Best 3 Ways to Finance Your New Arizona Pool
It’s almost a requirement to own a pool if you live in Arizona. How else do you get through the triple-digit temperatures through much of the summer? But not everyone is lucky to find a house that’s in their budget and that also has a pool – or that has a pool that’s ready for swimming. If you invest in a Mesa new pool build, not only will you be increasing the value of your home, but you’ll also be making your summers a lot more bearable.
You don’t have to have thousands of dollars socked away to afford a new pool. You just need to have the right financing options. Here are three of the best ways to finance your new, Arizona pool:
Home Equity Loan
Most loans require some kind of collateral for the amount you’ll need to get a new pool. The highest value thing you own is likely your home, so a home equity loan is often an ideal solution for financing your new pool build. You are likely to get a loan for the amount of equity you have in your home – the amount of principal you have paid off or the amount of value the home has increased. Some banks will only give you a loan for a certain percentage of the equity.
If you have lived in your home for a while, or if you live in an area with a hot real estate market, you likely have thousands in equity on which you can draw. Home equity loans typically have a very low interest rate, as well, since they are backed by your home. Therefore, you can get the pool of your dreams without disrupting your budget too much.
You can also free up a lot of cash by refinancing your home loan. The ways these loans work is that they pay off the current principal on your home. Assuming your financial circumstances have improved since you got the original loan, you’ll end up with a lower interest rate and have a smaller loan amount, thereby paying a lot less money each month.
In some cases, you can refinance your loan for a little more than the principal you owe, up to the full equity you have on your home. Then you can cash out the difference and use that money for whatever you like. You can still end up paying less each month, depending on the interest rate and the overall amount, but you’ll be paying the loan longer.
Pool Builder Financing
Some pool builders offer low-interest financing of their own. True Blue Pools offers financing for custom pools in Arizona through A&A Manufacturing. To apply, you need to provide basic information such as your name, address, and contact information, as well as some basic financial information, such as income and current employment. You’ll be asked about your assets, your credit rating, and whether you’ve ever had a foreclosure or bankruptcy. Finally, you’ll be asked for information about your home purchase and loan.
The financing allows you to work directly with the pool building company in Mesa for both the design of your pool and the payment of it. You can cut out the middle man so that you can work with the pool building company that you have already come to trust.