Good News on Interest Rate!

[Bumpy]

Just for those that are considering an add on through Disney there is good news! As we know the interest rate as of late has been an unbelievable 14%. OUCH It has now decreased to 11% for add on's. Alot more competetive!

 

[Laurajean1014]

And it's a tax deduction! Where else does Uncle Sam give you a break on your vacations???

Have a DVC day.

 

[KNWVIKING]

Let's see: Disney DROPPED to 11%, Home Equity LOC at 6.75%
And people think DC points are expensive.......

 

[deerh]

So, what is the good news? How much are interest rates now? I called my guide today, and he said he was NOT ALLOWED to give out that info now, it will tomorrow, (Sunday), is the change of interest rates, and he was not at liberty to give out that info!!!!
I am interested in an add-on and this is great news!
So, how much is the change, could you elabarate???

P.S. Here is ANOTHER situation where DVC does one thing (give out info to some, but not others), see occupancy rates, pool hopping, etc, it is ok to buy at HHI and stay at BWV........
Oh well, good news on interest rates!!
deerh

 

[mouseclick1]

Bumpy,
Did this info come from your guide? If so, when did he tell you this?

 

[Bumpy]

Deerh,
I don't know what else I can elaborate on. The interest rate has been 14% and is dropping now to 11%

Mouseclick1 Yes this info came from DVC directly. I spoke with my guide this past Friday and this was the information given to me.

KNWVIKING No these rates are not as good as a home equity loan but I never touch my homes equity ever! I am sure there are others out there like me who believe that the main home is sacred and I never would put it in jeopardy if hard times should happen.

 

[deerh]

Ok, got the scoop from my guide. ALL interest rates are 11.5%, that is 5 year, 7year and 10 year. That is with 20%down, and direct debit. I did not ask about other rates, as these were the only ones I was interested in. It is in effect as of TODAY, Sunday, August 19. That is all the info I know, call your guide if you have other rates to check.
deerh

P.S. Thanks for the heads up, makes our decision easier on the pocketbook now. I agree with you, NEVER touch the Home Equity for anything! Been there, done that, and paid it off, I did not like it, and hope will never do it again!

 

[KNWVIKING]

What I was showing by comparing the interest rates is how uncompetitive DVC is.

As for tapping the equity in ones home, that's a personal decision based solely on your own situation. But keep in mind that when purchasing DVC you are ownng a very resaleable asset. If I'm going to borrow $10-20,000 for DVC I definitely wouldn't hesitate to tap my LOC if it was 4.25 points lower then DVC's offering.