Swimming pool loans have change through out the years as to the best ways to fund them. Years ago it was easy to go to your bank and receive a 120% value of your home loan. They even used to take the value of the pool you were adding to increase your loan to value of the home with hopes of helping you fund the loan. Well those days are pretty much gone. Banks dont take the fact that your adding say $50K into your home.Re-Financing through you regular bank usually can put people into a paying PMI situation.
The most common avenue for funding pool loans are to use signature based loans to get them through the project, add the value back into the home and than consider a longer term pay off through re-financing their home.
Below lists a couple of our Partner financing institutions that can help you while deciding.
Light Stream is a common avenue for financing your swimming pool with a signature based loan if a customer has good credit. With good credit through Light Stream you will recieve the best low-interest, no-fee loan from $5,000 - $100,000. They also can fund loans the same day. Light Stream also allows their customers to determine loan amount, terms and funding date.
HFS Financial is used is one our most popular choices where most of our customers tend to start. HFS acts more as a broker for loans. The great part about their service is they can shop out the best rate for their customers. Another advantage to using HFS Financial is they fund upto $200,000. Please reach out to Adam with any questions you may have.
BMO Harris is a great bank to use when considering the re-financing route. The home equity loan option provides a one-time lump sum amount at a fixed interest rate. Benefits of BMO Harris Bank are No Application Fees, Fixed Monthly Payments, They Pay Many Of The Closing Costs and Interest Many Be Tax Deductible. Below is the contact information for this option.