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Swim to Success: Can I Finance a Swimming Pool?

It's no secret that it gets hot in Texas. In 2018, several counties experienced sweltering heat nearing 120 degrees.

During those times, it would be nice to take a dip in a refreshing swimming pool in your backyard.

It's a dream for countless Texan citizens, but many feel it can't become a reality. After all, pools are too expensive to purchase—aren't they?

Not so fast. Many individuals can cover swimming pool costs with the right financing.

Do you dream of a sparkling pool in your backyard but worry you can't afford it? This article tells you exactly what pool financing options are available.

Pool Financing Options

You're ready to beat the heat and walk into a personal paradise on your property. But it's important to know your options before you obtain your dream pool.

1. Home Equity

Home equity loans are one of the most popular options for financing a pool.

A home equity loan is a second mortgage that uses your house as collateral. As long as your home is worth more than whatever you owe for the pool, you'll have enough funds to cover the project.


These types of loans are so popular because they are easier to obtain than other types. Since your house is used to guarantee payments, institutions are more comfortable providing home equity loans.

Furthermore, individuals receive a large sum of money right away. They pay for their pool and then make fixed payments for a specified time frame, usually about 10 years.


While home equity loans offer secure monthly payments, if homeowners can't make those payments, the lender has the right to take your house away from you.

Therefore, it's important owners carefully consider if they have the appropriate funds to meet monthly repayment costs.

2. Home Equity Line of Credit

In addition to a regular home equity loan, there is also a home equity line of credit.

Using a HELOC loan involves opening a line of credit from which you can take the money and repay it repeatedly. Borrowers guarantee payback through using their homes as collateral and, therefore, borrow against their home's value.

Unlike a home equity loan, it is not a one-time loan and rates are variable.


HELOC loans are extremely flexible and easy to obtain. Individuals draw from the loan whenever they need it (most institutions provide this option for 10 years), making them ideal for individuals who may need only partial assistance financing a pool.

Another benefit of this line of credit is that borrowers only pay interest on what they take out.


While flexible and convenient, home equity lines of credit have variable rates. Unlike regular home equity loans, the payments each month are not fixed. This makes it harder to budget.

Borrowers should also pay attention to repayment periods. When payments are directed toward the principal and interest, they may no longer withdraw funds.

3. Personal Loans

Personal loans are yet another way to finance a swimming pool.

There are a number of different types of personal loans to choose from:

  1. Unsecured

  2. Secured

  3. Fixed-Rate

  4. Variable-Rate

Unsecured loans are, as the name implies, not guaranteed with some form of collateral, like a car or home. Secured loans are.

Fixed-rate loans offer individuals loans with interest rates that remain the same throughout the loan's duration. Variable rates might change with little or no notice.


The different types of personal loans offer more opportunities for soon-to-be swimming pool owners. Secured and variable-rate loans, for instance, are easier to secure for individuals with low credit or significant debt.

Secured and fixed-rate loans are especially advantageous for budgeting, as borrowers know exactly how much they pay each month.


Unsecured loans are associated with high interest rates. This is because the lending institution has nothing to guarantee you will make payments.

Variable loans, as expected, also make budgeting difficult because payment amounts may fluctuate.

Furthermore, secured and fixed-rate loans are difficult to obtain. Individuals should have an impressive credit history.

4. Refinancing

Some property owners decide to refinance their current mortgage loans through an option known as cash-out refinancing. This involves adding the additional amount for the pool to the current home loan.

If an owner owed $50,000 on a $100,000 house and desired a $30,000 pool, for instance, the new loan would amount to $80,000. However, individuals have funding for the pool right away.


One of the most popular things individuals use a cash-out refinance option for is home improvement. It allows property owners to pocket the funds necessary for the pool of their dreams.

Similar to home equity loans, interest rates are fixed so homeowners know exactly what they will pay each month.


Because individuals take out more than their house is worth, qualifying for a cash-out refinance option is difficult. For the very same reason, interest rates are also high.

Always check the terms of your new loan, as refinancing changes the agreements in the original one.

Tips for Success

Before taking out a loan with an institution, research all possibilities and know your budget.

To help you through the process, our company works through several Texan banks and offers financing consultants who provide the best option for your unique case.

Before applying for a loan, have a contractor survey your property. Research pool designs or even create your own idea and discuss it with experts you trust.

By this time, you'll have a quote so you know how much to borrow. Check with local regulations to ensure you don't accidentally violate any codes, and then decide on the best route for you.

Float in Paradise

Are you ready for that swimming pool you've always dreamed about?

Splash the scorching heat to a dim memory in a pool of your own. With the pool financing options available, almost every homeowner can have the sparkling retreat they desire.

Are you ready to get started?

From pool design to financing to surveying, our company is ready to turn your dream into a reality. Begin your creation today by contacting our consultants.

Then, spend your evening dreaming of the not-so-future days where you can paddle comfortably in the heat.


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