Have you been looking to make this the best summer ever by adding a pool to your backyard, but you know you need to get a pool loan to make it a reality? You have found the right place!
HFS Financial specializes in home improvement loans, and we help people just like you find the best match every day. In as little as one minute, you can know today if you are conditionally approved to get a pool loan and get started on the backyard space of your dreams.
When I Get a Pool Loan, Do I Have Options?
In America, you will always have options when it comes to getting any type of loan. But not all loans are right for every situation. Here are a few to avoid and the best one to consider.
Home Equity Loan
When you get a home equity loan, you are capitalizing on the equity you have in your own home. Basically, that means the bank or mortgage company you pay each month will determine how much they think your home is worth now and subtract what you have already paid on your home from that amount. The difference between those two numbers is how much money you can borrow against your home.
Your loan amount will vary depending on how much your home is worth and how long you have been paying. Depending on your situation, this can mean plenty of money for a pool or not nearly enough.
The biggest drawback to getting this type of loan is that your home could be in jeopardy if anything were to happen that caused you to be unable to pay the loan. This is why we don’t recommend going this route. And with closing costs and lots of red tape involved, it could wind up costing more than it’s worth.
Pay in Cash
Another option you have is to save for years until you have enough money to pay for the pool you are dreaming of in cash.
While this can be a good decision financially, it will likely also mean that you go years without being able to enjoy your new swimming pool because of the delay in building it. If you have small children, time is short, and they grow quickly. How long is too long to wait to enjoy your backyard oasis?
Credit cards can also be an option if you can get one with a high enough limit or if you skimp on what you want.
They also tend to have crazy high-interest rates and not be a very prudent financial decision.
A personal loan has much lower interest rates than a credit card and won’t jeopardize your home like a home equity loan, as they don’t require collateral.
You can also get a pool loan quickly. Funds are usually distributed within a few business days after your loan is finalized, and you have complete control of how the money is spent. With no money down, no staged funding, no appraisals, and no hassle, a personal loan is hands down the best option for a new pool loan.
How Can I Get a Pool Loan?
Getting a home improvement loan with HFS Financial is simple. You simply start by filling out our rate checker. This step is quick, taking only around one minute of your time.
Once you have finished this step, you will wait for our experts to give you a call. They will walk you through the process to ensure you get all the necessary paperwork out of the way.
Then you wait for your funds to be dispersed, and you can start building your dream backyard and swimming pool.
Reach out to get started today. With HFS Financial, “You Dream It, We Finance It.”