Typically the entire process takes about 10-14 weeks from the time you have an accepted offer to closing (Unless there needs to be a delayed closing due to an existing pending reservation etc.). This illustrates the process if paying with cash as well as the extra steps that coincide if you are financing with Monera.

If Purchasing with Cash
If Obtaining Financing to Purchase

 

• Negotiate an offer with your seller typically through your resale broker on the price per point, maintenance fees and closing costs.

• You can get a quote to see what type of rate and loan amount you will be approved for. You can use our quote underwriting calculator as many times and as often as you want before submitting to ensure you are comfortable with the loan(s) you will be approved for on the membership(s) you are interested in.

• Once an offer is accepted your broker will ask for a deposit (typically a percentage such as 10% or a fixed amount such as $1,000)

• Once you have an accepted offer you will need to submit our loan application indicating the terms you want from the options we provide.

• Once we have your application and a copy of your contract, we will issue you and your broker a Commitment To Financing Letter.

• Your Broker will submit the deal to Disney. Disney has an option to buy back the membership if they choose to because they have a Right Of First Refusal. (ROFR)

• Disney will have up to 30 days to waive or exercise its right to purchase the membership back.

• If Disney exercises ROFR then you will not be purchasing this membership and your deposit will be refunded or applied to another deal if you choose to start the process over again

• You are not obligated to take this loan at any point prior to closing. If Disney exercises ROFR the loan will not happen and you will not have to pay the $199 loan origination fee.

• If Disney Waives on ROFR then you start the path to closing.

• If ROFR is waived then we will prepare additional Loan Documents and give them to the title company. The title company will issue them to you with the rest of the closing documents. (You can change the option you desire on your loan up to this point, once loan documents go out it can’t be changed)

• Closing Documents from the title company will be prepared and sent to both Buyer (You) and the Seller. This is typically the time where you will be asked to come up with the rest of the funds, typically a certified check.

• Once Documents are returned from BOTH Buyer and Seller as well as the funds from the Buyer than the title company will schedule a closing date (A closing date may have already been scheduled but the date is dependent upon Buyer and Seller having all documents and funds received in a timely fashion.)

• Once the Title Company receives the Buyer and Seller’s documents along with the funds (which would include the loan origination fee and any prepaid interest), then the title company will request funding from us to issue to them for the closing.

• Once the deal is closed on the closing date it can take Disney up to an additional two weeks to get you and your membership updated in their system.

• Once we have closed your monthly payment via ACH, debits will start on the same day of closing of the next month following the month you closed on. For example if you closed on February 15th your first payment will be on March 15th.

• Congratulations you now have a new DVC membership

• You will receive from us a welcome email with information to log on to your account via our website to see your loan balance and activity.