Monera has no prepayment penalties. You can make as many extra principal-only payments as you would like. These extra payments will reduce the term, helping you pay the loan off quicker. The result is less interest paid overall versus only paying the monthly payment to the term. 

Once we receive a copy of your contract, we will send you a detailed loan estimate the breaks down all your costs. Until then, our Instant Quote tool is a great resource to estimate what you will owe at closing: https://monerafinancial.com/instant-quote/

Once you have input your contract specifics and found your terms, you can choose the arrow next to Show Details under the Estimated Cash to Close to see a detailed breakdown of estimated costs. This tool will revert to full annual dues for the current use year, but you can edit this field of the seller is paying dues or they are prorated.

When you finance, you will typically be responsible to pay three things (unless the seller has agreed to pay).

1. Down payment- the part of the purchase price not covered by the loan
2. Closing costs- Monera can finance a majority of closing costs into the loan. If you choose this option, there will still be a small amount of closing costs left for the buyer to cover.
3. Any annual dues owed – per your contract and agreement with the seller

At closing, your title company will add those three things and subtract the escrow deposit you already paid and you’ll pay the remaining at closing. One way to look at it is the following:

Down payment (+) Closing Costs (+) Annual Dues (-) Deposit = Estimated Cash to Close

When you are financing, the deposit and down payment will have different meanings. The deposit, also known as the escrow deposit, is an amount required by your broker to secure the contract. It gives the seller the good faith you are going to buy it so they can take it off the market. The deposit is usually 10% of the purchase price and is collected after an accepted offer by your title company. The deposit comes back at closing as a credit towards the total owed. Therefore, if you make a $2,000 deposit, you will owe $2,000 less at closing.

The down payment is the part of the purchase price the loan doesn’t cover. Down payments are required by banks for risk management purposes to build equity into your loan. If your down payment is 10%, this means Monera is going to cover 90% of the purchase price as the loan amount and you will bring the other 10% of the purchase price to the table.

Monera is able to finance a majority of the purchase price and a majority of the closing costs. These amounts will depend on your contract and loan options chosen.

Down payments and annual dues can not be rolled into the loan.

When you choose to finance, there are some additional closing costs added over the closing costs associated with a cash purchase. These are costs such as government mortgage taxes and county mortgage recording fees, additional fees charged by the title company to work with a loan. Monera has one fee which is the $199 loan origination fee. Typically, financing will add an additional $400-$600 to your costs on average depending on the size of your contract and title company. All closing costs are paid as part of your total closing costs to your title company at closing. These costs are already included on our quote tool in the estimated costs.

A No Credit Check loan means we will not pull your credit score at all. The down payments will be based on the value of the contract. The interest rate for No Credit Check loans will depend on both the down payment and term chosen.

A Credit Check loan means you are electing to have your credit pulled. These loans may offer a lower interest rate or lower down payment. Interest rates for Credit Check loans are based on credit score range and term.

We encourage your to use our quote tool to compare the credit check side by side to the no credit check to see which option is best for your contract and circumstances.

If you choose a credit check loan, we are required to do a hard inquiry of mortgage scores. We do a tri-pull which pulls the mortgage score for each bureau, Experian (FICO 2), TransUnion (FICO 4), and Equifax (FICO 5). These scores may be different than what you see provided complimentary through your bank, credit card, or websites like credit card which typically provide FICO 8, 9, or Vantage Scores.

We also have a variety of No Credit Check loan options.

Because the contract serves as collateral for the loan, the deed and mortgage are required to match. Because of this, each contract will be a separate loan. We also do not have the ability to release a portion of a mortgage in the event you would sell one of your contracts. Therefore, you will want to apply separately for each contract. We can finance and refinance more than one contract at a time for you.

Because the deed and mortgage are required to match for collateral purposes, all buyers listed on the contract/deed will also be listed on the loan/mortgage. The good news is Monera does not report the debt of our loans to credit bureaus, therefore being on the loan won’t affect borrowers in this way.

Your title company will collect all funds and documents for this purchase. Monera will also pay their loan funds directly to your title company. Your initial deposit (as required by your broker) is paid to your title company shortly after your accepted offer. Most title companies will accept a credit card for the deposit. This deposit is typically 10% of the purchase price, but will vary based on your broker. At closing, the remaining funds are due to your title company. Most title companies require these remaining funds at closing to be paid as certified funds (usually cashier’s check or wire transfer depending on what your title company accepts). Closing doesn’t occur until after your contract as passed ROFR through Disney.

Purchasing a resale DVC on average takes 6-8 weeks from accepted offer until closing. Financing does not add additional time to this timeframe as Monera works alongside the regular process in collaboration with your broker and title company. The two things that can affect your timeframe the most are how long it takes Disney to pass your contract through ROFR (on average 30-45 days), and how long it takes both buyers and sellers to complete and send their closing packets to the title company.

