How does a pool loan work?

While the process for obtaining a pool loan will likely look fairly similar to most other types of loan applications, there are some parts that are specific to swimming pool loans.

How Does A Pool Loan Work?

Step One

First, before you begin the loan application process, you should have the following documents and information ready to share with the financial institution:

  • Social security number (SSN)
  • Driver’s license number
  • Proof of employment
  • Proof of income
  • List of assets
  • List of liabilities
Step Two

The process begins when you submit a loan application. From there, your application will be reviewed and a credit check will be run. At this point, the loan will either be denied or conditionally approved. If you are conditionally approved, the lender will typically request documentation to verify your income (such as tax returns, W-2 or a recent paystub).

Step Three

Once this is completed and a copy of the signed contract between you and your pool dealer is in hand, loan documents are ordered and sent electronically. After the documents are signed and returned, your builder is given a green light to begin construction.

Step Four

If you’re getting a pool loan through a lender that specializes in pool loans, like Lyon Financial, they’ll be able to guide you through the process and answer any questions that you might have. They will also help facilitate loan disbursement, which for pools is usually done in stages as the project progresses.

Was this article helpful?
Dislike 0
Views: 232