Monera Financial Frequently Asked Questions
When it comes to financing your Disney Vacation Club purchases, it’s normal to have lots of questions. We thought it would be helpful to provide you with some of the most frequently asked questions when it comes to financing your DVC purchase through Monera Financial.
What type of loan does Monera offer?
A Monera DVC loan is a mortgage loan. Because of this, you will receive a 1098 each year for tax purposes. The interest you pay is eligible for a tax deduction. However, we always recommend talking to your tax professional to see how this may benefit you.
Are there prepayment penalties?
There are no prepayment penalties. Extra payments will go towards the principal and help you pay the loan off sooner. You can pay the loan off as early as you would like.
Do you offer financing for Canadian buyers?
Yes, we do! To pay back this loan, your payments need to be in US dollars, and to do this we ask for you to have a US checking account which we would use an ACH debit to automatically pull the monthly payment from your account. If you do not have a US Checking account, we recommend all Canadians open a US checking account for RBC (Georgia) at your local RBC Bank. This account will have a 9-digit routing number instead of a 5-digit transit number.
Do you offer financing for other international buyers?
We offer financing for international buyers as well! There are a couple of things I would like to make our international customers aware of:
- We only accept monthly payments in US Dollars. We do ask that all of our borrowers set up automatic ACH debit withdrawals from a US bank account. If you do not have a US checking account but will be visiting the United States in the near future, you can check with Suntrust Bank to see what you will need to bring to set up a US checking account (there are a couple of Suntrust banks near Disney World). We also accept payment through Wise and Revolut, which are UK-based companies.
- There are two forms in the closing packet that will need to be executed in front of a notary public and two witnesses. For many outside of the US, this means making arrangements to go to an embassy or consulate. Because this can take planning, I want you to know upfront. In the UK you may also use a Solicitor that has the seal or stamp “Notary Public”.
Is a credit check required?
We offer both financing without needing a credit check and financing with a credit check. You can compare both options side by side using our Instant Quote Tool to determine which option is best for you.
Why are the down payments on the No Credit Check side different depending on the resort?
Our No Credit Check loans are determined by resort, points, and price per point. Our underwriters determine a value for each property similar to how a bank will have a home appraised prior to financing the home. Our credit check loans are determined by credit score.
What is the difference between the deposit and down payment?
The deposit is required by the broker to show you are serious about purchasing the contract. You will pay the deposit to the title company and it will come back as a credit towards your entire cash to close amount. The down payment is a portion of the purchase price the loan doesn’t cover. We offer a variety of down payment options to choose from.
What makes up the cash to close?
The cash to close is made up of three things: 1.) The down payment on the loan 2.) The closing costs, and 3.) Any annual dues you may owe on the contract. Your deposit will become a credit towards these costs at closing.
What are closing costs?
The closing costs are made up of things such as title company fees, government taxes, and other fees related to this real estate transaction and financing. You can see a breakdown of these fees using our Instant Quote Tool. Under the Estimated Cash to Close, you will see an arrow next to Show Details. Clicking that arrow will show you a drop-down of your estimated closing costs. Your loan estimate will also provide you with a detailed breakdown of these costs.
We are here to make your dream of owning a piece of the magic a reality. If you would like to speak to a team member to further discuss financing, don’t hesitate to contact us at 1-855-DVC-FUND (382-3863) or email us at [email protected]. We look forward to hearing from you!