Financing a Swimming Pool

Once you have decided that you are planning on getting a pool, it is time to begin the process of obtaining financing for your swimming pool project.

 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 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, here 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. Loan 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).

Home improvement loans

Home improvement loans can be made for up to 100% of the appraised value of the home. The
improvements being made can be added into the value of the home. In the event that you decide to
refinance your mortgage, at a later time the loan can be rolled into the permanent mortgage.

Home equity loans

Home equity loans can be made for up to 80% of the appraised value of the home. The
improvements made cannot be added into the value of the home. The combination of both of these
statements make it necessary that you have more equity for this type of loan versus a home
improvement loan. This type of loan cannot be rolled into a permanent mortgage in case of
refinancing. In addition, you are only able to apply for one home equity loan in a 12-month period.

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.

Pool Renovations
Pool Renovations
Pool Renovations

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Down home genuine feel.  Always feel like your staff is being honest and courteous with us.  I like the face that your service technicians are nice to my dogs and are able to do their service and I don’t have to lock the dogs up in the house for the day.  It may not sound like much but this is a really big deal to us. - Christine W.

Answered questions and gave honest advice.  Also, Saturday service since that is the only day I can be there. - Dennis W.

The fellow who came to the house and showed me how to work the filters, pumps, etc. and let me do it hands on so I knew what to do myself.  Very informative, friendly, and “pool knowledge” are not silly questions.  They understand not everyone knows about pools.  Very knowledgeable staff.  I felt every employee, either in the store or those that came out to the house knew exactly what they were talking about. - JoAnn O.

Timely response, honest answers, and friendly service.  A.W. was a great guy to work with . - Patricia B .

Matt Watson is friendly, caring , and prompt. - Gary & Carol P.

Genuine concern about my pool’s problem.  Taking initiative to solve the problem and having authority to do so.  Seems like a family unit more than a company only our for a profit. - Mary F.

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