Swimming Pool Financing
How Do You Finance
Your Swimming Pool????
particularly an expert on swimming pool financing, but if you are
interested in having an inground pool installed, and you can't pay cash
for it, you will have to finance it. (If you are interested in knowing
the true and actual costs of installing and maintaining a new swimming
pool, click on over to this series of articles and be informed of the
actual costs. Click True Pool Costs to read these articles)
there may be other types of loans that you can take out, a home equity
loan has definite advantages (and a few disadvantages). To learn about
swimming pool financing, you should do two things: 1.) look around
online for information on loans and then 2.) pay a visit to your local
bank, or get a recommendation of a local mortgage broker.
with, we'll have to assume you're a homeowner (otherwise you might want
to rethink the idea of having a swimming pool, eh?) and that you have a
mortgage on your home. To finance your swimming pool, you will probably
be looking at either refinancing your existing mortgage (and hopefully
getting a lower interest rate), or taking out a second mortgage or home
options are going to vary slightly in cost from lender to lender.
Now-a-days it is pretty hard to compare your total costs between banks
and/or brokers because there are so many fees and things that can be
charged during your pool financing or home re-financing (and they can
also be referred to as slightly different things.)
home equity loan (or second mortgage) the total amount that you can
borrow will be the difference between the appraisal of your home and
the principle that you currently owe. In other words, if your house
appraises for $150,000 and you have $125,000 principle left on your
mortgage yet, you can borrow up to $25,000. Please remember that,
unless you want to pay for your closing "costs out of pocket", your
closing fees will be taken out of your loan amount. In other words, if
you can borrow $25,000 and your closing costs are $3000, you will only
be able to apply $22,000 toward the financing of your pool
been my parents limited experience with home re-financing (and swimming
pool financing) that they prefer the local mortgage broker. They
believe that while it may be possible to compare actual closing costs
between two sources, it is extremely difficult. They also believe,
generally speaking, most of the fees should be about the same between
lenders, i.e., most appraiser's fees will be about the same, most
lawyer fees will be about the same, most title searches will be the
same, and so on.
this, one of the biggest factors affecting your costs will be your
mortgage rate and length of loan. If you use a mortgage broker, they
have a long list of sources to which they can turn and get the best
deal for you. It all depends upon your circumstances. They may look in
one place for some people's circumstances and look in other places for
another person's needs. If you go to a bank, I believe they are more
locked into fewer choices to select from and may not necessarily get
you the best deal.
reason my parents like to work with a local broker is that the local
broker service is much more personable. The local broker will often go
that extra mile to help you and take good care of you. My parents'
dealings with the local broker have always been better than the service
they received when working with the local banks.
summary, I would suggest that you look at some of the more reputable
places online and learn as much as you can. You may find that their
costs are a little lower than your local sources, but I think the
overriding factoring of who you chose - is that the one-on-one,
face-to-face dealings can't be beat.
dealing with thousands and thousands of dollars in your swimming pool
financing and you want the peace of mind that when you have a problem
or question, that there is someone, only a phone call away, who can
line, while I don't know this for sure, I believe that if you could
compare costs between different lenders, you would probably find that
the differences are relatively small. This means who you are most
comfortable dealing with will be the factor in deciding who to go with
in your swimming pool financing.
Remember .... to get actual prices of installing and maintaining a new in-ground swimming pools click True Pool Costs to read.