Posted on: 13th Jan, 2009 02:23 pm
We jsut refinanced our home and reduced the interest and time on the loan to 15 years.
The appraisal came in at $200K, the loan was for 130,500. I think we may have some wiggle room. Our credit was good...not excellent.
We owe about 18 or 19K on the time share.
The appraisal came in at $200K, the loan was for 130,500. I think we may have some wiggle room. Our credit was good...not excellent.
We owe about 18 or 19K on the time share.
hi cdtjet!
welcome to forums!
timeshares hardly have a resale value and thus the banks do not want to refinance them. if you want to refinance the timeshare, you can try to get a personal loan or a home equity loan on your primary house. however, you should remember that personal loans charge a higher rate of interests. so i don't think personal loans will be a good option.
feel free to ask if you have further queries.
sussane
welcome to forums!
timeshares hardly have a resale value and thus the banks do not want to refinance them. if you want to refinance the timeshare, you can try to get a personal loan or a home equity loan on your primary house. however, you should remember that personal loans charge a higher rate of interests. so i don't think personal loans will be a good option.
feel free to ask if you have further queries.
sussane
Your best bet in this scenario would be to cash out the $19k when you refinance your primary residence. Use those funds to pay off the time share loan. Then, continue to make the same combined payments you were making before, but send all of the money to pay off your primary residence loan which would not be about $150k
I need to refiance my timeshare....what is the best way to do this? My husband and I have excellent credit and we own our home.
there is a limited amount of lenders who might consider financing a timeshare. i think your best bet is to check back with the organization that sold the unit to you, to see if their financing agents will help out.
