So you’ve decided to buy a pool. Congratulations! Pools and spas are a fun and beautiful way to create enjoyable memories for your whole family while improving the value of your home. As pool builders, we are excited to help you through the process of designing and building your ideal backyard oasis. Before you get started though, let’s discuss that little issue of financing!
There are a number of ways to think about paying for your new pool from home equity loans to credit cards to taking out a second mortgage on your home. Each one of these options has its benefits and challenges. Just like you come to us for pool advice, we go to financing experts for capital advice.
At Build Your Own Pool we work with an independent financier, to help our clients sift through the oftentimes-complicated range of options. Our preferred financing company works with prospective pool buyers to assess their financial and pool related goals and create a facilitated process where different program details can be examined and compared in a simple and low-stress framework.
Embarking on a pool financing adventure does require doing a bit of prep work though so let’s go over some of the information you are going to need before applying for financing:
Employment information including Gross Monthly Income for yourself and any co-borrowers that might be helping you secure financing.
Detailed information about your property including current value, purchase price, mortgage balance, monthly payment amount, and appraised value.
Banking references and information related to other income like a 401k or Brokerage Accounts.
Information related to your pool builder including their contract price and requested down payment amount.
Building a new pool is an exciting and sometimes scary project to undertake. The best advice we can give is to take advantage of and trust the professionals in the pool financing industry as much as you do the pool building industry to provide you with excellent guidance and help along the way.