More and more countries are being added to the list of countries that Americans should avoid traveling to. Combine that factor with the current economy and you have a recipe for a "stay-cation" rather than an expensive trip to an exotic location. However, what is a stay-cation without a swimming pool. More and more people are opting to stay close to home, and as a result are looking to make their homes more comfortable and appealing. So, even with the worries about money and the stock market crash there are many ways to obtain pool financing.
However, before you begin looking at different financing options it is best to decide on your pool builder. This is a process in and of itself which we won't go into here. Once you have decided on a builder you will have a good idea of the amount of money you'll need. Builders will often be able to give you advice concerning which option for financing your pool is best in the current market, and some may offer financing themselves. However, while the builders advice and expertize may be invaluable be sure to do your own research and make the decision that is best for you financially. Don't be pressured into a financing option based on a someone else's opinion.
When buying or building a new house many people will tie the cost of the pool in with the cost of the mortgage. While this has the easy benefit, there are several pitfalls as well. For one, you will be paying off your pool for as long as you pay off your house, which could be 30 years. This could be very expensive with the added interest. You also may be required to use your house builder's list of pool contracters. So this may not be the best pool financing option.
Another scenario involves adding a pool to your current home. This is a more common scenario. In this case there are typically two financing options - both have their bonuses and pitfalls. The first is a second mortgage. The second is a line of credit based on the equity you have in your home. The line of credit typically has a lower interest rate, but the mortgage interest is compounded annually instead of monthly. The interest on a line of credit is compounded monthly. Therefore it will really depend on your individual financial situation to decide which of these options is right for you - and if you have little or no equity in your home the question is moot.
There are some other considerations when looking into potential lenders for your pool financing. For one, it is wise to choose a lender that is familiar with pool financing. This should enable them to give you a decision in a matter of days instead of weeks, moving the process along considerably. Also, some people attempt to pay the pool builder directly with a credit card. Most reputable pool companies will not accept this as a form of payment for many reasons. For one, it often signifies their inability to get other financing.
Line of credit, second mortgage, commercial bank, small town bank, financing through the builder, there are many options for pool financing. If you are wise with your money you will be able to make the decision that's right for you and make every day a vacation at your house. - 30521
However, before you begin looking at different financing options it is best to decide on your pool builder. This is a process in and of itself which we won't go into here. Once you have decided on a builder you will have a good idea of the amount of money you'll need. Builders will often be able to give you advice concerning which option for financing your pool is best in the current market, and some may offer financing themselves. However, while the builders advice and expertize may be invaluable be sure to do your own research and make the decision that is best for you financially. Don't be pressured into a financing option based on a someone else's opinion.
When buying or building a new house many people will tie the cost of the pool in with the cost of the mortgage. While this has the easy benefit, there are several pitfalls as well. For one, you will be paying off your pool for as long as you pay off your house, which could be 30 years. This could be very expensive with the added interest. You also may be required to use your house builder's list of pool contracters. So this may not be the best pool financing option.
Another scenario involves adding a pool to your current home. This is a more common scenario. In this case there are typically two financing options - both have their bonuses and pitfalls. The first is a second mortgage. The second is a line of credit based on the equity you have in your home. The line of credit typically has a lower interest rate, but the mortgage interest is compounded annually instead of monthly. The interest on a line of credit is compounded monthly. Therefore it will really depend on your individual financial situation to decide which of these options is right for you - and if you have little or no equity in your home the question is moot.
There are some other considerations when looking into potential lenders for your pool financing. For one, it is wise to choose a lender that is familiar with pool financing. This should enable them to give you a decision in a matter of days instead of weeks, moving the process along considerably. Also, some people attempt to pay the pool builder directly with a credit card. Most reputable pool companies will not accept this as a form of payment for many reasons. For one, it often signifies their inability to get other financing.
Line of credit, second mortgage, commercial bank, small town bank, financing through the builder, there are many options for pool financing. If you are wise with your money you will be able to make the decision that's right for you and make every day a vacation at your house. - 30521
About the Author:
Melvin Moore is a finance and swimming pool journalist who writes about swimming pool financing
