# Where  to refinance



## ADeetz (Jan 19, 2018)

Hep! Where do you all go to refinance your Wyndham purchase? Ive owned mine for 6 months and with a %16.99 interest rate, Its crazy! I Want to refinance and get a normal mortgage for it but everywhere I call doesn't do timeshares. In case it makes a difference, I have the points ownership instead of the specific location timeshare, but I do have a "home resort" address. Maybe I am wording my inquiry wrong when I call? Is it not considered refinancing a timeshare? Ive called USAA, Navy Federal, Wells Fargo, and Lending tree. None of them refinance timeshares. I know this can be done! I need a lower interest rate! Where have you had success? Thank you in advance for any help!!


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## Passepartout (Jan 19, 2018)

Do you have equity in your home? Do you have life insurance? Do you own stocks? Do you have an IRA? These are all things that you might be able to borrow against. How about a relative? You might offer a relative 10% for a loan. That's probably more than they can get on any savings account. (Maybe even 5%)

We hate to preach, but timeshares are luxury goods that should ONLY be considered if you can pay cash and all the other necessities at the top of this post are well covered.

Good Luck!


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## WinniWoman (Jan 19, 2018)

If you own a home- I would try a Home equity line of credit.


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## sue1947 (Jan 19, 2018)

ADeetz said:


> Is it not considered refinancing a timeshare? Ive called USAA, Navy Federal, Wells Fargo, and Lending tree. None of them refinance timeshares. I know this can be done! I need a lower interest rate! Where have you had success? Thank you in advance for any help!!



Don't kill the messenger:  You are thinking of your timeshare as real estate.  Nope.  The reason nobody will loan you money for your timeshare is that it has no underlying value.  If you default on the loan, the mortgage holder can't sell it for anything close to what the loan is.  Wyndham assesses their selling price as only 25% equity and the rest is all sales and marketing.  In reality, it's probably closer to 10% or less.  Look at eBay sales prices for what you own and that is what your timeshare is actually worth.  Nobody is going to give you a loan for $10000 for $1000 or less of value.  Also look at the Ovation program where Wyndham will take back your timeshare (if it's paid off) for free; i.e. even they don't think it's worth what you paid for it.   Wyndham will loan you the money because it's all gravy for them.  They have some of your money to cover their costs and can repossess and resell it to another 'mark' down the line for no additional cost to them.  
The only way to get rid of that high interest rate is an unsecured loan.  Those usually come in smaller amounts and may not be enough to cover the debt.  
And in the future, stay away from the timeshare salesmen even if they call themselves owner education, concierge etc. 

Sue


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## rboesl (Jan 19, 2018)

There was another thread on TUG about this same topic. One of the contributors mentioned LightStream. It's a division of Sun Trust Bank and they do Timeshare loans. You might want to check them out.


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## Janann (Jan 21, 2018)

Major lenders won't refinance a timeshare; you'll have to dig deeper.  As mentioned above, LightStream is noted on these message boards once in a while.  Depending on your balance, you might be able to qualify for an unsecured loan somewhere without saying what you are doing with the money and have better success.  A home equity loan, partial cash out on a refinance of your residential first mortage, a loan against cash value life insurance, or a loan against a stock portfolio are all better options than 17% interest with Wyndham's lender.

LightStream has a pretty good review on Nerd Wallet:
https://www.nerdwallet.com/blog/loans/lightstream-personal-loan-review/


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