Pool Loans 101: Rates, Payments, and How to Qualify

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Cristian: What’s up guys? Cristian here with River Pools and today we’re
gonna be talking about pool loans. I’m gonna give you the 101. This is Two Minutes in the Pool. Money, we’re talking about money today. Okay, if at the end of this video you’ve found
it helpful, give it a thumbs up, subscribe to our YouTube channel, follow us on Facebook
and Instagram for more educational pool content from us here at River Pools. Now that, that truck has gone by, we’ll continue. We’re talking about pool loans and giving
you the quick 101, rates, payments, how to qualify. I’m gonna set a two minute timer on my phone
and try to get to the bottom of this before the jingle sounds off. Sometimes I beat the timer, sometimes it beats
me. Hey Siri, set a two minute timer. Siri: Your timer is set for two minutes. Cristian: Fantastic. Let’s go. Okay, first and foremost, what are the interest
rates for a pool loan? Well, we’re typically seeing loans available
up to $100,000 with rates between 5 and 10%. Now the pool loan industry has been pretty
stable for several years so you can expect to find a fixed rate loan fairly easily and
again up to say $100,000 depending on your credit profile. The next question we could answer, what will
be my likely loan payment? And I’ve got some calculations written down
on the screen here. So just to give you an idea, a $30,000 loan
over 84 months is likely gonna be a monthly payment of $450 to $500 a month. Take that same loan period with $40,000 and
you’re looking at $600 to $675,000 and a $50,000 loan, roughly $700 to $850 a month. If you have a different scenario in mind,
we’ve linked a calculator in the article. Description for the link for that is down
below and YouTube up there for Facebook. So you can run your own calculations pretty
easily by clicking the link in the article. Let’s see, what do lenders consider to determine
the amount I could borrow, the amount you can borrow, and or in fact lending at all? And what they’re looking at is your debt to
income ratio. They’re also considering your liquid assets,
the amount of equity you have in your home and the assets you have in a retirement account. So all of those things considered, combined
with your credit score such as your payment history, timeliness of making payments, they’re
gonna take all of that into consideration and determine how much they’d be willing to
lend to you. So what kind of information are they gonna
need when you go in to inquiry about or apply for a loan? Well, they’re gonna need things like your
social security, your driver’s license number, you address now and over the past several
years. Our time is up. They’re gonna need the typical information. Where your income comes from, how often your
income is received, you know, things like that. And lastly, they’re going to, last question
we’re going to answer is, can I finance just a portion of my pool project? And the answer is yes. We find a lot of folks are able to finance
and cash the pool itself and then borrow a little bit of money to finish out the patio,
the fencing, the other landscaping components as they would like with the intent to take
out a small loan to wrap up those projects and pay it off quickly. I’m Cristian with River Pools, I hope that
gives you the quick 101 of borrowing money to finance your pool project. We’ll see ya in the next episode of Two Minutes
in the Pool. Catch the wave.

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