Swimming Pool Loans & Installation Tips
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Texas swimming pool loans, courtesy of Amplify Credit Union

Financial Advice


Articles and research about improving your home

Amplify Credit Union offers Swimming Pool Loans in Texas

Financial Advice


Articles and research about improving your home

Swimming Pool Loans & Installation Tips

Published May 22, 2015 | Updated June 1, 2015

Considering adding a swimming pool to your backyard? If you’ve started your research, you’ve probably learned that swimming pools are expensive, and the swimming pool loans offered by swimming pool companies carry a slew of potential headaches like putting a lien on your home, having available equity in your home, or high interest rates over long terms.

Amplify Credit Union in Austin, TX has a couple of swimming pool loan options for you to consider.

Do You Have Home Equity?

If you do have available equity in your home, you may want to consider using a Home Equity Loan or Home Equity Line of Credit to finance your new swimming pool. Because the loan is secured against your homestead (like a mortgage), lenders are able to offer lower interest rates and more flexible payment terms.

If you do not have available home equity, you may want to consider Amplify's Homeowner Express Loan or Line of Credit as an alternative. These unsecured loans are specially designed to give homeowners the flexibility to make home improvements even when they don't have equity available.

What to Expect When Installing a Swimming Pool

Swimming pool installations require a lot of coordination, flexibility, and patience. Although every experience is different, here are some factors to consider ahead of time.

Your contractors will most likely expect payment up front.

Luckily, Amplify’s Homeowner Express Loans and Lines of Credit fund within 24 hours so you don’t have to wait. If your payment is due in phases, consider starting with a Homeowners Express Line of Credit so you can borrow against it in stages and only pay interest on your balance. When you’re done, you can refinance the balance into an installment loan to pay it off at a lower rate and longer term.

Swimming pools are expensive.

Basic swimming pools start in the $30,000 to $40,000 range, but that doesn’t include the stone or cement area surrounding the pool, post-construction landscaping, or your new pool and patio furniture. Make sure your budget includes everything.

There's going to be a big hole in your yard.

Obviously. But this might not sink in until your contractors start talking about digging up sprinkler lines and any other systems you may have running underground. Repairing these lines after the project will cost you money.

Swimming Pool Loan Financing Tips

Ready to get your pool loan and financing squared away? Here are some tips to keep in mind as you shop for pool loans.

Be good to your finances and credit.

Swimming pools are expensive to install, maintain, and repair, so don’t put your finances and credit score on the line by financing the entire swimming pool project. You may also be able to save money by opting to do some of the landscaping and cleanup yourself following the installation.

Shoot for the lowest possible rate.

Getting the lowest rate possible is important. If you have available equity in your home, consider applying for a Home Equity Loan or Home Equity Line of Credit. Although a lien and available equity are required, equity loans offer the lowest rates you’ll probably be able to find.

Need your funds immediately?

If you decide to go the Home Equity Loan or Home Equity Line of Credit route, consider using a Homeowner Express Loan or Line of Credit as a bridge loan. Contractors usually want some, if not all, of their money up front, but equity loans take several weeks to fund. You may be able to use the Express loan to pay your contractors then pay off the Express loan when your equity loan funds.

Plan your installation for the off-season.

Swimming pool contractors get a rush of orders for new pools during the spring and at the beginning of summer. Although rushing to have your new pool installed just in time for summer may sound tempting, having it installed in the off-season can save you money, time, and headaches.

Learn More About Amplify's Swimming Pool Loan Options

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