Obviously, it's a big advantage for you to know exactly how much money you can borrow for your backyard project. Here are a few helpful tips for you to consider as you investigate financing.
Do you know your Pool Financing Options?
Get Financing based on Average Pool Prices
TIP #1: There are basically 3 ways to get financing for your pool project:
"Home Improvement Loan"
"Refinancing" your existing Loan
"Credit Based" Loan
There are advantages and disadvantages of each. It's usually best to talk to a lender (or call us) to find out which of these will be best for you and your situation.
TIP #2: Do you know how much equity you have? It's fairly easy to calculate:
Go to www.zillow.com, enter your address, and find the "ESTIMATED MARKET VALUE" of your home.
Alternatively, you can search your county tax records for the "tax assessed value” of your home.
Then call your mortgage company for your CURRENT BALANCE(s). Note – If you have a 2nd mortgage, you must include that in the total. Subtract CURRENT BALANCE from ESTIMATED MARKET VALUE to determine your EQUITY.
TIP #3: Talk to a lender. Note that you DON'T need to fill out an application, or worry about anything hitting your credit report.