Are you worried that getting a new pool might be difficult because you aren’t sure how to finance it? With a little planning, financing that new swimming pool can be a lot easier and less painful than you might think.
While it may be winter right now, this is the perfect time to start thinking about buying a pool and planning how to pay for it. For many of our customers, developing a financial plan is the first step in designing the inground pool or spa of their dreams. This first step does not have to be hard, there are many ways to finance a pool.
The most common methods include home equity loans, and refinancing your home through your local bank. There are also companies that have a niche in pool loans. We would be happy to discuss these options and others on a personal basis as part of the initial design consultation.
Pool Financing with Home Equity Loan:
The easiest types of loans for a swimming pool are through your bank and they are standard home equity line of credit or refinancing your home. A home equity line of credit is when you take money out of the money (equity) you have put into your house each month when you pay your mortgage.
This type of loan has advantages in the fact that these tend to be very low-interest loans.
Pool Financing with Refinancing Your Home:
Choosing to refinance your home from high-interest rates and taking advantage of the near all-time low-interest rates can be a great option for some. With refinancing you can take some money out of your principal balance to make home improvements.
Equity lines of credit and refinancing your home are the easiest loans because they are taking the money you already have and make the improvements you want.
Pool Financing Company:
Another option is working with a pool financing company such as Lyon Financing which works with Barrington Pools to get you that pool you have been dreaming about. Paramount also offers home refinancing and equity lines of credit and many other options to meet the needs that fit you best.
Barrington Pools makes paying for your pool easy by starting with only 10% down to start and then you will pay gradually through the building process and at the end of the process you will have a beautiful pool or spa and it will be all paid for.
If you can dream it we can work with you to make all of your pool dreams come true.
For more information about financing your new swimming pool, please contact us today and we can give you more specific financing information tailored to the pool of your dreams.