Can I Finance my Pool Purchase?
A pool doesn’t have to be a luxury out of your reach. If considering a pool but spending that much money at one time sounds daunting, review financing options. Fortunately, there are ways of purchasing a pool that don’t involve using all your savings. Homeowners can enjoy the benefits of their own pool by purchasing it through finance, just as they would a home, car, or any other major purchase. A home equity loan, commonly known also as a second mortgage, can provide financing with fixed interest rates in the low 4%. There are also options available for specific pool financing.
For example, Paramount Capital offers pool financing for customers of its licensed Paramount Pool dealers. The offer it supplies is specific for pools. It is not a lender, but works with multiple lenders to help customers finance up to 100% unsecured. There is a dollar value limit though and each case is specific. What is unique about its program is that it offers loans that are unsecured with no home equity required.
It also offers equity programs, low, fixed, and variable rates, and lender programs in all 50 states. It provides options for homeowners as well as builders, with the flexibility for builders to become authorized Paramount Pool contractors.
With the services of this company, homeowners can enjoy a new pool without sticker shock. What sets Paramount Capital apart from banks is that it specializes in pool financing, while a bank may rarely do loans specifically for swimming pools. Paramount is familiar with the needs of customers in this area and knows what suggestions to make.
A home equity line of credit, or HELOC, is provided by most banks. These loans are determined based on the existing equity in a home. Each bank may differ on features and offers of a HELOC, but the majority of the options and benefits in a bank home equity loan are similar across the board. Key Bank states that its HELOC provides continuous benefits, such as continuous access to available credit, variable rates with the ability to lock in fixed rate options, and flexible payment choices, such as interest only or principal plus interest.
The home equity line of credit shouldn’t be confused with the home equity loan, which is a loan with a fixed rate and term based on the amount of equity in the home. A home equity loan will work as a regular loan with a term from 5 to 30 years, acting as a second mortgage. If considering a pool, research to find the best option for financing.
Homeowners would also do well to know that they are able to combine more than one option, such as a home equity loan and pool financing, to make up 100% financing.
For questions about financing your new Pools of Fun pool, contact us or check out our pool financing options.