Inground swimming pools are very popular at the moment, and more and more homeowners are considering having one installed. If this is a project you are interested in, you are likely considering the cost, and you will be happy to know that you can finance this project through either a secured or unsecured loan.
Inground swimming pools are very popular at the moment, and more and more homeowners are considering having one installed. If this is a project you are interested in, you are likely considering the cost, and you will be happy to know that you can finance this project through either a secured or unsecured loan.
An unsecured loan does not include collateral, so the lending institution will not use your home as a form of security, meaning there is more risk involved for the bank. To compensate for this, lending institutions will charge higher interest rates, and the payments will have to be made in a shorter period of time. Most lenders will not lend more than a certain amount on an unsecured loan because it is too risky, so you will have to see if you qualify for this type of loan and whether or not the amount will cover the fee for your inground pool.
Some homeowners will use their savings to pay for this project, but not everyone has this amount, and most people will have to turn to a loan. It’s important to see if you qualify for a loan before you get too excited and if you are not sure, there are two steps you can take and the first is to figure out the current equity in your home to determine whether or not you would be eligible for a home equity line. If this option is available to you, you can then call a lending institution to get more information about their rates and programs. You can also do some research to find lending institutions that offer unsecured loans to see if this amount is enough for your inground pool. If you see that the amount will cover your project, you can then ask about their rates and payment plans.
The addition of a swimming pool will increase the value of your home, and most lending institutions will take this into consideration.
If you are interested in a pool, Boxx Pool can provide you with more information. We can help with both inground and above-ground shipping container pools if you’re looking for something different. Shipping container pools are very trendy at the moment, so if you are interested in elevating your backyard and are in the Winnipeg area, contact us today!