Can You Include a Pool in Your Mortage?
Dreaming about cooling off in your very own backyard pool in Garland, TX? If you're considering building a pool, you might be wondering if you can wrap the cost into your mortgage. Let's break down how you can finance your dream pool with your home loan.
Understanding Mortgage Financing for Pools
What Does Mortgage Financing Cover? Typically, you would use a mortgage to pay for a house and the land it stands on. But, it can also cover major improvements like adding a pool, depending on the type of loan you choose and the timing of your pool project.
Options for Including a Pool in Your Mortgage
- Purchase Plus Improvements Mortgage: This is a special mortgage for those buying a home and wanting to add a pool immediately. This mortgage includes the cost of home improvements in the loan amount.
- Refinancing: Homeowners can refinance their existing mortgage to access extra funds for a pool. This is based on the home's projected value after adding the pool.
Steps to Finance Your Pool With a Mortgage
- Talk to a Mortgage Advisor: Start by discussing your options with a professional. You'll want to find one who knows the Garland, TX, market well.
- Appraisal: You'll need an appraisal to estimate your home's value with the pool. This appraisal determines how much you can borrow.
- Check Your Finances: Make sure you can handle the higher mortgage payments that will come with the added loan amount for the pool.
- Collect Contractor Quotes: Get several estimates for the pool installation. This will ensure you're getting the best deal. Garland's Pool Professionals can provide competitive pricing and excellent service.
- Fill Out Paperwork: Your lender will require certain forms and financial details to process your loan.
- Close Your Loan: Once approved, you'll finalize the new mortgage terms.
- Begin Construction: With your funding secured, you can start building your pool. Stay in touch with your contractor to keep everything on track.
Benefits to Adding a Pool to Your Mortgage
- Affordable Borrowing: Mortgages usually offer lower interest rates than other types of loans.
- Simplified Payments: Combining your pool cost with your mortgage means only one monthly payment.
- Boost Home Value: A pool can increase your property value. This is especially true in places like Garland, TX, where outdoor living is of high value.
Things to Consider
- Increased Loan Amount: Financing a pool will increase your total mortgage amount. It also might extend the pay-off period.
- Ongoing Costs: Remember, pools need regular maintenance, which means ongoing costs.
- Higher Taxes and Insurance: Your property taxes and home insurance might go up with a pool. You should budget for these increases.
Including a pool in your mortgage can be a smart way to finance your pool without resorting to high-interest loans. It simplifies your payments and might even boost your home's value.
Just be sure you're prepared for the increased long-term costs. At
Garland's Pool Professionals, we're ready to help every step of the way, from planning to pool party! Contact us to explore your pool installation and financing options in Garland, TX.