Homeowners often wonder if they can finance a pool into a new mortgage. The short answer is yes, but it will likely depend on your mortgage lender and specific financing terms.
There are a couple of ways to go about combining your pool loan into a mortgage:
- Factor it into a new mortgage: If you decide early on in the home buying process that you want to add a pool to your new home, you might be able to consolidate the cost of your new pool directly into your new mortgage. However, not all lenders will allow this, so you will need to ask to see if this is possible.
- Refinance and cash out: Alternatively, if you already own a home and have a mortgage, you can potentially refinance your existing mortgage and cash out some of the equity in your home to pay for your new pool.
- Take out a second mortgage: Another popular option is to take out a “second mortgage” in the form of a home equity loan.
Financing your pool in this way can help you get a better interest rate and streamline both the application and payment process.