A custom, inground swimming pool can enhance your enjoyment of your property, improve your home’s value, and transform your backyard into your own private oasis. However, many homeowners worry about the cost of building and maintaining a pool. While the upfront and ongoing costs can vary significantly based on several different factors, there’s no denying that a backyard pool is a major investment—but fortunately, there are financing options available to help make your pool construction project more affordable.
Tapping into home equity
In order to pay for a pool, some homeowners take out a home equity loan or a home equity line of credit. Home equity loans allow you to borrow against the value of your home while using it as collateral. They typically carry a fixed interest rate, fixed repayment timeline, and fixed amount that you need to pay each month. However, this is only a viable option if you have significant untapped equity in your home—and since your property is used as collateral, you may be subject to foreclosure if you are unable to repay the loan.
Home equity lines of credit (HELOCs) are similar to home equity loans in that they work best for those with a great deal of equity in their homes, and they use your property as collateral. However, a key difference is that HELOCs typically have variable interest rates, meaning that your rate may increase or decrease based on fluctuations in the market.
Benefits of financing through Aqua Pool
At Aqua Pool & Patio, we are pleased to partner with lenders that specialize in swimming pool financing, including Paramount, Lyon Financial, Viking Capital, and HFS. These companies understand the nuances of financing a pool construction project, and will work with you to provide a loan customized to suit your needs. Benefits of utilizing our in-store financing options include:
- Loan approval within 24 hours or less
- Manageable monthly payments tailored to your budget
- Up to 100% financing
- Up to 6 months of deferred payments
- No consulting fees
- Repayment terms of up to 25 years
With the great financing options available through our lenders, the backyard pool of your dreams could be easily within reach. Our design and construction team will work closely with you to build a high-quality, inground gunite pool that suits your needs, vision, and budget. Call us today at (860) 623-9886 to learn more about our flexible financing options!