Can You Finance A Pool – Swimming pools provide a source of fun, entertainment and exercise, as well as an opportunity to increase property value. But the real value is in the priceless family keepsakes.
Although swimming pools offer many benefits, they are not cheap. The average indoor pool costs between $30,000 and $50,000 in the United States. There are a variety of options for financing your group if you want to reap the benefits without putting financial strain on yourself.
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The terms of your loan, i.e. the interest rate, how long you can fund a pool and other factors will vary by lender. Read on to review your financing options and determine which term is best for you!
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The actual conditions of your pool will depend on the type of pool you purchase. There are several variants, depending on the price. This includes size, shape, additional lights and slides, etc.
Prep work should also be considered depending on the type of terrain and elevation around your property. In addition, some insurance policies, municipalities and homeowners associations require fencing around pools.
It’s best to shop around and consider all of your options when looking to finance a pool. Each lender offers different options and each will affect the financing terms. Understanding your financial options is considered as important as the design and construction of the pool itself.
If your new pool is part of a new home build, you may be able to combine a pool loan with your construction loan.
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This depends on your mortgage lender and the options available. If possible, this loan structure can save you time and money compared to two separate loans.
Also, mortgage interest rates tend to be lower than home improvement financing, so this option is likely to be cheaper in the long run. If you decide to refinance your mortgage in the future to take advantage of the lower rates, the joint loan would already be optimized.
This method also saves money down the road with non-loan costs and interest, including appraisals, surveys, etc., that are associated with application fees.
Also, this type of credit can have additional tax benefits. In most cases, you don’t need to itemize your new construction pool financing, unlike a home improvement loan. New construction mortgage interest (including pool financing) is also tax deductible.
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In terms of duration, mortgages also offer a longer repayment term. While typical home improvement loans tend to last between 7 and 15 years, home equity loans can last anywhere from 15 to 30 years.
A home equity loan, also called a second mortgage, is when the lender offers money up front at a fixed interest rate.
If you have enough capital (usually a minimum of 15-20%), this can be a good option. Interest rates tend to be lower and the interest is generally tax deductible.
That being said, the process of getting this type of loan can be long and tedious. Also, if you have been unable to repay the loan, you are at risk of foreclosure.
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These loan terms tend to be shorter than a mortgage; With this financing option, 10-15 years tends to be how long you can finance a pool.
Home equity lines of credit (HELOCs) are similar to the above method in that they allow you to borrow against your home.
Financing in this case depends on several factors, including your home’s appraised value, remaining mortgage, debt-to-income ratio and credit score/history.
The difference here is that instead of a lump sum, you get a credit card or checkbook to make purchases. That way, you only withdraw the funds you need.
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One important thing to consider is the fees associated with this type of loan. These tend to be high, including the appraisal fee, application fee, closing costs, etc.
Due to the nature of a HELOC, the terms are unique. The length of time you can fund a pool can vary.
The financing term of the group can vary from 5 to 30 years. In a 30-year example, you could have up to 10 years to withdraw funds and up to 20 years to return them.
Although the loan options mentioned above have been secured, there are other unsecured (ie no collateral required) options available.
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Unsecured loans can be obtained from a bank or credit union, as well as online peer-to-peer lenders. They tend to have much higher interest rates, with terms ranging from 12 to 84 months for each lender.
Especially in the case of offers with 0% APR for a certain period of time, groups could be paid without interest. This is difficult, however, as you would need a large enough credit line to finance your entire pool project.
Also, these deals are usually for a limited time only. If you are confident in your ability to pay off the card before this window expires, you may be successful. But if you can’t pay off the card and the offer expires, you’ll keep the rest of the financed amount added to high interest.
In this case, there is no defined deadline. You can pay the minimum on your card until there is no balance left. But a financially savvy customer would pay off the balance in full as soon as possible (and before the 0% APR offer ends!)
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Some pool construction companies partner with reputable financial institutions to provide pool loans to their customers. This method makes it simple and convenient.
There are several trusted and respected options for pool financing in the Katy, Texas area. These options include:
Contact Sahara Construction & Custom Pools today for a free consultation! Ask them about their financing options, including which lenders they trust and how long you can finance a pool for. They are some of the things that most homeowners wish they had, especially during the hot summer months. Would you believe there are over 10 million swimming pools in the United States? Swimming is the most popular recreational activity for children and teenagers, so it’s understandable if you want to too.
So what’s the one thing holding you back? Possibly financing as building a pool can be quite expensive, especially if you want an inground pool. However, have you considered crowdfunding options?
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There are several crowdfunding methods you can try, some of which are discussed below. There is no one-size-fits-all solution, as it will depend on your credit score and how much you can afford.
Here is a breakdown of all these crowdfunding methods and hopefully you will be able to make an informed decision in the end.
The price of a swimming pool varies greatly depending on whether you want an above ground or inground pool, the size and shape of the pool, how flat the ground is, the construction materials, any extras such as a slide, diving or hot tub, etc.
Your local municipality or insurance policy may also require you to install a fence around the pool to prevent accidents. This means that your choice will drastically affect the overall costs of the pool.
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Now that you’ve determined the type of pool you want, it’s easier to determine a price estimate or have a professional pool installation company calculate everything for you, including installation costs. Now, you can have a secured or unsecured group finance loan and your choice can come down to your credit score.
You can get a personal loan if they offer you the best group financing rates. However, there are better options that you should try first as they are likely to offer you better financing rates on mutual funds such as home equity loans, cash out refinances and home equity lines of credit . All these options come with their pros and cons, so choose the one that suits you best.
Home equity loans are known as second mortgages, and once you’ve applied for one, you’ll receive a lump sum of money at a fixed interest rate.
Essentially, you may have to pay back over 10 to 15 years, and any fees associated with the loan will largely depend on the lender. One of the main advantages of a home equity loan is that interest rates are usually lower compared to other crowdfunding options, and the interest can be tax deductible.
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However, the process of getting a home equity loan is quite long and tedious, and you will be putting your home at risk of foreclosure if you are ever unable to repay the loan in the future. Having enough equity is essential, and most lenders will require at least 15 to 20 percent.
A higher credit score will make it easier for you to qualify for a loan and will also have lower interest rates. The lender will also look at your income, and the higher it is, the better your debt-to-income ratio.
A home equity line of credit, or HELOC, is another viable crowdfunding option that allows you to borrow money against your home. The lender will evaluate your home’s value, check your remaining mortgage, and review your debt, credit history, and income to determine how much you’re worth.
Unlike a home equity loan where you get a lump sum, when you get a HELOC loan, you’ll get a credit card or blank checks that you can use to withdraw funds.
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