Some of the most common questions relating to Timeshare Resales and how we work.
WHAT IS TIMESHARE?
The concept of Timeshare is where a collective jointly purchase ownership-of or access-to an asset that individually they do not require continuous use of with the asset often having a significant cost. Whilst we deal with the timeshare of holiday accommodation the concept has been applied to everything from sports cars and yachts to super computers and deep space telescopes!
The aim is providing the collective with access to an asset which may otherwise be hard to come by or is financially out of reach and in doing so may also provide financial savings when compared to renting something equivalent over a period a time.
When it comes to holiday accommodation, owning a timeshare entitles the owner to the use of high quality holiday accommodation either for a fixed term, leasehold, freehold or in perpetuity. Ownership is either for a specific apartment, villa or lodge during a particular period or week number every year or, as is the case with "floating" weeks and "timeshare points", provides the owner with the right to occupy various accommodations at various times throughout the year.
DOES THIS MEAN I HAVE TO VISIT THE SAME PROPERTY EVERY YEAR?
Definitely not! We generally only deal with timeshares that are affiliated to either Resort Condominiums International (RCI) or Interval International (II). These are the world's two largest timeshare exchange organizations which together enable over one million timeshare members to swap / exchange the accommodation they own to then enjoy a different holiday in another part of the world.
We also sell many products which enable owners to choose from various resort destinations without having a set "fixed" week that must be used every year and all our customers also have access to our own timeshare exchange.
WHAT ARE MAINTENANCE FEES?
After the initial purchase price of your timeshare there will be a yearly commitment in the form of "management" or "maintenance fees". These generally cover all the expenses associated with the running and upkeep of your accommodation and resort. Staff wages (reception / guest services, cleaners, resort management, grounds men, security, lifeguards etc.) often make up a large percentage of the fees together with the taxes, utilities, maintenance and refurbishment of the accommodation, common areas and onsite facilities.
If you own a "fixed" or "floating" week the fees are normally split evenly amongst the members with some consideration for different sizes of accommodation. The same is true for "points" products although the fees are often determined by the number of points owned.
The management company of the resort or the owner's committee in which you own will usually collect the fees with the accounts being made visible to all members. The total amount of fees due will vary greatly depending on many factors including the location of your resort, the level and quality of onsite facilities, the unit size, the quality of the furnishings, the frequency of cleaning services etc.
IS TIMESHARE A FINANCIAL INVESTMENT?
Absolutely not! Different products will deliver varying degrees of value and hopefully the annual savings will amount over the years so that your holiday accommodation has cost less than comparable lodgings purchased through a travel agent or rental agency. However, you should not view timeshare as an investment in the same way you may view your house or home.
We have many customer for whom the primary aim of their purchase was to secure high quality accommodation for their family at locations which their fellow guests are also owners.
WHAT ARE MY LEGAL SAFEGUARDS WHEN DEALING WITH E TIMESHARE CLOSING?
Buying through E Timeshare Closing you can be sure that you are in safe hands. Your monies are deposited in an Escrow account, administered by Fully Insured Trustee Company. This means that no funds will be released until title has been transferred to the purchaser's name, ensuring both parties to the agreement of sale are fully protected. All purchasers have an unconditional 14 day cooling off period, during which time they can pull out of the sale.
DO I NEED A SOLICITOR TO HANDLE THE TRANSFER?
No. We employ our own in-house contracts team who share an exceedingly high level of experience and expertise in the transfer of timeshare ownerships. All transfers will be handled by our internal team although they are of course more than happy to answer any questions presented on your behalf.
HOW LONG WILL IT TAKE TO PURCHASE MY TIMESHARE ONCE I HAVE HAD AN OFFER ACCEPTED?
Purchasing a timeshare can take anything from 2 weeks to 90 days to complete, depending on the co-operation of the resorts themselves. E Timeshare Closing has to ensure that all legal procedures are adhered to and that each timeshare week is free of any liens and encumbrances. We do all the work and keep you informed about what is happening.
What are the Advantages of Timeshare and Vacation Ownership?
Unlike a hotel room or rental cottage, which require payment for each use with rates that usually increase each year, ownership at a timeshare property enables vacationers to enjoy a resort, year after year, for the lifetime of their ownership with only a one-time purchase price and payment of yearly maintenance fees. Timeshare ownership offers vacationers an opportunity to save on the escalating cost of vacation accommodations over the long term while enjoying all the comforts of home in a resort setting.
