Can you refinance your time share? And should you?

You got swayed by the allure of an annual vacation in a snowy or tropical locale, and now you’re the proud owner of a timeshare.

The good news is that you may be able to refinance your timeshare at a lower rate, which could lower your monthly payments, and also reduce the total cost of the loan.

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What is A Timeshare?

A timeshare provides you with fractional ownership of a vacation home, often in a popular travel destination.

Rather than purchasing the home or condo outright (and having the ability to stay there any time), you pay a fraction of the price in exchange for a certain number of days or weeks per year that you have access to it.

Fixed Week Timeshare

If you have the same vacation period every year, you may appreciate the fixed week timeshare because you get access to your timeshare at the same time each year.

The benefit of this setup is that you never have to fight to find a time slot that works for you and your family. On the other hand, if your schedule changes, you may not be able to benefit from the timeshare you’ve purchased unless you can switch weeks with another owner.

Floating Week Timeshare

With the floating week option, you can choose the week you take your vacation, as long as the timeshare is available.


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