subject: You want a swimming pool but how will you pay for it? [print this page] You want a swimming pool but how will you pay for it?
You know you want a swimming pool for your family to enjoy. You've been saving and preparing for the purchase but still need some more money to pay for this big price tag item. Financing a swimming pool project might be easier than you think as you can apply for financing and pay it off over time just like a mortgage. Because swimming pools add to the value of your home, it may be easier to uncover financing opportunities than you imagined.
If you have a bank that you typically work with, that should be your first step in the process. Also, check with the bank through which you have your mortgage it is easier to get a loan if you have a relationship with a bank. Also, consider using the swimming pool as collateral for your loan.
Consider using the equity you have built up in your home as a way to refinance your swimming pool construction. Home equity loans sometimes come with a lower interest rate than other types of loans. Talk to your current mortgage holder to see if you have enough equity built up to finance your swimming pool project.
A swimming pool installation project can also be applied for under a home improvement loan program. Mortgage lenders might consider a swimming pool project an improvement to the home one that ultimately adds to the resale value. Loans for home improvement come in three, five or 10 year installment plans. Make certain you choose one with a term that is comfortable for your budget for repayment purposes.
Check with your potential swimming pool contractor as their office might offer financing as they like to be one-stop-shopping sites for potential pool owners.
Check for online companies that offer pool loans and you can get a decision within 24 hours of application.
When you're looking at having a swimming pool installed for your family, don't forgot to consider the daily, weekly and monthly upkeep charges when planning your budget. Ask your swimming pool contractor for a figure that you can use when making a budget to finance and pay for the pool maintenance.
