Financing a
swimming pool is simply a matter of doing a little homework and finding a lender that understands the unique needs and benefits of having a
swimming pool. This short article will give you a couple of simple tips on how to finance a swimming pool.
Most lenders understand that a swimming pool is the type of investment that generally adds in value to one's property. Many of these lenders will consider long-term mortgages as a viable lending option and some will offer financing based on the estimated value of the property after the swimming pool has been installed.
Be sure to do your homework and seek out a lender that will work with you to create advantageous financing for your swimming pool. That means you need to do the same kind of homework you did when you first researched financial products to buy the property.
You should seek out a lender that has some experience in financing something like a swimming pool, a lender that understands the unique nature of swimming pool installation.
Ideally, your lender should have an expedited approval process that will allow you to move quickly with construction. In addition, find a lender who will work from a recent tax assessment or home purchase price as a basis for determining your home's additional value once the swimming pool has been installed. A full-property appraisal could add hundreds of dollars to your loan costs, and could take up to a month in order to complete.
Look for financing products that fit your specific situation. Some pool buyers will want a short term loan with higher payments while others will want longer terms with lower payments. Some may want to finance the swimming pool only, while others prefer to consolidate debt with a swimming pool loan to free up additional cash.
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