We work with a couple of lenders on a regular basis to finance pools for our customers. You can apply online right now.
There are many ways to finance a pool. The right option for you may be one of these 4:
1. Cash-out refinance to pay for a pool
2. Home equity line of credit (HELOC) pool financing
3. Home equity loan pool financing
4. Personal loans or “pool loans”
Refinancing is the process of replacing your current mortgage with a new one. You can refinance to get a lower interest rate and reduce your monthly payment.
And depending on how much home equity you have, you may be able to get cash back when you refinance.
You can use the cash for just about any purpose like debt consolidation, home renovations — and yes, even a swimming pool purchase.
A home equity line of credit (HELOC) is a revolving credit line secured by your home’s equity.
Basically, a HELOC functions like a credit card. If you’re approved, you could access enough credit to finance your pool and pay the money back on a drawn-out schedule.
A home equity loan is similar to a HELOC, in that it’s another type of second mortgage.
Using a home equity loan, you can tap your home’s equity and borrow cash for many purposes, including a swimming pool purchase.
But instead of accessing a line of credit on an as-needed basis — like a HELOC — you’re given a one-time lump sum of cash to pay for the swimming pool.
If you prefer financing a swimming pool without tapping your home equity, you might apply for an unsecured personal loan.
Banks, credit unions, and online lenders offer personal loans, and they’re sometimes advertised as “pool loans.”
Once you’re approved, you’ll receive a lump sum to pay for your swimming pool.