How To Get The Money For A Dream Pool.

Article Written By: Melvin Moore

Even with the worries about money and the stock market crash there are many ways to obtain pool financing.

Before selecting a method of financing, you need to have an idea of how much money you'll need, and to do this you will need to select a builder. This may be a harder process than actually securing financing, but a good builder will often be able to help you navigate through getting financing. Many wll know whether it's currently better (read cheaper) to take out a second mortgage or apply for a line of credit as long as both options are available to you. Some builders will also offer their own financing. While this may be convenient, and you may like and trust your builder, please do your own research and pick the option that makes the most sense for you financially.

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.

Some people attempt to to pay the pool builder directly with a credit card. Many pool builders will not accept credit cards as a form of payment. The interest payments for the customer are insane, and it can signify an inability to get other financing, which can be a red flag to the builder. Also, when attempting to choose a lender make sure to ask if they typically do loans to finance pools. If they are familiar with the process things will typically progress at a faster rate.

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.

About the Author

Melvin Moore is a finance and swimming pool journalist who writes about financing a pool

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