Timeshares are excellent investments. Because most resorts feature in-house financing, most people can qualify for a timeshare. Unfortunately, in-house financing means higher interest rates. If you want to save money on a timeshare, consider a refinance of your timeshare. Here's what you'll need to consider.
Instructions
1. Check your personal credit report. If you have bad credit, a refinance may not offer a lower interest rate. Before contacting a lender, order a copy of your credit report. The idea is to get the lowest rate possible. If necessary, put off the refinance and make credit improvements.
2. Contact a timeshare refinance company. Several companies specialize in timeshare refinances, in which you can obtain a better interest rate or extend your loan term. Rather than pick a random company, look for 3 or 4 different companies and request a no-obligation quote. Hence, you get the best deal on the refinance.
3. Refinance the loan with a bank or credit union. Banks and credit unions often offer the lowest interest rate on timeshares. Initially, you may have to purchase the timeshare with in-house financing and then refinance at a later date.
4. Get a home equity loan. Another way to refinance and ultimately pay off a timeshare is to apply for a home equity loan or cash-out mortgage refinance. You#x2019;ll receive a lump sum of cash, in which you can pay off the timeshare loan. Sine home equity loans and mortgage refinances have lower rates, you#x2019;ll save money.
5. Transfer the timeshare balance to a low-interest credit card. If you have an excellent credit history, you may qualify for a low-rate credit card. Use the credit card to pay off the timeshare. This method is risky, but if you#x2019;re able to pay off the balance within a couple of years, it#x2019;s an easy way to refinance a timeshare.
Tags: refinance, timeshare, credit card, home equity, in-house financing, interest rate, credit report, equity loan, home equity loan, save money
Related Posts:
Refinance A Loan With A High Ltv
Your LTV is the loan-to-value of your property. It reflects the relationship of the total loan amount against the value of the property. Your loan to value is determined by dividing your current b...
Top 10 Ways To Sell Your Timeshare
If you bought your timeshare at a timeshare presentation and it looked like a great opportunity, the thought of trading your weeks to vacation at 5-star resorts was probably irresistible. But if r...
Get A Cash Advance At Chase Bank
If you want a cash advance at Chase Bank, there are a couple of ways to go about it. But keep in mind that cash advance fees have recently increased. Your interest rate for a cash advance will be...
Qualify For A Fannie Mae Loan
Qualify for a Fannie Mae LoanThe name sounds downright homespun and the mission is, too: Help mortgage loan seekers get underwriting so they can own a piece of the American dream. Of course, Fanni...
Example Of A Vehicle Promissory Note
A vehicle promissory note is essentially an I.O.U., or a binding legal agreement whereby two parties agree on terms and repayment options for a loan. Family members and friends will sometimes turn...
