Taking a mortgage to pay for DVC

[Kurby]

We're going to talk to our bank next week but I thought I'd ask the experts here first



1 - is it an actual mortgage you take out to pay DVC or is it more like a car loan?

2 - if it is a mortgage does that disqualify you from getting those "first time buyers" deals that new home owners get?

3 - if you buy into DVC does this mean you can claim U.S. residency? (i'm guessing no ) - you know, like when you want those silly maps and it says only available to U.S. residents

4 - what kind of rate of you guys paying for your loans?

5 - do you take out a 5 year or 10 year loan?

6 - any other questions we should ask before we buy into DVC?

 

[wdwr]

I don't know much about this stuff but here are my answers. Hopefully someone with more knowledge will confirm or deny the following.

1. I got just a normal loan...personal. I don't think you can get a mortgage.
2. doesn't apply for me
3. No. (sure someone can explain why better than me trying)
4. prime plus 2.5%
5. I picked a 5 year loan. I don't know if I could have picked 10.
6. No, but I didn't ask many questions before I bought mine. I wanted it and I got it.

 

[Tiger926]

I just asked my hubby banker and he said you asolutely can't get a mortgage on DVC as you only own a percentage of vacation ownership - doesn't qualify. You can use Disney financing (which is pretty high) - we used our credit line for a short amount of time (we get a very low staff rate . Initially put it on our Gold Visa and got our cash back at year end and put that towards our dues!

Good luck - we love our DVC. Very easy to buy in as Canadians - Disney makes it very easy for us!

Tiger

 

[Kurby]

couple of more questions
(wanna look like we know what we're talking about when DVC callsback )

i believe i read that you can purchase the dining plan is that right? is there a discount or is it the same $39 per person per day?

How much is a regular annual pass and what is the discount as a DVC member.

Do you stay at your "Home" resort when you go or do you try other's

why is it more expensive to stay at Riverside et al then it is to stay at Boardwalk which is a delux resort? We have the "DREAM" book and 10 days at Boardwalk is 128 points but at riverside its 186

Thanks
you guys are being so helpfull.

 

[cslittle999]

couple of more questions
(wanna look like we know what we're talking about when DVC callsback )

i believe i read that you can purchase the dining plan is that right? is there a discount or is it the same $39 per person per day?

How much is a regular annual pass and what is the discount as a DVC member.

Do you stay at your "Home" resort when you go or do you try other's

why is it more expensive to stay at Riverside et al then it is to stay at Boardwalk which is a delux resort? We have the "DREAM" book and 10 days at Boardwalk is 128 points but at riverside its 186

Thanks
you guys are being so helpfull.

The dining plan costs the same. You have to book it in advance but pay for it on check-in.

DVC members get a $100 discount on adult AP's and $88 on child AP's. The discount on renewals is $90 and $79 respectively. The discount is a little higher on PAP's.

We haven't made our first trip home yet but I imagine that most of the time we will book our home resort with some stays at other resorts mixed in.

Disney Collection rooms cost more points because DVD has to buy those room nights from Disney (I'm assuming at rack rate). They then rent out rooms at the DVC resort at rack rate too (making a nice profit). The way DVC is setup you get the most for your points by using them at a DVC resort. If you need nights at other Disney resorts then it is likely more cost effective to buy the discounted AP and get an AP discounted room.

To answer you earlier questions, we purchased our DVC points using our secured line of credit. That gives us total flexibility on how fast to pay it off. Our line of credit is at prime currently.

 

[Tiger926]

couple of more questions
(wanna look like we know what we're talking about when DVC callsback )

i believe i read that you can purchase the dining plan is that right? is there a discount or is it the same $39 per person per day?
Same price

How much is a regular annual pass and what is the discount as a DVC member.We get $100.00 off for regular AP and I think $125.00 for Premium pass (these are adult prices - I think children's AP is $75.00 off)

Do you stay at your "Home" resort when you go or do you try other's
We've stayed at Saratoga and other DVC resorts. We get to book at our home resorts at 11months out, and at other DVC resorts at 7months out

why is it more expensive to stay at Riverside et al then it is to stay at Boardwalk which is a delux resort? We have the "DREAM" book and 10 days at Boardwalk is 128 points but at riverside its 186
Riverside, Contemporary, etc. (you can only use points for moderate and deluxe resorts) are Disney Cash resorts, which means more points because they have to make up for the cash loss in effect. Our DVC resorts are cheaper because they are built and maintained by our dues. So, it has nothing to do with moderate vs. deluxe, but who runs the place

Thanks
you guys are being so helpfull.

You are most welcome!

Tiger

 

[wdwr]

Everyone has answered your newest questions perfectly.

Here's how I rationalize the DVC points at places like Riverside, the Contemporary etc. (It's just easier for my brain but it amounts to all the same thing) It's just cheaper to use your DVC points at DVC hotels than hotels that aren't DVC. For example the cost for AKL to stay on points before they launched the Villas was horrid! Now it is more in line with other DVC hotels.

I own at SSR but I actually like OKW. It is less points than other hotels and the rooms are just a little bigger. However once the AKL is done in 2009 I'll be trying over there for the Value Studios. I think they are in line with OKW or SSR points. For any shorter trips than 7 nights I might try out WLV, Beach Club and the Boardwalk.

I really want to try adding the Dining plan to a DVC stay but I haven't had a reason yet. I'm a counter service girl at heart.