The 3 Best Ways to Finance Your Inground Pool in Arizona

Are you dreaming of sunny days spent poolside but not sure if a pool actually fits in with your budget? In this article we discuss how a new pool build is feasible for your family with three different types of competitive financing options.

California Pools & Landscape has been helping Arizona families fund their backyard dreams for over 35 years. And we’ve learned that finances are a personal topic and homeowners are reluctant to discuss theirs. However, exploring and learning about funding options shouldn’t be an uncomfortable process.

By spending time reviewing your monthly budget and loan programs, we are confident you will find a finance option to meet your goals.

Financing A Pool With A First Mortgage & Close Of Escrow

First mortgages are loans you take out to purchase and/or build your home. COE or close of escrow is when your lender allows your pool and landscape project to be rolled into the primary mortgage. The primary mortgage lender has the first lien on the property.

Benefits Of Financing A Pool With A First Mortgage & Close Of Escrow

  • Finance pool projects for up to 30 years with a fixed rate
  • Only one payment for both the mortgage and pool
  • Typically allows for the opportunity to refinance just 6 months after the loan closes
  • Interest accrued is tax deductible
  • Offers both the lowest interest rate and monthly payment for financing a pool

Mortgage Companies That Allow Pool Contracts In The First Mortgage

In our experience, most mortgage lenders will allow customers the ability of wrapping their pool project in with their home loan.

California Pools & Landscape has great working relationships with the following first mortgage lenders:

  • Wells Fargo
  • Homeowners Financial Group
  • Bell Bank

While they might not be the only lenders to offer this service, we continue to work with them as they provide excellent customer service and accommodate project timelines.

Financing A Pool With A Second Mortgage Or Home Equity Line Of Credit

A second mortgage uses the equity in your home to finance the pool project. It is a secondary loan to your primary mortgage. This is a loan option available for homeowners who have closed on the loan for their first mortgage and are living in the home.

Benefits Of Financing A Pool With A Second Mortgage Or Home Equity Line Of Credit

  • Interest accrued is tax deductible in addition to your primary mortgage interest
  • Offers monthly payments with loan terms of 15, 20, or 25 years at a fixed rate that’s typically lower than an unsecured loan
  • There are no prepayment penalties using California Pools & Landscape’s lenders
  • Many programs lend up to115% loan-to-value so equity is usually not an issue

Financing A Pool With An Unsecured Or Personal Loan

Unsecured loans are based on credit score, credit history, income, amount of debt, and other factors. Unlike a first or second mortgage, unsecured loans are approved without having collateral or an asset tied to it. These are also known as personal loans or signature loans.

Benefits Of Financing A Pool With An Unsecured Or Personal Loan

  • Start construction sooner as loans can be finalized in just a few weeks
  • No secondary lien on home
  • Affordable monthly payments with the average loan terms of 15 years at a fixed rate
  • There are no prepayment penalties using California Pools & Landscape’s lenders.

What Would My Monthly Pool Payment Be With Each Of These Financing Options?

1st Mortgage/COE*2nd Mortgage**Unsecured**
Project CostMonthly PaymentInterest RateMonthly PaymentInterest RateMonthly PaymentInterest Rate
$50,000$304*3.25%$430**6.25%$465.007.50%
$75,000$454*3.25%$645**6.25%$695.007.50%
$100,000$609*3.25%$860**6.25%$930.007.50%
$125,000$760*3.25%$1075**6.25%$1,125.007.50%
*Monthly payment is based on adding the project cost to a $300,000 mortgage with a 30-year loan term and estimated payment of $1826.
**Monthly payment and interest rates based on a 15-year loan term.

What Do All Pool Loans Have In Common?

As you are reviewing your options for financing your pool project, there’s something you should know. The loan types and terms are going to look different than other loans you may have taken out for a car or furniture. There are no gimmicks like, “no payment no interest for 12 months” that carry higher interest rates. Pool specific loans have lower rates with longer terms that keep the monthly payment very affordable. Keeping this in mind as you’re evaluating lenders will make your overall financing process more enjoyable.

Which Pool Financing Option Is Right For Me?

Pool financing shouldn’t be overwhelming, it should be just as fun as the pool you’re designing!
Whether you’re building a pool or going through the finance process with us, we want to help you decide which loan is the best option.

Wrapping A Pool Project In A First Mortgage Is Best For:

  • People looking to purchase an existing home or are building a new home
  • Wanting one monthly payment for both the home and pool
  • Need the lowest monthly payment and interest rate available
  • Looking for possible tax deductions on the interest

Second Mortgage Or Home Equity Line Of Credit Is Best For:

  • Homeowners who already have a first mortgage and are living in the home
  • Homeowners looking to secure a pool loan using the equity in their home
  • Those looking for a lower monthly payment and interest rate
  • Looking for possible tax deductions on the interest

Unsecured Or Personal Loans Are Best For:

  • People with excellent credit scores and credit history with relatively low debt
  • Those not wanting a secondary lien on their home
  • Looking for possible shorter loan terms or want to pay the loan off sooner
  • Those who want to start a project quickly
  • Those not wanting to use the equity in their homes to secure the loan

Finding Inground Pool Financing In Arizona

California Pools & Landscape has a finance team dedicated to helping our customers secure the best financing options for their project and lifestyle. We work with lenders directly to get our customers the best rates and loan offers available. We charge no additional fees for this service as we just want to be your pool builder of choice. Last year alone we were able to fund over $16 million dollars in pool projects, that’s 305 happily swimming families!

For more information on your eligibility for pool financing, get started today with a free finance consultation – no credit pull required.

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