Adding a swimming pool to your backyard will not only add longterm value to your home but it will add to your overall quality of life. Pools give your family a place to gather, relax, cool off, and exercise. Adding a pool is also expensive but with careful planning it can be achievable. While home equity loans can certainly be used for this type of project there are also companies that specialize in loans specifically meant for pool construction. Our tool can match you up with one of these companies to help you find the best loan for your project.
Key tips for when you want to get a pool loan:
- If you have good credit you should look for a “no lien” or unsecured loan to finance the pool. This way you aren’t taking money out of the equity you’ve built up in your home and you won’t risk foreclosure if your financial situation changes.
- Shop around for a few quotes to get the best rates and terms.
- A longer term will allow lower monthly payments but the total cost of the loan can also be significantly higher. Look for the best balance to keep your total of payments as low as possible.
- Be sure you have a reputable contractor and multiple quotes for the pool construction so you know how much money you’ll need to borrow ahead of time.
Advice on finding the best pool loans:
A swimming pool is a great addition to any home for entertainment and enjoyment. Opinions vary on how much of a return you can get when it comes time to sell the home but when you factor in the cost of maintenance you generally won’t get back everything you put into the pool financially. No lien loans leave your equity intact and offer various payment terms. As with any debt finding the best rates is key to getting the best deal. Pool financing loans can offer great rates, payment terms and possibly even assistance in vetting contractors for the job. Researching all options in advance will allow you to get the sparkling pool of your dreams in your own backyard.
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