Owning a pool can be a luxurious experience. With lazy weekends spent reading, dining and relaxing poolside, a pool makes a central attraction on your very own property, uniting friends and family. Historically, pools have been high-ticket items that only a certain class could afford. Today, that’s changed completely. And now is an excellent time to finance a pool as interest rates are at an all-time low.
To become a pool owner, there are three main routes to financing:
Home Equity Loan
Banks don’t like offering personal loans to tackle projects like pool building. And if they do, they’ll usually tack on an extremely high interest rate making it a non-palatable option. A home equity loan is the answer to that scenario. How this type of loan works is that a homeowner accesses the equity they’ve developed in the tenure of their ownership. A loan enables access to said equity through a lump sum payment and the owner assumes a specific payback period for the funds.
Home Equity Line of Credit (HELOC)
A HELOC is the most user-friendly option on this list. HELOCs function by subtracting the amount you currently own on your bank note from the appraised value of your property then securing funding in the form of a new line of credit. It’s a great option in our opinion.
Cash-out refinancing means taking out a new mortgage for an amount higher than what you currently owe. Right now, with the current interest rates, this is a solid option for those looking to lower their interest rates while adding the investment of a pool to a property.
If you’d like to talk more in depth on the topic, contact our team today by calling (860) 623-9886. You can also visit our website and secure financing right online at https://www.aquapool.com/financing/. We have many professional bank relationships that can evaluate your situation and talk through what the best option for you might be.