Posted by When Arizona calendars flip to May, 100 + degree temps are around the corner. With Arizona housing heating up as much as the temps in summer homeowners look for the nearest pool.
Finance a New Custom Pool
Homeowner’s have used Renovation loans for years to improve, fix and update their homes. Why not do the same thing but instead of home improvements, finance your dream pool!
Even homeowners without enough equity in their home to cover a pool can use a Pool Renovation Home Loan! In fact, the biggest benefit is just that – you do not need gobs of equity. Instead, Pool Renovation Home Loans give you credit for future equity to make room to finance the pool.
How Pool Renovation Home Loans work
Pool Renovation Home Loans require appraisers report what they feel your hoe will be worth AFTER your dream pool is complete. Lenders then use that higher value when determining your loan amount. This makes room to increase your loan and that increase funds the new pool.
Pool Renovation Homes work on both purchase and refinance transactions. Another perk is you close on your loan completely first. Then, after closing pool construction begins. The lender withholds funds for the pool and methodically distributes them to the contractor(s) as needed.
This is a great tool that hot Arizona home buyer’s can use to beat the heat and build their dream pool as a part of their new home purchase.
By Jeremy House