How much cash should I expect to bring to closing for a DVC loan?
Look at our closing cash calculator on our quote form for an estimate. This will be the difference between the loan amount and purchase price plus any closing costs or annual dues the buyer may be responsible for according to the contract.
Is the interest rate for a DVC loan fixed or variable?
This is a simple interest loan with a fixed rate for the term of the loan.
Do I have to pay a monthly service fee for a DVC loan??
No. Monera does not charge any monthly service fees no matter what form of repayment you choose
Are there any loan fees for a DVC loan?
Yes, there is a loan origination fee of $199 that is included in the closing costs only if and when you close.
Is there a prepayment penalty for a DVC loan?
No. Any additional payments will be automatically applied to the principal balance of your loan helping you pay the loan faster. Or, if you choose, you can payoff the loan at any time with no penalty.
Do we pay a down payment to Monera to secure financing?
No, the only cost you have at the beginning of the process is the deposit paid to secure the contract. At the time of your closing, you will owe the portion of the purchase price plus any closing costs or annual dues the buyer may be responsible for according to the contract, which the deposit you paid will be applied to.
Are there any loan points charged to finance the loan?
No. Monera does not report loan points no matter what financing option you choose.
If I have bad credit, can I still qualify for a DVC loan?
Absolutely. Monera has a no credit check model where everyone is approved!
Are there any conditions required to fund the loan once approved?
Yes. Monera does require a title policy on the property.
Does Monera finance DVC purchases for International Borrowers?
Absolutely. Monera finances borrowers in the US, Canada, and all over the world! Contact us for more details on financing outside of the US.
Is DVC financing a mortgage loan and is it considered a mortgage interest write off?
Yes. This is a mortgage loan and the interest is eligible. At the end of January, Monera will mail a 1098 tax document showing the interest that was paid toward the loan. We recommend you seek advice from your accountant for your specific situation.
I am currently a DVC owner, does Monera Financial, Inc. offer refinancing?
Yes. Monera offers refinancing options for owners of an existing DVC membership. You can find out the options available for your membership on our quote.
Do I have to be physically present to complete the transaction?
No. Everything is accomplished by mail, email, or fax.