Deciding to install a new pool Fiberglass Pool at your home, is a big decision, maybe one of the largest investments you can make for your home. Paying for this investment is equally important. What follows can be very easy or very complex, depending on which direction you go. Will you use a financing company, or your bank? What will it cost? To help you along, here are a few tips to speed the process.
1. What Will It Cost Per Month? Of course this is a function of how much you borrow, the interest rate being charged, and the length of time you choose to finance the project. There is a quick and simple little rule, however to give you a number you can use. If you assume a 9% interest rate, over 15 years, the payment will be about 1% of the amount borrowed. As an example, if you finance $35,000, over 15 years at 9%, the monthly payment will be about $350.
2. Do Banks Lend For Pools? One of the quickest ways to get financing, is through banks and lending agencies that have experience with home improvements in general and swimming pools in particular. Some bankers let their eyes glaze over when they hear about swimming pools, because they don’t understand the construction and requirements. Here, on our website, we have linked to a number of lenders who want your swimming pool business. For some this is part of their total business, for others, like LYON FINANCIAL, it is all they do.
3. Can I Get A Home Equity Loan? When the financial world started to fall apart in 2008, banks became very cautious about anything related to home values. The acceleration of the mortgage crisis meant that home values could (and did) plummet in just weeks, leaving banks with no equity in their investment property (you). This situation has stabilized over the last five years and banks are once again lending money secured by the equity you have in your home. This is still the best way to borrow money, by far, and will mean the least cost to you in interest. You will need to have a clean credit record, of course, but this excellent means of obtaining money to finance your pool, is still your best bet.
Financing your new pool should be as easy as financing any other home improvement project. If you decide to use some of your savings and reduce the amount borrowed, your monthly payment can be reduced to as manageable an amount as you wish.