Save up or finance? And how do you save up?

[z28wiz]

I Just closed my OKW this week with GMAC. Everything went very smooth. I dealt with Carolyn. Also with GMAC compared to other brokers they seem to have a lot more contracts of lower point values then all the other brokers out there. I paid 67.5 per point on a 40 point contract plus will receive 29 points that were banked. Use year is Sept, which the closing was perfect timing. If you search GMAC international it should come up in google. I wont post the link cause i believe it may be against TOS of the forum since its sponsored by a competitor.

 

[bangzoom6877]

In the case you do not have enough in savings to cover the full amount I would not suggest using a HELOC as you are putting your house at risk for a luxury item.
If you have half DVC offers a 12 month loan that has a fairly low rate which can turn out to be safer although a little more costly.
Although paying more may sound foolish if things were to get tight and the extra few hundred a month could really make a diffrence you are better of losing your DVC.

Thank you fo the advice! Okay, here's what DH and I decided to do...

DH and I were talking last night and decided we will save the extra we make (which is NOT counted into our monthly budget since this amount varies slightly each year) and put toward the down payment. This should hopefully be half of what the DVC will cost. We also normally get a very nice tax refund, and we file in February so we have always gotten the money by April! Whatever is left over that we cannot pay up front...DH called the credit card company last night. We use a credit card that earns us points, and goes toward the principal on our mortgage. This card has a 0% rate until July 2009. AFter that the rate will be 6.99%. The lady at the CC company told DH that if we use convenience checks to pay for something (or make them out to ourselves then get a cashier's check, for example), it has the same exact rate as a purchase or balance transfer. She said it is considered the same thing as a balance transfer. There is, however, a fee for this. It is 3%, but the maximum of $75. The interest rate is the same for balance transfers as it is for purchases, 0% until July 2009 and 6.99% thereafter.

So this is what is planned thus far for the remaining amount. We are NOT using the HELOC to pay for any part of this.