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How to Finance a Swimming Pools
Have you ever wanted to install a swimming pool in your backyard? This is a good idea since it will improve your lifestyle and also add value to your property if you want to sell it future. However, paying for this project from your savings might not be a good idea since it tends to be expensive. For this reason, you need to get pool loans from a reputable lender.
Here are some of the options to ponder.
This type of financing is ideal for those with stellar credit and consistent income history. It involves a simple application process, and you will not be required to provide collateral. Having a high credit rating means that you will have a fixed interest rate for the loan and a better repayment plan. With a shorter loan term, you will get a favorable interest rate.
Furthermore, you can merge multiple unsecured personal loans from several lenders to get enough cash that fits your budget. The moment your creditors approve your loan request and transfer the money to the bank account, you can use them to build a pool.
If you have a poor credit score, you will need to take a secured loan. Since the loans are backed by security, they are easy to obtain for borrowers with low credit rating. Make sure you remit the payments as agreed to avoid losing your properties.
A home equity line of credit (HELOC)
The HELOC is meant for applicants with a good mortgage. It is a business funding whereby the security is your equity in your house. You will use the loan as required and pay it back any time. While homeowners had a chance to borrow up to 100% of the accessible equity in the past, only (80-90) percent is allowed.
In most cases, a home equity line of credit is ideal for ten years and can be renewed. The best thing about this type of loan is that it uses your house as collateral and its rates are determined by the real estate market. This means that if the prime rate goes up, the amount to be paid every month increases.
Use your 401(k)
If you are one of the people with 401(k) retirement account, you might borrow against it to invest in your swimming pool. Note that the rate of interest of this form of financing is lower than what is offered by commercial rates. Additionally, you will pay the loan to your 401(k) account. Nevertheless, the funds you get will be pondered taxable income. In most cases, 401(k) funds must be paid back in less than 5 years. Failing to pay the amount will attract a 10% withdrawal charges.