Also, most unsecured lenders will not lend more than $30,000, which means that many pool shoppers may need to come up with additional cash to afford their swimming pool. For example, most mortgages right now have a loan rate of 4-7%, whereas most unsecured loans have rates in the 14-18% neighborhood. Unsecured loans do not require you to have equity built up in your home but you will need solid credit and you'll also pay a much higher loan rate than if it was a 2nd mortgage.

A general rule of thumb for anyone considering a 2nd mortgage is that unless you've been in your house for more than 6 years, or unless you've established quite a bit of home equity in a short amount of time, it's highly unlikely you'll qualify for this type of loan (in other words, you won't have enough equity).įor those persons that cannot get a 2nd mortgage or home-equity line, there is still hope. This way, no one wastes time trying to decide on a pool and a pool contractor only to find out they do not have the necessary funds. For this reason, we now have most of our 2nd mortgage customers apply for a loan immediately after our first telephone conversation. To give you an example, I had multiple pool shoppers give me a deposit in 2009 only to later find out that there wasn't enough equity in their home to get the loan. This drop in home values has affected pool financing in a variety of ways.

The housing market dropped drastically in 20, causing many people to lose quite a bit of equity in their home. But for better or for worse, those days are over. In fact, I've seen many people get a 2nd mortgage literally days after buying their house. As we all know too well, with the inflated housing numbers of the 2000s it was easy to get a mortgage for many years. Of all listed, the most popular method has been 2nd mortgages and equity lines. But seriously, pool financing is an important point of discussion if you're getting ready to make such a purchase, and this article is meant to help you understand the task of pool financing and how it typically works for most homeowners.After having installed a little over 600 pools, our customers have paid for their swimming pools in a variety of manners. Notwithstanding, you're still going to have to pay for it somehow (in case you'd forgotten about that little part of it -). Paying for a pool.Ok, so you've decided to get a pool.

Swimming Pool Financing: How Can I Get a Pool Loan in 2016?

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