Interval Mortgage Solutions

Timeshare Market Data on the Amount of Timeshare Debt and the Debt Burden, Interest Rate

The timeshare industry is growing steadily with every passing year. Over the past five years, sales volume has increased by an average of 5% a year. In fact, about 7.3% (9.2 million) of Americans own some form of a timeshare today.
Although the timeshare industry is in full swing, the amount of timeshare debt and the burden is also increasing. Since the average timeshare sale price is above $20,000, most people tend to purchase timeshare by taking a mortgage loan. However, the interest rate is usually a lot higher in this type of mortgage, even above 15%, because they are often offered by a timeshare developer instead of being financed by a bank. Moreover, the annual maintenance fees, special assessment fees, taxes, and similar other expenses further add up to the overall financial cost associated with owning a timeshare. Owing to all these factors, the overall timeshare market data around debt burden is getting bigger gradually.
However, timeshare owners do have some options to get out of timeshare debt. For example, they can rent out their timeshares or ask the timeshare company to assist. In a nutshell, timeshares are a perfect choice to have quality vacation times, but it also requires smart financial planning to avoid getting into the burden of debts.
If you need more information about the timeshare market, free feel to get in touch with us at Interval Mortgage Solutions or 844-514-5774.

Is There an Interest Only Home Mortgage?

Yes, you can get an interest-only home mortgage for a period of 30 years with the first 10 years interest-only. On average, people stay in their homes for around 7 years, so the interest-only home mortgage is a perfect way to acquire your dream house without stressing your financial resources. Some of the other benefits of interest-only home mortgage are as follow:
• Lower Initial Monthly Payments: You only pay interest for the first few years, so the monthly payments are lower compared to other loan types.
• Offord Expensive Home: Interest-only home mortgage empowers you to borrow more money, which you can use to purchase a more expensive home.
• More Cash Flow: Since you will be paying small monthly payments, you can save up some extra cash at the end of the month.
• Chance of Lower Rates: Compared to the fixed mortgage, the interest-only home mortgage is structured as an adjustable-rate loan, thereby it may end up with lower rates.
In short, an interest-only home mortgage is an ideal mortgage type if you want to keep your housing costs low, buy a second home, or want to do a short-term investment.
If you are still confused around interest-only home mortgage, free feel to get in touch with us at Interval Mortgage Solutions or 844-514-5774.