How to Finance Your Swimming Pool

by Pool Builders on 10-14-2012 in Articles

A swimming pool is a luxury that many homeowners dream of, but may not know how to begin the process of financing. As with any home improvement project, money is a big factor when installing a pool in your backyard. A pool is a major home improvement that can cost tens of thousands of dollars to complete. That said, a swimming pool is well worth the money because it will provide you and your family with entertainment for years to come - not to mention the increased value to your home when you choose to sell. So, how do you go about financing a pool?

Most homeowners can't afford to pay for a swimming pool up front, and need to take out a loan for their pool. Many homeowners choose to take out a home equity loan or a second mortgage to finance their swimming pool. These types of loans offer low interest rates, and borrowers can typically receive higher loan amounts than with other types of loans. In today's housing market, however, it can be very difficult to qualify for a second mortgage or a home equity loan unless you have an immaculate credit rating. In addition, it can take 4-6 weeks more just to receive funding after approval.

An unsecured pool loan is another option that is often the best choice for homeowners when financing a swimming pool. An unsecured loan is one that is not backed by a lien or security interest in your personal property. Most unsecured pool loans have decent rates, zero closing costs, and no penalty for prepayment, but typically only offer up to $30,000 in funding. It usually only takes between 3-7 days to process the loan and receive funding. An unsecured loan typically has a term of anywhere between 3 and 15 years - so you can enjoy your pool while you are paying for it!

No matter which type of loan you choose to finance your swimming pool, you should make sure you hire a reputable pool builder to handle the project. When considering estimates, remember that shopping by price is never the best solution. As the saying goes, "If you think hiring a professional is expensive, wait until you hire an amateur." As with everything else in life, if a deal seems too good to be true, it probably is. Instead, search for a reputable pool builder with a long history of customer satisfaction.

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