Financing Your Backyard Project
Obviously, it’s a big advantage for you to know exactly how much money you can borrow for your backyard project. Here are a few helpful tips for you to consider as you investigate financing.
TIP #1: There are basically 2 ways to get financing for your pool project:
- “Home Improvement Loan”
- “Refinancing” your existing loan
There are advantages and disadvantages of each. It’s usually best to talk to a lender (or call us) to find out which of these will be best for you and your situation.
TIP #2: Do you know how much equity you have? It’s fairly easy to calculate:
- Go to www.Zillow.com, enter your address, and find the “ESTIMATED MARKET VALUE” of your home.
- Alternatively, you can search your county tax records for the “tax assessed value” of your home.
- Then call your mortgage company for your CURRENT BALANCE(s). Note – If you have a 2nd mortgage, you must include that in the total.
- Subtract CURRENT BALANCE from ESTIMATED MARKET VALUE to determine your EQUITY.
TIP #3: Talk to a lender. Note that you DON’T need to fill out an application, or worry about anything hitting your credit report. Just make a phone call to one of our preferred brokers, below, and get their advice for your unique situation. They’ll be happy to help you out. Or give us a call; we’ve helped thousands of people through this process.
For home improvement loans, call any of the following experts:
Vice President, FROST BANK
Office: (214) 515-4854
Sales Manager, Lyon Financial
NOTE: Lyon Financial specializes exclusively in swimming pool loans.
Community Vice President
You’re also welcome to fill out our simple application, and fax it to (972) 783-4056. We’ll be happy to give you our confidential recommendations and advice. Or just call us, at (972) 783-4090. After 30 years in the business, we have a pretty good sense of what it takes to get qualified for a loan.