Swimming Pool Financing: How can I get a Pool Loan? - YouTube

Cristian: What's up guys?

Cristian here with River Pools, and today we're talking about your pool, and how you

can get a loan for it in 2018.

This is two minutes in the pool.

Okay, hopefully at the end of this video you found the information helpful, and if you

did I would ask that you give it a thumbs up, subscribe to our YouTube channel, follow

us on Facebook and Instagram for more informational pool content from us here at River Pools.

Now, you know the deal, I'm going to set two minutes on my phone and try to get to the

bottom of this before the jingle sounds off.

We're talking about pool loans and how you can get one.

How you can borrow money to build your pool in 2018.

Hey Siri, set a two minute timer.

Siri: Okay, your timer is set for two minutes.

Cristian: There she is.

Thank you very much Siri.

Okay, how can you get a pool loan, or how can you borrow money, or how can you pay for

that pool in 2018?

Well, there's obviously a few ways.

You can get a second mortgage, or an equity line of credit, you could get an unsecured

loan, you could pay with a credit card, or borrow money from family members, or just

flat out pay cash.

But if you found this article, none-the-less you're looking for a way to successfully borrow

money to pay to have a pool installed.

The two most common ways that we see folks borrowing money is one, through an equity

line of credit or second mortgage.

And then the second would be an unsecured loan.

So the first, an equity line of credit is obtained because you have equity built up

in your home.

Now we suggest two things for folks.

First and foremost, you go out and you have a discussion with a local banking institution

as quickly as possible once you know you want to buy a pool.

And second, determine how much equity you have available in your home.

This sets the foundation to let you plan the financing of your pool successfully right

out of the gate without having any discovered surprises along the way.

We find that most folks do not, do not, have the amount of equity in their home that they

realize thinking back to the 2008-2009 housing crash.

So, make sure you have up-to-date, and up-to-date understanding on the amount of equity you

have in your home.

The second most typical fashion we see folks borrowing money to have a pool installed is

through an unsecured loan.

Now unlike an equity line of credit, this loan is not based on the equity you have in

say your home.

The downside here is that the interest rates are going to be much higher.

We're talking in the double digits at least and upward, and you're typically going to

cap the amount you can borrow around 30,000 maybe a little more, maybe a little less,

all depending on your credit scores.

So, you may need to plan to have some additional cash on hand to cover the difference to pay

to have a pool installed in your backyard.

You know what?

That was a fast two minutes, and I don't feel like we've quite answered the question yet.

So what I'll do is I'll look back to some frequently asked questions we've gotten over

time.

I'll give you the question and our response, and after that, we'll wrap up this video,

and send you on your way to continue your education and research in having a pool installed

in your backyard.

Question number one: Does your pool company offer in-house financing?

Our answer is no, we do not offer in-house financing.

And in fact, no pool companies offer in-house financing.

What they typically mean by that is that they're offering the financing through a third party

institution.

They're simply helping you complete the paperwork and the process in-house at the pool company.

Second question: are second mortgages and home equity lines of credit a tax write off?

And in most cases, yes.

You can write off some of these expenses associated with those types of loans in your taxes.

Next question: How long does the loan approval process take?

Well, more than likely you're going to need some sort of an appraisal performed on your

home to determine its value compared to the debt owed, and that's how you determine the

equity you have in your home.

So the appraisal usually takes a couple weeks.

Once it's ordered from the bank, and so you're looking at a few weeks to have the loan process

completed through your local banking institution.

You know those are probably some high level questions we've gotten.

We've given you some quick answers.

Two minutes was up a while ago.

I'm Cristian with River Pools, and we'll see you in the next episode.

Catch the wave.