Financing Options: Why NOW is the Perfect Time to Buy a Pool
03/07/2015 | Categories: Pool Financing
Financing Options: Why NOW is the Perfect Time to Buy a Pool | Sunshine Fun
Financing options that make now the perfect time to buy a pool and spa
One of the most important decisions when building a pool or spa is determining how you will finance your new project. Not only will a pool or spa enhance the beauty of your home, it will also add to its value. With the introduction of more creative financing options, now is the perfect time to take the plunge in a new backyard oasis.
Financing has evolved dramatically over recent years. Prior to the housing crash in 2008, most pool and spa project financing only took shape in the way of traditional home equity loans. After the downward spiral of the housing industry however, there was little, or in most cases, no equity to tap. Banking institutions around the country imposed extreme restrictions and equity financing became nearly impossible.
Through adversity comes change though and in the financial sector, creativity was driven by need. As a result, there are now some choices. New unsecured loan opportunities have been created. These are usually titled as “Home Improvement” loans and with good credit, can be established at a fixed interest rate. As the housing industry has been slowly but steadily gaining ground, we’ve seen the re-emergence of some equity programs. These loans work off the value of your home and may offer a slightly better interest rate. Home appraisals are typically necessary and the loan is usually based off the value of your home minus any current mortgage or liens. Your pool builder can also provide details on any debt consolidation or cash-back options with your pool project loan as well.
In an effort to make the purchase and financing of your custom pool and spa project as simple as possible, Sunshine Fun Pools works closely with some of the largest and most experienced home improvement finance providers throughout the country. So no matter your credit situation or the amount of equity in your home, there’s sure to be a financing option that works best for you. Our local, traditional lenders include The Bank & Trust and Prosperity Bank. Also available are LightStream and Lyon Financial.
Like your home, this is obviously an investment. Once the financial component has been set in place, then it’s on to all the wonderful design decisions that will help make this investment the backyard of your dreams. Besides, it’s not all just equipment and water, it’s years of enjoyment and all the special memories that come with it.
Visit our website’s Pool Financing page for quick links to banking options and the great programs offered.