Original Message:
Took out a loan to pay off timeshare mortgage in order to offload - good idea? (by Arel G.):
Thanks for the feedback. The reasoning behind the loan is basically to shift where the payments go, away from paying Westgate monthly to paying my loan monthly. Also didnt mention that we plan to immediately balance transfer the loan to my Discover card which offers us 0% interest. In essence we can now hit the principal each payment rather than paying the 14% interest Westgate had us roped in. We dont have maintenance fees again until 2020 so we are hoping to pay off the mortgage and offload the timeshare before maintenance fees kick back in. The loan was approved on the spot and we have the cash in hand, just wanted to check if there was another route to take besides this...