More than ever, it’s important to provide your loved ones with an escape from day-to-day stresses – and there’s simply nothing like having your own pool for playing, exercising, and building the memories of a lifetime.
More importantly, you’ll be investing in those priceless things that make life worth living, such as summer fun and shared joy in your family’s own custom backyard and pool. Because the pool construction market is booming, homeowners now have access to more inground pool financing options than ever before, and we’ll cover the key considerations to make when considering financing a swimming pool.
Key Factors For Financing a Swimming Pool
Today, there are countless options for homeowners looking to install the pool of their dreams. Whether looking for something simple and traditional, a truly extravagant backyard oasis, or somewhere in between, financing is always an option.
From simple lap pools to an elaborate, veritable water park, the procedure for finding the best financing options is the same. Fortunately, securing financing for a swimming pool can be incredibly simple with the right plan. It all starts with what you want and what your prospective pool builders can deliver. The following are the main factors to consider when financing your new investment and choosing whether to commit to a specific builder.
Know Your Financing Options
When embarking on this new adventure, knowing your financing options up front can affect the whole design process. Typically, you can talk to your pool dealers or loan officers about the following types of loans for swimming pools and related home construction projects:
- HFS – Home Improvement Loans
- Lyon Financial
- Viking Financial
- Frost Bank
- Central Bank/Light Stream
- Certified Funding
- EECU – Educational Employees Credit Union
Financing the entire project is sometimes possible depending on your financial situation, credit-to-debt ratio, and other qualifications factors. Even if not, better-qualifying factors will result in a lower interest rate and higher loan amounts. Most homeowners decide to invest some of their own cash towards the project, subsidizing the remainder in order to keep the loan amount low.
When financing a swimming pool, be sure your budget accounts for all aspects of the project, including decking, lighting, and other features beyond the pool itself. Some homeowners start looking into pool designs and discover that a broader backyard renovation they’ve been dreaming of would be more cost-effective if done simultaneously.
Timing Affects Rates
Based on your ability to discharge the loan in the agreed-upon timeframe, the financing opportunities available will differ according to numerous factors. In addition to the length of the loan and the value of your home or other collateral, rates are also impacted by continually shifting Federal market rates. As a result, rates on home credit lines typically vary throughout the loan term.
Exactly how those rates vary is, to some extent, also up to the lending institution. You’ll want to look into how and when they adjust their own rates and ask them if you qualify for financing arrangements with a locked-in rate.
Getting Pre-approved While Protecting Your Credit
Being pre-approved simplifies the process of scouting out different pool-building options – but at the same time, you don’t want to needlessly apply for multiple loans and negatively impact your credit more than necessary. The right balance is achieved by enlisting the help of an experienced pool company already familiar with the loan application processes in your locality, or even better, one offering their own advantageous financing arrangements.
This saves you time and orients your efforts to the more appealing and productive tasks ahead, like working with your pool builder to design your perfect pool oasis, while reducing the amount of comparison shopping that would otherwise be necessary.
Rather than expend enormous amounts of time researching lenders and subjecting your credit to a flurry of hard pulls, a well-known pool builder with financing services can give you the answers you want. Because they’re more likely to be expert pool builders, they’ve also inspired the confidence needed in their lending partners to secure better rates for the potential client or customer.
Scouting the Best Local Pool Builders
Reputable pool builders are likely to be the area’s leading contractors because they offer superior quality of work and unbeatable financing options. It certainly helps to do some background research so that the pool builders you interview know you’re a discerning consumer; however, once you are ready to scout financing options, your time is best spent comparing local pool builders and assessing their financing options and the skill of their work.
Here are just a few questions you’ll want to answer as you interview potential pool builders:
Do they inspire confidence and take strides to ensure you are totally aware of the entire process?
Do they give you any reason to suspect there may be some surprises or difficulties?
Will they use the best industry practices and the highest-quality materials?
Is the pool builder totally in-house, or do they hire out work to other subcontractors?
Does your pool builder hold themselves firmly to an agreed-upon price – or have they written in any wiggle room in the contract you need to be aware of?
What is their record for completing pool construction on time and on budget?
Evaluate Your Builder While Collaborating on the Design
Pool builders who have worked on many designs in your location and the wider area have the experience to foresee and prevent obstacles vs. their less experienced competitors.
This will be most apparent during the design process as you work together and share ideas. The best pool builders will heed your vision as closely as possible while educating you about the logistics and technical requirements to bring your vision to life.
If your design requires backyard remodeling for features like an outdoor kitchen or entertainment areas, evaluate the scope of their expertise.
Custom pool builders are also best suited to handle renovations, as they have experience working on unique and varied pool designs. Share your vision with them, and expect clarity on the costs involved. As necessary, learn which unique features they specialize in. Waterfalls, fountains, lighting, fire features, landscaping, pool decking, maintenance automation, and more are all possible, and some may save you money in the long run. When you know the total costs involved, it’s easier to establish an exact design for your financing options.
Financing Directly Through a Reputable Pool Builder
When financing a pool, you’ll save time and money by working with a pool builder who has already established relationships with local financing partners. This also ensures you receive personalized attention and support along the way, as these pool builders have demonstrated a history of putting their customers first and maintaining a great reputation.
Emerald Custom Pools is the top choice for Fort Worth pool builders. We are a family-owned and operated business servicing Dallas/Ft. Worth and surrounding areas. We pride ourselves in several areas, including quality of pool build, efficiency of crews, great communication, and nothing less than 100% customer satisfaction. With decades of construction experience, our team strives to ensure you get the backyard of your dreams at the most competitive and affordable prices. Start your custom pool journey today; click here to get started.
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