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

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.

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4 thoughts on “Swimming Pool Financing: How can I get a Pool Loan?

  1. Not really worthy of a tutorial.. anyone capable of purchasing a home has the same acumen and know-how of securing financing for something like

  2. Not helpful so basically if u don’t have the money your screwed… it seems like with such a big purchase these pool companies would have some type of in house financing available or bank that would help the customer… hell even lawn mower companies have that option for there customers … geez pool companies get it together it’s 2019

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