Perhaps you have always dreamed of seeing your kids splashing around in your backyard pool, or you would love to sip a margarita while floating on an inflatable raft.
If you’ve held back until now because you thought building a pool would be too expensive, pool loans can offer you the opportunity to own a fantastic swimming pool.
As the nation’s top-rated pool builder, Premier Pools & Spas has partnered with major financial institutions. You can get pool financing with affordable rates, approved in no time.
How Many Types of Pool Loans Are There?
Learning more about the types of pool loans available will help you determine if a pool loan will work for you, and which type of loan is best.
Banks, credit unions, and financial institutions offer personal loans without any collateral. Your home or other assets don’t secure this loan. You may also approach online lending companies or peer-to-peer lenders.
Although these unsecured loans allow a longer repayment period of up to 84 months, they have higher interest rates than home loans and other secured loans.
Home Equity Loan
Homeowners can get pool loans by borrowing money against their homes’ equity. Since you utilize your home as collateral, you may get competitive interest rates. However, the monthly payments and repayment time offer no flexibility – the rate remains fixed.
Furthermore, there is a risk of foreclosure of your home if you were to stop making payments. Most loan amounts are also less than 85% of the home’s value.
If you already have a mortgage on your home, you can replace it with a new one. A cash-out refinance option offers reduced monthly payments and lower interest rates. You can also cashback, depending on your home equity.
To re-qualify, you need a good credit score. Closing costs of 2-5% may apply to the amounts of pool loans.
Home Equity Line of Credit (HELOC)
A HELOC gives you full access to a line of credit, which you repay on a drawn-out schedule. Your home equity secures this revolving credit.
HELOCs come with variable interest rates, hence, your payment changes with market fluctuations. Like a home equity loan, there is a risk of foreclosure, and you’ll face the same equity limits.
Financing via Your Pool Builder
These loans are specifically designed for pools. Getting approval is an easy process since your application goes through your pool company.
With builder-arranged financing, you can get competitive rates for pool loans. And you can choose a payment plan that fits your budget.
At Premier Pools & Spas, we forward your information to major lenders that have been our partners for decades. Our lenders are knowledgeable in all things related to pool financing.
Our vast network also gives us access to your credit history to present the best options for you. Just by providing us with a few details, you can get pre-approved for a loan.
Best of all, our customers who have a 720+ credit rating are eligible for a 100% loan.
Choose the Best Way to Get Pool Loans in an Easy Process
Building a dream pool doesn’t have to be a headache if you choose the right financing method. Compare the above options, and if pool financing is right for you, apply here. If you wish to learn more about pool loans, contact our experts – we’d be glad to help!
PFM Web2020-12-07T13:58:07-08:00December 7th, 2020|Comments Off on Swimming Pool Loans – Top Things to Consider
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