FINANCE A NEW DVC MEMBERSHIP

Typically, the process takes 8-12 weeks from accepted offer to closing.
 
1. Find a Listing
Using Monera’s Quote as a tool, you can see the financing options available for any listing you are interested in.  Simply enter the resort, points, and cost per point and the page will refresh showing you three options. As long as the loan amount is $4,000.00 or more, you can begin negotiating the contract knowing you will be approved for financing.
 
2. Make an Offer
Once you find a listing the works for your families needs, the financing option works for your budget, and the loan amount is $4,000.00 or more; begin negotiating the purchase price.  
 
3. Submit a Quote
As soon as you have an accepted offer, you will want to secure the financing with Monera.  To begin, submit a quote.  This will inform Monera of your interest in financing; as well as the option and term you have chosen to work within your budget.
 
4. Approval
Monera will review your quote.  As long as the option you choose is for a loan of $4,000.00 or more, you will receive an email approving you for financing.  This email will also inform you of the final two steps in the application process; including the need for a copy of your signed contract.
 
5.Contract
The broker will create a contract between you and the seller with the terms of the purchase the you agreed upon.  Monera will need a signed copy of this contract.  The deposit is typically $1,000.00 or 10% of the purchase price.  This amount is put into an escrow account with the title company and will be applied to the monies you owe at closing.
 
6. Right of First Refusal (ROFR)
The executed contract will be sent to Disney where they will review the terms of the sale.  Disney will then decide if they would like to purchase the membership (execute their right of first refusal); or pass on the purchase allowing the sale to go through.  Disney can take up to 30 days to make their decision.
 
7. Commitment to Finance
While Disney makes their decision regarding ROFR, you will want to finalize your financing with Monera by completing the three steps (beginning with submitting a quote) of the application process.  Once Monera has all the information from these three steps, we will create a Commitment to Finance letter as well as a Loan Estimate which includes a breakdown of the closing costs and your anticipated cash to closing.
 
8. Passed ROFR
Congratulations! The title company will now wait to receive the Estoppel from Disney on this property.  It’s exciting to know that you are getting close to owning this membership now.  However, it can take a few weeks for Disney to get the estoppel to the title company, so be patient.  At this time, you will need to have the financing with Monera finalized and Commitment to Finance letter from us.
 
If Disney exercises their Right of First Refusal
This means you are no long the buyer on the contract.  You will then have to begin looking for a new membership to make an offer on, by going back to the beginning of the process.  The chances of this happening vary. 
 
9. Closing Packet
Once the title company receives the estoppel from Disney, they will prepare the closing packets for both the buyer and the seller.  This is when the title company will request the loan documents from Monera.  Both the buyer and seller will receive their packet via email.
 
10. Document Execution
Once you receive the emailed closing packet, you will need to execute the documents.  The originals will need to be sent back to the title company along with the remaining amount that you owe at closing.  Please note: some of these documents require signing in front of a notary public and two witnesses.
 
11. Funding of Loan
Once the title company has everything they need for closing, they will request the funds for the loan.  Monera will wire the funds directly to the title company.
 
12. Closing
Within 48 hours of receiving the funds from Monera the title company will close the transaction.  This will include recording the deed and mortgage with the county offices.  At this time you will own the membership.  Congratulations!
 
13. Loan Repayment
The loan is secured and the funds are used to purchase your membership at closing.  Therefore, repayment of the loan begins one month from your closing date. (for example: if you close on July 15th, your first payment will be due on August 15th.
 

REFINANCE AN EXISTING DVC MEMBERSHIP

Typically, the process takes 6-8 weeks from approval to closing.
 
1. Submit a Quote
By submitting a quote, you will inform Monera of your interest in refinancing.  The quote also allows you to inform Monera which option and term you have chosen to work best for your budget and family’s needs; as well as if there is an existing loan on this membership.
 
2. Approval
Monera will review your quote.  As long as the refinancing option you choose is for a loan of $4,000.00 or more, you will receive an email approving you for financing.  This email will also inform you of the final two steps in the application process; including the need for you to execute an estoppel letter.
 
3. Estoppel
The estoppel letter you are asked to execute will authorize Disney to send a copy of your estoppel to the title company.  This is required by the title company so that they can know the status of the membership and create a title policy.
 
4. Closing Packet
Once the title company receives the estoppel from Disney, they will prepare the closing packet.  The packet will include the loan documents from Monera and will be sent via email.
 
5. Document Execution
Once you receive the emailed closing packet, you will need to execute the documents.  The originals will need to be sent back to the title company.  Please note: some of these documents require signing in front of a notary public and two witnesses.
 
6. Funding of Loan
Once the title company has everything they need for closing, they will request the funds for the loan from Monera.
 
7. Closing
Within 48 hours of receiving the funds from Monera the title company will close the refinance including thee recording of the deed and mortgage with the county offices.  At this time they will also send you the proceeds, if any.
 
8. Loan Repayment
The loan is secured at closing.  Therefore, repayment of the loan begins one month from your closing date. (for example: if you closing on July 15th, the first payment will be due on August 15th.