Secured Pool Loans
Secured pool loans are the most common choice for financing a new pool, as they tend to offer longer terms, lower interest rates and higher loan amounts. They are a good option for those that have equity in their homes (though not always a requirement) and are willing to use it as collateral for their new pool, or for those that have other assets (such as savings accounts, stocks, bonds, or mutual funds) that they are willing to use as collateral. The most common form of pool financing in Texas is a Home Improvement Loan, that allows you to take out a second mortgage based on the improved value of the home (the projected value of your home once the pool is completed). This option often allows borrowers to roll in the full cost of their pool with minimum up front costs.
Unsecured Pool Loans
Though not as common, some lenders do offer unsecured pool loans. This means that you do not have to put anything up for collateral. Because these loans are riskier for the lender, they typically carry a higher interest rate and smaller loan amounts. They may be a good option for homeowners with little to no equity in their home, those that only want to finance a portion of the expense, or homeowners who do not want to use their home as collateral. For more information on your pool loan options, or to be referred to one of our trusted lenders, call us today. We’re more than happy to answer any questions you may have and can even estimate a monthly payment for you. With online applications and electronic processing, you’ll be amazed at how easy the pool loan process can be!