Finance Recomendations

Essex is OK, not great. Slow to process the paperwork when we used them, I got the impression they were using contractors to do the application work. Bank of the West owns them and your loan will be serviced through BOW. Online payment process and statements worked OK.

We used Essex through Costco. It is okay. Best rate I could find at the time.

We took a different approach.

When we decided to retire, we gave notice to our employers,

Then my wife put our house for sale on the internet (she is a computer smart person - that was her job), and in two days someone came over to look and ended up buying our house.

Shortly thereafter we put stuff in storage and gave it to charities and bought our RV - a two year old Class A using some of the money from the sale of our house.

Since then, we've primarily been full timers with some breaks in the action with family etc.

BTW, since we were selling the house on our own, we did not deal with any real estate people. My wife had legal service as part of her work and they put together the sales contract (one half of a page of paper), and managed the whole sale, deed transfer, etc. for less than $50 for the whole deal.

Popsie wrote:
We took a different approach.

When we decided to retire, we gave notice to our employers,

Then my wife put our house for sale on the internet (she is a computer smart person - that was her job), and in two days someone came over to look and ended up buying our house.

Shortly thereafter we put stuff in storage and gave it to charities and bought our RV - a two year old Class A using some of the money from the sale of our house.

Since then, we've primarily been full timers with some breaks in the action with family etc.

BTW, since we were selling the house on our own, we did not deal with any real estate people. My wife had legal service as part of her work and they put together the sales contract (one half of a page of paper), and managed the whole sale, deed transfer, etc. for less than $50 for the whole deal.

Awesome. :B

wannavolunteerFT wrote:
I am looking at two sources of financing, both of which have advertised 3 or more percent less than my credit union. One is Essex Credit (a Division of Bank of West) and the other is Southeastern Finance.

One of the ways they can quote a lower interest rate is they charge fees to initiate and then close the loan. I think Essex Credit will charge $500+, and if you add those fees to what you pay in interest, you may find that the effective rate from your credit union is more favorable.

Be sure to ask about all fees!!!!!!

Popsie, that is great that you were able to sell in such a short time. I am buying a "unicorn" of a motorhome. Only about 5-6 used ones for sale in the entire country (according to RV trader). I have found one at the price and age I want. I live in an area that is economically depressed still, the housing market is still very sluggish, so I know selling isn't likely to be quick. Also I have to work for another year, so I am trying to get all this banking stuff done while I am still employed and a homeowner.

Smart. Once you're a homeless full-timer the banks won't like you as much.

I used Essex/Bank of the West. Everything was done on line as far as application, processing, approval. Once approved, the paperwork was over nighted to me for signature with return shipping provided. The interest rate they offered was the best around; my credit union was not an option since they decided to no longer service RV type loans. Payments after the loan was in place were initially payment coupons that I took to a Bank of the West Branch (yes, I could have mailed them; I chose to make payments in person). At that time, on line payments were not available. That has since changed and the on line payments are through Western Union. It works, I got a good rate and it's seamless.

Never financed a MH using Essex but have financed 2 airplanes. Only $500,000 each so you may need more than I did. Easy and trouble free.

Thom02099, do you know if there are charges for on-line payments? I am in the Southeast, and there are no Bank of the West locations within about 1000 miles of me.