The Essentials of Financing Your Pool

You’ve made the decision to install a pool for your family to enjoy. This will provide years of entertainment and memories, but what about the cost? It’s no secret that swimming pools in Tampa, FL, can cost more than your average car sometimes. You still want to provide your family with a great pastime, though, and add more value to your home. Here are some of the ways that you can finance your custom pool.

Bank-Secured Financing

Be sure to look at your own finances before applying for a loan. You need to be sure you can afford a potentially high and long-lasting loan payment. Once you’ve established your ability to maintain a loan, apply with your personal bank or consult your pool building company. They may have a trusted bank or financing option to give you the best interest rates and loan terms. Your personal bank may be able to bundle your pool financing in with your mortgage, or give you a good interest rate based on your long-established relationship.

Second Mortgage

Depending on how much equity your home has, you may be able to take out a second mortgage or refinance your current mortgage. Again, this type of loan would be through your current mortgage holder, but you should also check with your builders for advice. They help thousands of people build and finance their pools; they probably have a good idea of which kinds of financing are the best for you, the homeowner.

Cash or Credit Card

If you’re lucky and have a surplus of cash, or high lines of credit, you can certainly finance your pool this way. If you use a credit card, double check the interest rate compared to taking a conventional loan. Many times, credit cards have interest rates double or triple the amount a bank may offer. Do your research regarding pool financing, and you’ll soon have the beautiful swimming pool you’ve always wanted.