If you are looking into financing a pool , then you have several good options. Generally, these options include the following:

1) You can take out a home equity line of credit to pay for the pool
2) You can refinance your current home loan to include the pool or,
3) You can include the pool cost in your original home loan (if you are building a home and thinking about adding a pool)

Let’s take a look at these options in a little more detail:

First – Taking Out A Home Equity Line of Credit

A HELOC (the abbreviation for home equity line of credit) is a very common option used for people who already own their home but would like to add a pool. This option is great if you have equity into your home and already have a good rate on your current home mortgage loan. However, if your rate is bad, or if you don’t have too much equity in the home, you may want to look at option number 2.

Second – Refinance your Current Loan

This is a great option if you currently have a loan with high interest rates, and the cost to refinance will be less than the origination cost of the refinancing. In addition, specifically with pools, make sure your lender understands that adding any type of pool adds value to your home. So, if your home is worth $150,000 and you add a pool, your home should be worth more afterward – allowing you to borrow more than the old loan limits on the home if needed. Obviously, if you have $50,000 of equity in the home (for example) then you may not need to borrow more than the original loan amount anyways, even after you add the above ground pool financing into the overall loan amount. While this makes the value calculation a litter more difficult to figure out, your loan officer should be able to help you with this.

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