Pool Financing Options

As difficult as it is to make a large purchase such as a swimming pool-it is a good idea to choose a company that you trust and work with them to design you a quality swimming pool that will provide many years of enjoyment. Once you have decided on a swimming pool builder, it is time to obtain financing for your swimming pool project. Very few people are in a financial position to pay for a swimming pool without borrowing money. Therefore, financing (or borrowing money) is by far the most popular method of purchasing a swimming pool. The two most popular types of loans that are available are:

1. home improvement loan
2. home equity loan

Denton is blessed with fine lending institutions that are able to provide assistance and advice when it comes to pool financing. Although each lending institution has different policies and procedures/rules that apply, following are some general guidelines for each type of loan.

Common to both types of loans

1. Both home improvement and home equity loans are usually available for the long term-usually from 3 to 25 years. The length of time available is usually based on the dollar amount.
2. The interest is tax-deductible in most cases-see your accountant to see if this applies to your situation.
3. State law requires that a minimum of 15 days pass before the loan is funded (12 days to close the loan plus 3 day right to cancel the transaction).

As you can see, each loan has its advantages and disadvantages. It is important to discuss with your loan officer or financial adviser which loan would work best in your situation.