Posted on: 23rd Apr, 2010 10:21am
A timeshare is a special type of property which does not give ownership rights but the rights to use the property to the buyers for a specific period of time. Usually the owners of this type of property get only a few weeks a year to use the property. This right to use the property usually lasts for a specified number of years as per the deal. For instance, you may purchase the rights to use a cottage for the first two weeks of January for 10 years.
Generally, these are resort condominium units in which multiple parties hold rights to use the property at different points of time. The reason for buying a timeshare is to escape to your favorite vacation spot to reenergize your mind and body. Staying in such a property could be cheaper than staying in a hotel.
If you want to purchase timeslot in your favorite area, you can find out some resorts which offer in-house financing options. The rate of interest charged for these financing options is very high. So, if you want to save money, refinancing a timeshare would be a very good idea. Here we discuss about how to refinance a timeshare.
By refinancing your timeshare, you can purchase the property more easily. This reduces your burden and at the same time you can enjoy staying in your property for a specific period of time for years.
Generally, these are resort condominium units in which multiple parties hold rights to use the property at different points of time. The reason for buying a timeshare is to escape to your favorite vacation spot to reenergize your mind and body. Staying in such a property could be cheaper than staying in a hotel.
If you want to purchase timeslot in your favorite area, you can find out some resorts which offer in-house financing options. The rate of interest charged for these financing options is very high. So, if you want to save money, refinancing a timeshare would be a very good idea. Here we discuss about how to refinance a timeshare.
- If you have bad credit record, you won’t get the chance to refinance. So, firstly, you need to have clear idea about your credit standing. Get a copy of your credit report and if you find that your credit situation is not alright, take serious steps to improve it.
- Through refinancing, you can get a better rate or can extend the term of the loan. For that, you need to find out a timeshare refinance company. Several lenders do this kind of refinancing. You should not pick the lender randomly. You should take quotes from at least 3 to 4 lenders and select the one which offers best rate.
- You can also look for a bank or credit union. Sometimes, banks and credit unions offer such refinancing options at lowest rates. You need to check it out too.
By refinancing your timeshare, you can purchase the property more easily. This reduces your burden and at the same time you can enjoy staying in your property for a specific period of time for years.
what phone number can i reach on refinancing my timeshare
I'm afraid we don't have that sort of information here. I doubt, very much, that you obtained your original loan from this website. You will need to contact the lender from whom you obtained your original loan, and seek a refinance with them. You can always go back to the resort where you purchased the timeshare and see what they can tell you in terms of obtaining a loan to refinance.
We have made 2 seperate purchases of points for a timeshare, one in Gatlinburg, TN and a recent purchase for one in Key West, FL. The original one is a mortgage at 15%, the second we decided to try and find our own financing and put it on a credit card. We would like to combine them into one mortgage loan at a better rate. Is this possible?
I've never heard of any lenders who'd undertake such financing, but that doesn't mean they don't exist. It'd certainly be a challenge, I suspect; as you've got two completely separate properties to deal with. Are both, perchance, under the same corporate umbrella? If so, that might afford you some assistance.
Before August, 2007 there were some mortgages more widely available for time shares. They were part of the so called Alternate-A mortgage programs.
All those programs have disappeared after the sub-prime mortgage mess hit in August, 2007.
They were usually such small mortgages that it did not pay for a mortgage broker or banker to do them anyway.
It is fine that you ask the question here, but, most of us have never done them and now do not even have access to them anymore.
As noted above, your best bet is ask your current lender if you can refinance and for the credit card, ask the resort where people get financing these days.
All those programs have disappeared after the sub-prime mortgage mess hit in August, 2007.
They were usually such small mortgages that it did not pay for a mortgage broker or banker to do them anyway.
It is fine that you ask the question here, but, most of us have never done them and now do not even have access to them anymore.
As noted above, your best bet is ask your current lender if you can refinance and for the credit card, ask the resort where people get financing these days.
John, I don't ever remember hearing of or seeing any timeshare options with the Alt-A products. I underwrote Alt-A for Wachovia until the end of 2006, and of course we had all the stupid NINANE at 620 score, and that sort of garbage, but never saw a timeshare request cross my desk. Of course, Wachovia might have been that smart (hehe), but who were the clowns writing those?
Hi Gabriel,
Well, you need to contact the local lenders in order to refinance your timeshare property. Nevertheless, this community has a large number of lenders. You can seek a no obligation free mortgage quote from the lenders who are a part of this community and check out if they can help you in this regard.
Thanks
Well, you need to contact the local lenders in order to refinance your timeshare property. Nevertheless, this community has a large number of lenders. You can seek a no obligation free mortgage quote from the lenders who are a part of this community and check out if they can help you in this regard.
Thanks
where can I get my timeshare refinanced :(
Hi Jack,
You can contact the existing mortgage lender and apply for a refinance. If you meet all the required criteria, you will be able to get a loan.
Thanks
You can contact the existing mortgage lender and apply for a refinance. If you meet all the required criteria, you will be able to get a loan.
Thanks
:( Sorry to everyone that are trying to refinance their timeshare because its not possibel, not even going back to the initial lender. Been there and nothing happen and I continue to pay my mortgage as they call it on time with a interest rate of 9.99% that drives me crazy. I wish it was a book "Timeshare for Dummies" but too late but good luck to all on finding a solution as I still search
Welcome shonda,
Well, you will have to shop around more in order to find out lenders who can refinance the timeshare loan for you.
Well, you will have to shop around more in order to find out lenders who can refinance the timeshare loan for you.
a) You have no actual resources to point to on HOW or WHERE you do this.
b) It seems it's simply not possible to do because the resort has a vested interest in keeping the high interest & no banks will touch them.
I especially like the advice to get 3 or 4 quotes when it's nigh on impossible to get one. Very helpful article.
Q: Exactly what is the point of an article telling folks that refinancing their timeshare is the smart thing to do when it can't be done ?
b) It seems it's simply not possible to do because the resort has a vested interest in keeping the high interest & no banks will touch them.
I especially like the advice to get 3 or 4 quotes when it's nigh on impossible to get one. Very helpful article.
Q: Exactly what is the point of an article telling folks that refinancing their timeshare is the smart thing to do when it can't be done ?
Hi las!
Welcome to the forums!
You can contact your lender and they can help you in refinancing the timeshare. Moreover, you need to have equity in order to get a refinance on any property. You may even check out "http://www.thetimeshareauthority.com/2012/07/06/refinance-timeshare-good-choice-many-timeshare-owners/".
Sussane
Welcome to the forums!
You can contact your lender and they can help you in refinancing the timeshare. Moreover, you need to have equity in order to get a refinance on any property. You may even check out "http://www.thetimeshareauthority.com/2012/07/06/refinance-timeshare-good-choice-many-timeshare-owners/".
Sussane