What is a time share?
The Bankrate.com financial term of the day is: "Time Share"
So you can't afford a vacation home. A time share holds out the promise that you can at least buy a piece of one and can use the place at a certain time each year. The idea is that you can take comfort in knowing you'll always have a place to stay in a resort area and enjoy better accommodations than a hotel and at a lower price. But time shares come with annual maintenance fees that can eat into any savings.
A time share is partial ownership in a vacation property that you can make your regular home away from home. But be careful of the fees!
To shop for the perfect home loan, visit the Mortgages section at Bankrate.com.
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