• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Where to refinance

ADeetz

newbie
Joined
Jan 19, 2018
Messages
1
Reaction score
1
Points
1
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!!
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,582
Reaction score
17,387
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
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!
 

WinniWoman

TUG Review Crew: Veteran
TUG Member
Joined
Jul 16, 2010
Messages
10,936
Reaction score
7,197
Points
749
Location
The Weirs, New Hampshire
Resorts Owned
Innseason Pollard Brook
If you own a home- I would try a Home equity line of credit.
 

sue1947

TUG Review Crew
TUG Member
Joined
Feb 23, 2009
Messages
1,764
Reaction score
1,223
Points
523
Location
Seattle
Resorts Owned
Worldmark and VI
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
 

rboesl

TUG Review Crew: Expert
TUG Member
Joined
Jul 3, 2016
Messages
893
Reaction score
794
Points
203
Location
West Seneca, NY
Resorts Owned
Divi Village Beach & Golf Resort
Vidanta Grand Mayan
Villa del Arco Cobo
Grandview Las Vegas
Vacation Village at Bonaventure
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.
 

Janann

TUG Review Crew: Expert
TUG Member
Joined
Jul 20, 2006
Messages
1,391
Reaction score
805
Points
473
Resorts Owned
HGVC on the Boulevard, Las Vegas;
Disney's Saratoga Springs
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/
 
Top