like we need to sort of take what we can get.

 

[Dean]

I would love to if I can find the right contract. We are in love with OKW but feel that getting a contract with the extension is a much better value. Because they do not come around all to often we feel like we need to sort of take what we can get.

If you're set on OKW it's likely you'll find a far better value foregoing the extended contracts. Personally I would put an $8 pp cap on the value of the difference, all else being the same but feel a $5 difference is more reasonable.

 

[mikeymc1115]

If you're set on OKW it's likely you'll find a far better value foregoing the extended contracts.

How do you figure? It just seems that the extended contracts at this point are a >50% increase on the duration of the deed. If I can get that at ~$10-$12 pp it seems like a pretty decent deal on my end.

 

[Dean]

How do you figure? It just seems that the extended contracts at this point are a >50% increase on the duration of the deed. If I can get that at ~$10-$12 pp it seems like a pretty decent deal on my end.

Because it's all at the end. You're paying the extra simply for future benefits you won't see for almost 30 years. You're welcome to value them as you like but that's my opinion, esp if you're having trouble finding what you want in the 2057 expiration anyway.

 

[goneviral]

What other lending companies have people used? TSS recommended me to timesharelending.net but I just want to make sure I cover all my bases. TIA

I recommend Prosper.com if you choose to finance.