- 1 pool loan
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- 1.2 Ways to get a loan for a new pool
- 1.3 Will a pool increase my home's value?
- 1.4 The pool of your dreams starts here.
- 1.5 What Do Our Customers Say About Us?
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English-russian dctionary of contemporary Economics . 2014 .
Смотреть что такое "loan pool" в других словарях:
pool — /pu:l/ noun 1. an unused supply ● a pool of unemployed labour or of expertise 2. US a group of mortgages and other collateral used to back a loan ■ verb ♦ to pool resources to put all resources together so as to be more powerful or profitable ♦… … Dictionary of banking and finance
pool shark — a hustler at the game of pool or billiards; a hustler misrepresenting his skill level in order to cheat the other player out of money. Based on the predatory reputation of the shark. See also cardshark and loan shark … Dictionary of ichthyology
Pool factor — The outstanding principal balance divided by the original principal balance with the result expressed as a decimal. Pool factors are published monthly by the Bond Buyer newspaper for Ginnie Mae, Fannie Mae, and Freddie Mac( Federal Home Loan… … Financial and business terms
pool factor — See factor. American Banker Glossary The outstanding principal balance divided by the original principal balance with the result expressed as a decimal. pool factors are published monthly by the Bond Buyer newspaper for Ginnie Mae, Fannie Mae,… … Financial and business terms
Bank Pool Loan — A fairly new form of loan, the Bank Pool Loan or BPL, is a tool used by US based firms trading on public markets that need funding of under $10,000,000. In a BPL, A group of European based banks (the pool), create a European firm who s sole… … Wikipedia
Savings and loan crisis — The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S L crisis) was the failure of 747 savings and loan associations (S Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around… … Wikipedia
List of Zombie-Loan characters — The main characters (from left to right): Shito, Chika, and Michiru. This article contains profiles and information for the characters of the anime and manga series Zombie Loan. Some info may spoil reader if you haven t finish watching/reading… … Wikipedia
Bridge loan — A bridge loan (also known in some applications as a swing loan) is a type of short term loan, typically taken out for a period of 2 weeks to 3 years [cite web| url=http://www.thisismoney.co.uk/help and advice/advice banks/article.html?in… … Wikipedia
Syndicated loan — A syndicated loan (or syndicated bank facility ) is a large loan in which a group of banks provide funds for a borrower, usually several but without joint liability. There is usually a lead bank or group of banks (the Arranger/s or Agent/s ) that … Wikipedia
Media Development Loan Fund — (MDLF) is a New York registered 501(c)(3) non profit corporation and investment fund that provides low cost financing to independent news media in countries with a history of media oppression. It works with newspapers, radio stations, and TV… … Wikipedia
Weighted Average Loan Age - WALA — A dollar weighted average measuring the age of the individual loans in a mortgage pass through or pooled security, such as Ginnie Mae or a Freddie Mac security. The WALA is measured as the time in months since the origination of the loans, with… … Investment dictionary
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Looking to build a swimming pool? How about a spa? With a personal loan via Lending Club, we can help you create the swimming pool or spa of your dreams. Let's dive into your project.
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Unsecured loans based on your personal credit rating and not the equity of your home. Loans deposited directly to you. That means you decide which contractor to use. If you want to add a little extra landscaping and some outdoor furniture to your total budget, no problem.
With monthly installment payments, the amount you pay will never increase.
No need to go to a bank, have your home appraised, complete piles of forms or visit a notary. Get a swimming pool or spa loan without leaving your home.
Loans are directly deposited into your bank account in as quickly as a few days, a fraction of the time of a home equity loan.
You can pay off your loan at any time and get rid of future interest payments. No prepayment penalty.
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Thinking of installing a pool at your personal residence? Depending on where you live and how you plan to finance, it’s bound to be an expensive endeavor.
With the average in-ground pool costing $48,220 to install, most people don’t have the cash on hand to make it happen, so they turn to financing. There are many different ways to get a pool loan, with pros and cons for each method.