When you apply for financing with Monera, we will send loan approval within one business day or less. Once we receive your contract, we will send you a loan estimate within one business day or less as well.

For loan repayments, Monera is unfortunately not able to accept credit cards. We can accept ACH debit (from a checking or savings account), checks, or money orders. For the contract purchase, your title company may accept a credit card for a portion of the process (usually the escrow deposit).

Yes, Monera offers financing for buyers all over the world. For our international customers, here are some important details to note:

A few forms in the closing packet must be signed in the presence of a notary public and two witnesses. For international borrowers, this often means arranging to visit a US embassy or consulate.

Monera accepts monthly loan payments in US Dollars only. Payments must be set up through an automatic ACH debit withdrawal from a US checking account with a 9-digit routing number (5 digit transit numbers and US dollar accounts are not compatible).

If you don’t have a US checking account but plan to visit the United States soon, you can inquire with a bank near Disney World such as SunTrust Bank. For Canadians, we suggest checking with RBC Bank (Georgia) at your local branch. 

For those who prefer alternative payment methods, we also accept payments through Wise and Revolut, both UK-based platforms.

*While we can’t pull a credit score of guests outside the US and Canada, we can offer any of our No Credit Check loan options to our international guests.

You do not need to worry about notifying us. Your title company will work with us directly to ensure you have everything you need for closing. After passing ROFR, the title company will put together your closing packet and once that is prepared, they will send it to you. All of the paperwork from Monera will be included in this packet.  We will already be ready to send the loan documents to your title company within one business day of them being requested by the title company. It does take the title company up to a few weeks to gather everything. Once you receive the closing packet, if you have any questions regarding the loan documents, please let me know.

We are not commission based. We work as a team to ensure you receive prompt service. At some point, you may receive information from anyone on our Monera team as we work together to ensure a smooth process for you.

Thank you for your email. My apologies that this happened. Monera Financial does not share or sell your information with outside entities.

If you choose a credit check loan, credit bureaus can sell your information to certain companies for marketing purposes, even if you’re not applying for financing. If you have ever received a prescreened offer of credit or insurance in the mail, your credit data may have been sold without your knowledge. You can visit OptOutPrescreen.com or call 888-5-OPTOUT (888-567-8688) if you wish to stop sharing your credit information for marketing purposes.

You can absolutely put more down and we can customize the loan for you. While it won’t show on your end of the quote tool, you can apply for the terms you want and in the comments of the application, let us know how much of a down payment you would like. We will send updated figures in your approval email. 

If you are trying to figure out what the monthly payment looks like with a different loan amount, you can use any online loan amortization calculator like this one: https://www.calculatestuff.com/financial/loan-amortization-calculator.

You will first want to be sure when looking at our quote tool, you are sure to uncheck the box to finance closing costs as your closing costs have to be fully paid out of pocket before we can increase your down payment. Next, decide how much you wish to put down. It’s important to note the down payment is the part of the purchase price the loan doesn’t cover. Therefore purchase price minus down payment equals the loan amount. In addition to the down payment, you will pay the closing costs and any annual dues you may owe. Our quote tool will show you an estimated breakdown of these costs. 

If looking for your monthly payment, simply take the purchaser price, subtract the downpayment you wish to make and you will have your loan amount. Plug that into the loan amortization calculator with the interest and term (this will be what is shows on the quote tool). 

Once you have made a decision, let us know in the comments of the application either the loan amount you would like to adjust to or the down payment. 

This is a mortgage loan, therefore interest paid is eligible for tax deduction. You will always want to check with your tax professional to see how this might benefit you. You will receive a 1098 each year for tax pruposes.

Your first monthly payment will be due one month from the closing date of your contract. For example, if you close on your contract on January 1st, your first payment will be due on February 1st. The only exception to this are if you close on the 29th, 30th, or 31st of any month. When this happens, your first payment will be due the 28th of the next month since not all months have those dates.

About a week or two after closing, you will receive a Welcome Email from our team. Our team sends this after receiving your signed documents back from your title company. The Welcome Email will provide you with all the information you need for creating your login on our loan management platform, Concord, where you can manage your loan, check the payoff, make payments, and more.

Concord- https://esp.myaccountinfo.com/

When you refinance, we are simply paying off the existing mortgage (if there is one) and recording a new mortgage on the DVC property. Since there is no transfer of ownership, refinancing does not affect your contract, it’s status (if it has direct benefits), or any reservations you have. Everything will remain the same, you will just have a new loan to pay once the refinance is closed.