Truly a home away from home, vacation ownership provides the space and flexibility to suit the needs of any size family or group. While most vacation ownership condominiums have two bedrooms and two baths, unit sizes range from studios to 3 or more bedrooms. Unlike hotel rooms, there are no charges for additional guests. Also, unlike hotels, most units include a fully-equipped kitchen with dining area, washer and dryer, linens, stereo, televisions, DVD players, and more.
Timeshare resort amenities rival those of other top-rated resort properties and may include swimming pools, tennis, Jacuzzi, golf, bicycles, and exercise facilities. Others feature boating, ski lifts, restaurants, and horseback riding. Most timeshare resorts offer a full schedule of on-site activities, such as sporting, recreational, and social events for adults and children. The resorts are staffed with well-trained hospitality professionals, with many resorts offering concierge services for assistance with visiting area attractions.
How Timeshare and Vacation Ownership Works
Each condominium, or unit, of a vacation ownership resort or timeshare is divided into intervals, either by the week or points equivalent, which are sold separately. The condominiums are priced per a variety of factors, including size of the unit, resort amenities, location, and season. With timeshare, owning your vacation is considered a major benefit. Once a majority or other pre-set percentage is sold to vacation owners, the management of the resort is usually turned over to a Resort Property Owners Association (POA) or Homeowners Association (HOA) . The vacation owners in turn elect officers and take control of expenses, upkeep, and the future of their resort property, including the selection of a management company.
WHAT ARE YOUR RATES?
Yes! Our normal annual percentage rate starts at 5.9%
Do you charge a prepayment penalty if I pay my loan off early?
No. You pay interest only on the principal amount you borrowed, for the length of time you borrowed it. We do not charge prepayment penalties.
How much of a down payment do I have to come up with?
A minimum down payment of 20% of the purchase price is required. Closing costs and loans fees are paid separately.
How long can I finance?
Finance up to 60 months / 5 years to pay back your loan.
Will my interest rate ever go up throughout the term of the loan?
No. Your interest rate is locked in even if national interest rates go up.
No. Your interest rate is locked in even if national interest rates go up.
How do I apply for a loan?
Fill out our credit application here on our secured website under “apply now”. If you need any assistance, please call us at 1-417-942-6390 and we can do your application over the phone too.
How do I know if I am approved?
You will be notified immediately via secured email. If you would prefer to talk over the phone and not use email, please call us at 1-417-942-6390 and we will work through the application and approval process verbally.
Do you offer refinancing?
Yes! We offer timeshare refinancing. Refinancing timeshares is treated like a regular loan, although you do not transfer the deed to a new buyer thus saving money on closing fees.
We will request an Estoppel from your home resort which verifies your ownership and valuation. Based on your good credit, we can refinance your old timeshare loan under better terms thus saving you money.
How much are the mortgage recording fees?
Zero, zilch, nada. We do not record a mortgage; therefore, you save mortgage recording fees which run approximately $120.00 when you finance through us!
I do not see my resort on your list of Brands. What should I do?
We have a comprehensive list of resorts and brands we finance including many that may not be listed. With over 5,000 timeshare resorts worldwide we do not have them all featured on our website. If you do not see yours – let’s talk about what resort you are interested in purchasing. We are here to help you obtain the vacation package you want. Give us a call at 417-942-6390.
Does my credit score affect my interest rate?
Yes. Your interest rate is based on your credit score, starting as low as 5.9% and goes up to a maximum of 17.9%.
Do you charge additional monthly fees?
No. We do not charge a monthly account fee.
What are the total loan origination fees to finance?
Although title companies and attorney’s closing fees vary, our loan origination fee is $179 total. We do not have any other additional fees, mortgage fees, or hidden fees to finance your purchase except the annual interest rate.
What are your interest rates?
Rates are based on the borrower’s credit score below for all Non-Brand Resorts:
Excellent = credit score of 750+ 5.9%
Good = credit score of 700 – 749 9.9%
Fair = credit score of 650 – 699 13.9%
Important Vacation Ownership or Timeshare Purchasing Tips
A Vacation Ownership or Timeshare purchase is a significant commitment, not only financially, but also in terms of future vacations. You should be sure that the resort or club in which you purchase an interest will provide many pleasant vacations for years to come, and can evolve with your lifestyle. Here are some important tips to consider when making a purchase.