Before you can start to evaluate your financing options, you need to get an idea of what your pool will cost. There are several different models, each with their own longevity expectations and price points.
Jason Vaughan, president of National Pools of Roanoke, a Roanoke, Va.-based pool retailer, let us in on the pros and cons of each model.
Above-ground pools are going to be your cheapest option. Vaughan describes them as disposable as they are easy to put in and take out.
He says the price typically falls under $10,000, and that depending on how many bells and whistles the customer wants, you can install one for as little as $5,000. If the manufacturer supplies an installation kit and you feel confident in your DIY skills, you should be able to cut costs even further.
In-ground vinyl pools are a step up from above-ground pools. While they use the same lining, they’re a more permanent structure usually accompanied by some type of deck or patio.
Vaughan notes that while they are only the second most expensive option, they may be the most practical depending on your climate.
“In northern markets you have shorter time frames between freeze and thaw,” he explained. “Vinyl is not as adversely affected by some of the effects of cold like concrete is. It’s a bigger market than concrete for many homeowners — especially up north.”
The major negative to this type of pool is that you will have to take care not to puncture the pre-manufactured lining. Vaughan says that when properly cared for, you can expect the lining to last for the duration of your homeownership — but not much longer.
According to HomeAdvisor.com , you can expect to pay $35,000 to $50,000 for a vinyl pool — including installation. Price will vary based on your individual project requirements and where you are located.
Fiberglass pools are another pre-manufactured product. You pay more for the materials, but installation is not as labor intensive. Compared with a one- to two-month installation period for in-ground vinyl pools, you can conceivably get a fiberglass pool installed in as little as two weeks. You can also expect your fiberglass pool to last longer than one with vinyl lining.
Depending on your location, you can expect to spend $45,000-$85,000 on a fiberglass pool, including installation services.
Concrete pools are the most luxurious option, though as noted above, they may not be the best option for homeowners in colder climates thanks to freeze/thaw cycles. Concrete pools are customizable, and often take two to three months to build. If you want a waterfall feature or a vanishing edge, concrete is the way to go.
They do come at a much steeper cost, though. Vaughan, who works primarily with concrete, puts the low end at $35,000 before installation regionally, though he has worked on projects that ranged at half a million dollars and above.
Nationally, you can expect to pay anywhere between $50,000 and $100,000 , including installation depending on your project specifications and location.
As you install your pool, there will be additional costs to getting the project done. These costs include:
- Excavation of soil
- Construction of deck or patio
- Federally-mandated barrier or fencing
“You really have to look at it as a project cost, not a pool cost,” said Vaughan. “The project cost is usually about double the pool cost.”
That means if you’re putting in a $10,000 above-ground pool, you should budget for a total of $20,000. If you’re putting in a $35,000 concrete pool, your total costs are likely to be at least $70,000.
While you’re unlikely to recoup your total investment upon selling your home, a joint report by the National Association of Realtors and National Association of Landscape Professionals reveals that you are likely to recover 50% of those costs — meaning that a pool will add value to your home, just not as much value as you put into it.
Another added cost to consider is increased property taxes. When your home value rises, your property taxes do, too. It may be wise to talk to a realty professional about potential reappraisals to get an idea of how your locality would tax your home based on your aquatic addition.
Beyond ancillary project costs, you’ll also want to think about ongoing maintenance. Vaughan says that you can expect to spend about $50/month on chemicals, but your costs will go up if you want to hire someone else to take care of the maintenance.
“Major [or warmer] markets have more competition,” Vaughan said. “If there aren’t as many pools in the marketplace, hiring someone for maintenance is more expensive. Customers can spend $50 to $400 per month depending on which market they live in.”
Before installing a pool, you will also want to call up your insurance company to see how the addition will affect your homeowners policy premiums.
Ways to get a loan for a new pool
There are many different ways to secure swimming pool financing. While you won’t necessarily find a product labeled “pool loan” on your lender’s website, there are a litany of financial products which can get you the money you need to install your family’s warm-weather oasis.
