123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

Obtaining Swimming Pool Financing

By Author: americanfiberglass pools
Total Articles: 4

When considering your dream pool, think about your budget and explore the different avenues you can take to finance your pool purchase. Here is a guide to help you understand and obtain the best swimming pool financing.

1. THINK LONG TERM
When you purchased your home, you likely financed your purchase with a long term mortgage. Your new fiberglass pool can be financed the same way. Most lenders classify a new pool as a permanent improvement to your property that is very likely to increase the property value. In fact, many lenders will “add back” half the cost of your pool project to the appraised value of the home. In most cases, they are willing to finance your pool for up to 15 years. Because you can finance your pool over a longer period than a car, your monthly payments are much, much lower. This means you might be able to get a bigger pool or add more options than you have currently considered.

2. TAX ADVANTAGES
Home improvement loans are secured by your property. In most cases the interest will be tax deductible. Who among us can’t use a few more deductions? It is always best to consult with your accountant or tax advisor if you wish to confirm the deductions.

3. FINDING THE RIGHT LENDER
Many lending sources are available to finance a swimming pool. These lenders are very familiar with pools, work on providing quick approvals and offer programs that work best to fulfill your family's particular needs. Many of these lenders do not require appraisals. Most of them will determine your property value by the purchase price or by a recent tax assessment. If an appraisal is required, typically the lender will pay for it.

Home improvement loans typically require you to have 10-20% equity in the property. On occasion a down payment from you will off-set any equity shortcomings. This type of lending does not require pre-payment penalties. Some lenders will “add back” up to 50% of the cost of the pool to increase your equity. There are lenders that will provide unsecured loans as well. Of course, without the security of your property, the loan is strictly credit-driven. You must have very good credit and expect to pay a little higher interest rate than on a secured loan. Most unsecured lenders do not charge a pre-payment penalty.

While every pool buyer’s situation is unique, every pool installation is also unique. Some folks want short term loans; others want longer term loans with lower monthly payments. Some pool buyers want to finance only the pool, while others want to also include fencing and landscaping. A good swimming pool contractor should be able to help you find a lender to suit your needs.

Total Views: 105Word Count: 455See All articles From Author

Business Articles

1. Development Of Chinese Magnesium Oxide Enters Acceleration Period
Author: hu Allen

2. Indian Crafts - C Table Dealer
Author: Mukesh Tiwari

3. All You Need To Know About Ppgi Coil
Author: Power2SME

4. How Can Solar Energy Be Used Effectively And How To Install Solar Power At Home?
Author: SolarSolutions

5. 11 Things That The Receipt Management Software Can Do And Its Growing Acceptability Among Retailers
Author: Caramel POS

6. Tensile Structure For Hotel – Which Is The Best Material For Them?
Author: Tensile Architecture

7. Seo Company In Coimbatore
Author: suvagar suva

8. Opportunities For The Global Vinyl Flooring Market To Reach $16.2 Billion By 2023
Author: Lucintel

9. Rubber Floor Mats Manufacturing
Author: James Matt

10. Choose Reliable Easton Orthodontist Treatment
Author: Exeter Orthodontics

11. Organic Spices And Herbs - Keep Them Fresh
Author: Jason Mckinstry

12. Commercial Steel Buildings Are Best For Business
Author: Arnold Shawn

13. All That May Possibly Be Increasing The Bounce Rate Of Your Business Website!
Author: Surabhi Joshi

14. A Contractor Can Build Homes And Businesses
Author: Arnold Shawn

15. Av Universal- Top Event Management Company In Va Helping You Making Your Events Better
Author: elianacooper

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: