Did you know the U.S. has an estimated 10.4 million residential swimming pools? HFS Financial knows because we have helped to finance so many of them! We pride ourselves on being one of the best resources to use to find an excellent home improvement loan.
If you have been considering joining those millions of Americans in owning a pool of your own, we are here to help. When you’re ready to climb the diving board with a good investment, take the plunge and let us help you build the swimming pool of your dreams.
What Does It Mean to Finance My Swimming Pool?
While we may all dream of owning our own swimming pool, we don’t all just have a bank account filled with money we are ready to part with. That is where HFS Financial comes in!
Financing is borrowing money from a financial institution to pay for expenses like a car, swimming pool, or even a home. You can apply for various forms of financing, like with your bank or credit union, or take out a personal loan. Each option has pros and cons, so let us help you flesh those out.
Financing with Your Personal Bank
You can usually apply for a home improvement loan through the personal bank at which you hold a checking account or mortgage. The bank will go through your spending habits, payment track record, income sources, total assets, and credit history. This takes time and can delay your plans until you get an answer for loan approval.
The repayment terms with a typical bank are usually between one and 12 years and can have an adjustable interest rate. This allows your interest rates to climb over a long period. Rising interest rates combined with an extended repayment plan means you could pay way more for your pool than you originally intended.
Your personal bank will also likely require you to put your home on the line. This means that should something happen with your job or financial situation (and the pandemic showed too many of us how plausible that is), you could be in a position of substantial loss.
Home Equity Loan
One loan type you can get from your bank is a home equity loan. This type of loan will take into consideration the amount you have paid off on your current mortgage versus what your home is currently worth. You can then borrow against this amount.
You typically can’t borrow against the total amount of equity in your home, though. These loans are also a second loan in addition to your mortgage. This means you will have two loan payments to make and likely a higher interest rate than a refinance.
Cash-Out Refinance
Refinancing will afford you lower interest rates than a home equity loan, as it is completely redoing your mortgage to get you money. You will likely pay closing costs in doing this since it is a mortgage. Consider the amount of money you will spend on closing costs before going this route.
What Does HFS Do?
When you apply for a swimming pool loan or even a home improvement loan with HFS, you only need 60 seconds to fill out our rate checker. The query does not affect your credit score, and our consultants can get you the answers you need for your loan quickly.
We’ll help you find the perfect personal loan. You can feel secure in not risking your home to finance a swimming pool. Plus, you’ll never face staged funding like how a bank requires approval for each project stage before you receive additional loan funds. HFS Financial can show you financing options so that you know you are getting the best interest rate and terms available.
Let HFS Financial help you finance your plans for the ultimate backyard retreat. Remember, “You Dream It, We Finance It!”