Chris Blakely, CFP based in Pennsylvania, recommends these products in a very specific order.
Home Equity Line of Credit (HELOC)
If you have equity in your home, you can consider taking out a home equity line of credit (HELOC) . Think of it as a credit card with dramatically lower interest rates. Your financial institution will tell you how much you can borrow relative to your debt-to-income ratio, credit rating and the equity you have built in your home, and you can then draw money against that line of credit when you need it.
Blakely likes this option because you can borrow the exact amount you need as the bills for supplies and labor come in, and the interest you pay on a HELOC is typically tax-deductible. According to Michael Kitces, MTAX and creator of Nerd’s Eye View, this will continue to be true under the new tax law as long as the borrowed money is used to acquire, build or improve your primary residence. However, because this deduction will now max out at $750,000 of indebtedness, it is wise to sit down with an accountant before placing your bets on tax deductibility.
Blakely does caution against the down sides, too.
“Because the home is the collateral on a HELOC, you will have to have a home appraisal done — which is a sizeable expense,” he said. “You’ll also have to look at whatever the lender’s fees are for processing the HELOC, closing costs, points, etc. These are typical fees associated with bank lending.”
Interest rates on this product are low because your home is the collateral. The downside to that if you fail to repay the loan is you could be facing foreclosure.
Home equity loans are similar to HELOCs in that they are based on your debt-to-income ratio, credit rating and home equity. The difference is that you will be borrowing a lump sum of money upfront and then repay the balance as an installment loan.
Home equity loans are a good option for pool loans for a few reasons. First, because your home is collateral, your interest rates are likely going to be lower than unsecured loans with no collateral. Blakely emphasizes that you should make sure the interest rate on your loan is fixed so that it stays steady over the course of your loan term — which he says should be 10 to 15 years.
Because the structure of your loan doesn’t matter, Kitces says the interest that you pay on these loans will continue to be tax-deductible if they are used for the building, acquisition or improvement of your primary residence up to $750,000 — just like with a HELOC.
You will have to pay closing costs on your second mortgage, so be sure to familiarize yourself with what those costs will be before taking on the loan.
If you have equity in your home, Blakely recommends a cash-out refinance as the third best option for your pool loan. With a cash-out refinance, you’re essentially taking out a new mortgage. You’ll be consolidating two expenses into the new mortgage: your current mortgage balance and the cost of your new pool.
The pros to this method are that your interest rates are likely to be lower than unsecured options like personal loans or credit cards, and the interest that you do pay is likely to be tax-deductible.
Depending on when you took out your original mortgage, your interest rate on a cash-out refinance may be lower than what you’re paying now. Blakely notes that this doesn’t mean you’ll be paying less money long term. Because mortgages are amortized , you pay more in interest than in principal at the outset. If you’re 10 years into a 30-year mortgage when you refinance, you’ll be paying less toward the equity in your home during the next 10 years than if you had not refinanced. You will also be paying interest for 10 years longer than if you did not refinance, which is likely to make your overall costs higher.
Because you’re refinancing your mortgage along with financing your pool, fees and expenses are higher with a cash-out refinance than they are with a HELOC or home equity loan.
Personal loans are unsecured debt, which means there is no collateral backing your word that you’ll pay the money back. For this reason, when you use a personal loan for a pool loan, your lender is likely to offer you a higher interest rate than the products which use your home as collateral. Again, Blakely reminds consumers to look for fixed-interest products rather than those with variable rates.
Blakely does say that personal loans are one of the better options if you have no equity in your home to leverage a cash-out refinance, home equity loan or HELOC. However, with the average pool costing between $50,000 and $60,000, he says the amount your lender offers you on a personal loan may not entirely cover the costs of the project.
If you must use a personal loan as a pool loan, make sure to calculate expenses like application or origination fees into the total. You also want to make sure there are no prepayment penalties that would prevent you from paying the higher-interest loan off before the end of your loan term.
Some pool installation companies offer financing directly to consumers, though Vaughan says that he has seen more consumers use HELOCs and home equity loans over the course of his career.
The financing options may be secured or unsecured, and while fees can vary from company to company, it’s unlikely that you’ll be able to refinance with a company other than the one who is installing your pool.
For that reason, you should compare this financing option against HELOCs, home equity loans, cash-out refinancing and personal loans rather than comparing the financing installation company by installation company. Who installs your pool should be a choice based on reputation and credentials rather than financing options or availability.
Credit cards, which come with high interest rates and confusing formulas behind minimum monthly payments, are a no-go, according to Blakely.
“If this turns out to be your only option as the other options aren’t viable for you due to debt constraints or credit issues, just splurge for a weekend at your local Holiday Inn and hang out by the pool,” he said. “Interest rates are way too high on credit cards. You’ll end up underwater or drowning in debt.”
Will a pool increase my home's value?
Blakely says that when he lived and worked in sunny Florida, he saw clients get a higher return on pool installations than he does now in Pennsylvania — home of cold and blustery winters. In this colder climate, he says his clients only see about half of their investment back when they go to sell.
Vaughan confirms that in warmer climates where half or more of the neighborhood has a pool, you’re more likely to recoup a larger portion of your costs.
Ultimately, because pools are a lot of maintenance, can pose safety concerns, and can up regular bills like your homeowner’s insurance, Blakely doesn’t recommend putting one in as an investment for resale — at least not in colder climates.
“If I were talking to a client,” he said, “I’d tell them that if you’re going to put a pool in, put it in for yourself and your family, knowing that you’re not likely to see that money back when you sell.”
The pool of your dreams starts here.
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Viking Capital Loan Specialists give personal attention to every borrower and take the time to understand their financing needs and qualifications. Once the loan is secured, Viking Capital stays connected to the borrower, the builder and the lender to answer questions, provide status updates and ensure the funding process goes smoothly.
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These loans have low rates and longer terms than common unsecured loans offering more affordable monthly payments. Complete our secure application and have access to all loans from our network of lenders.
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We find the loan that’s best for you. We work with multiple lenders with loan programs for borrowers in different credit tiers. Whether you’re building a pool at your primary residence, a rental property or a home under construction, we have a loan option. Self-employed? Can’t verify your income? We have a loan option! If you have been turned down for financing or didn’t like the terms of a loan you got elsewhere, give us a chance to beat it!
What Do Our Customers Say About Us?
Viking was a great company to work with. They handled our application with security and professionalism. There was not a big wait time and the agent was very friendly and personal.
Easy to work with, if you are going to get a pool loan company to work with you, it’s this one, they will make it happen if it can be done. Greg with Viking in particular, has gone beyond what was required of him to help us out, he’s fantastic, they are super to work with.
They were great and got me more money then I asked for. Would recommend them to anyone that wants to get a pool and needs a loan.
Made the pool loan process very simple with straightforward terms. Would not hesitate to refer to family and friends! Thanks Greg!
Great customer service and attention to our needs. We changed our mind 3 times about the amount we needed and they were easy going and accommodating all the way through. And the process was surprisingly quick. A+
Wonderful, quick and very helpful. Highly recommended.
Viking Capital really came through for us! Everyone I spoke to was great! Viking Capital helped me with all my Swimming Pool Financing needs. Thanks Again
Great experience! Tried to get a loan through Lyon financial and with good credit score could only get 13.99 percent and wanted 10 percent down. So called Viking capital and Robert was able to get me 7.99 rate and no money down. They explained everything up front and were very personable. Thanks guys!
Awesome service! You kept me informed throughout the process. This was the least stressful loan process I’ve ever had and the pool was possible because of Viking Capital. Thanks!
We received fast, friendly service. Someone was always available to answer my questions. I am already referring my neighbors to you. THANK YOU!