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brazen

Pool financing

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Who has experience with this?

 

Who offers the best deal?

 

Just starting looking at building a pool in our backyard. Any advice welcome and appreciated!

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I used HFS Financial and all they did was sign me up for US Senate FCU. They are easy to work with and you can pay it down early like the Alliant hack. Save yourself a couple grand in fees and go to USSFCU and get it. Painless and easy.

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Oh and was denied instantly with Lightstream and SOFI with a near 800 score and less than 1 percent dti. Hence HFS.

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I used HFS Financial and all they did was sign me up for US Senate FCU. They are easy to work with and you can pay it down early like the Alliant hack. Save yourself a couple grand in fees and go to USSFCU and get it. Painless and easy.

Awesome. Interest rate and term?

I will def check them out.

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Oh and was denied instantly with Lightstream and SOFI with a near 800 score and less than 1 percent dti. Hence HFS.

Wow that sucks seriously 😳

 

I see people with light stream and sofi loans all day long at work, in my line of business, they must want blood and your firstborn to get a loan with them.

Edited by brazen

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12 years. I believe its 5.99 not sure. My payment is 678 a month and I borrowed 67.4. 65k was wired to me the rest to HFS. I paid 9 payments the first month (didnt need it all) and it shows my next pament due near end of year very happy with ussfcu. Sorry for typos on ipad in bed

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Honestly if you can't afford to build a pool you probably shouldn't be looking into it. Maybe a HELOC wouldn't be a terrible idea depending on your area and how much it would increase your property value. But if you can't get a HELOC because you don't have enough equity in your house, then you definitely shouldn't be borrowing to finance the pool.

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Honestly if you can't afford to build a pool you probably shouldn't be looking into it. Maybe a HELOC wouldn't be a terrible idea depending on your area and how much it would increase your property value. But if you can't get a HELOC because you don't have enough equity in your house, then you definitely shouldn't be borrowing to finance the pool.

+100

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I own my properties under Florida Land Trusts. I own them free and clear. Nobody will mortgage a land truat except hard money. I did a hard money mortgage on a propety last year for an investment and have long since paid it back. That was discussed in another thread. Pretty sure i can afford my pool.

 

I use credit wisely and to my advantage. Ive never had a single negative entry on my reports in my 50 years. I earn a mid 6 figure income and invest in many ventures. While I appreciate the input you have no clue what i can or cannot afford.

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Don't build a pool. It's more trouble than it's worth.

 

I just had to re-pipe everything because both skimmers and the lines went bad (granted that the plumbing was probably the original). Now the filter is shot and leaking water out the waste pipe. Have one on order that hopefully gets here soon.

 

It's fun when it's working right, but for the 3 months out of the year that we use it, it isn't worth the hassle.

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Aside from putting it on a 0% offer, loans for something like a pool usually carry rates associated with the subprime market. You may want to discuss the issue with the builders you have giving estimates, as each will have the equivalent to a captive they likely work with frequently, which can also help smooth out issues with the financing.

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Aside from putting it on a 0% offer, loans for something like a pool usually carry rates associated with the subprime market. You may want to discuss the issue with the builders you have giving estimates, as each will have the equivalent to a captive they likely work with frequently, which can also help smooth out issues with the financing.

Ours sent us to HFS - they are pretty big in the pool industry

 

TMKATS; No can do! This will be our 4th pool. We just can't live without it! But we're in Florida and ours is (should say will be)heated under a lanai so we generally swim 12 months a year. If I could only use it 3 months that would completely change my view on it.

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We have some to put down. It is important to us at this point for personal reasons. I didnt ask for input on judging my finances. Just asking about financing options. Thanks to those who are offering companies to look at.

 

Centex we do have a lot of this 0 percent sitting around havent thought of that thanks!

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Brazen: Here's a couple things we did:

 

1) Pool heaters. Way more cheaper to buy yourself. Negotiated with builder to install my bought heater for $500. Saved me about 2K.

 

2) Pool contracts are heavily weighed for the builder. In fact by the time the shell is shot they will have 95% of your money. That did not work for me as the incentive is gone. I made that very clear. So I gave a higher down payment and my final payment is 15% and they do not get that until my pool is 100 percent complete. The last pool we did the builder shafted us more ways than one, so money is the key here. He eventually made everything right as we complained on angies's list but knowing they have another 10K payment coming really gets their behinds in gear.

 

3) Finally they will always give references. Like anyone - they always give references to customers they know are happy. What I did was went on the county's website and looked at every permit they pulled and for my original planned builder we asked him why the 3 were not on his reference list. He was like "umm, how would you know about these?" told him his permits are all over the counties website. We did not go with that builder.

 

4) We've had pools my entire life so maintenance comes easy for us. But learn all about pool maintenance. It's super easy and you do not need to go to the pool store and have them sell you things you won't need. Hopefully I can do this - but check out troublefreepool.com - great resource for any pool owner. I realize this is way off topic, my apologies.

 

Good luck!

Edited by STC

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While I appreciate the input you have no clue what i can or cannot afford.

Good news! No one was talking to you.

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It is important to us at this point for personal reasons.

I can relate to this more than you know. Best of luck with the financing. And the situation.

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While I appreciate the input you have no clue what i can or cannot afford.

Good news! No one was talking to you.

 

My sincerest apologies.

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Honestly if you can't afford to build a pool you probably shouldn't be looking into it. Maybe a HELOC wouldn't be a terrible idea depending on your area and how much it would increase your property value. But if you can't get a HELOC because you don't have enough equity in your house, then you definitely shouldn't be borrowing to finance the pool.

 

 

I agree with this. But you can't tell anyone ... people get their dander up and all defensive,but if you don't want comments/remarks/advice DON'T POST ON A PUBLIC FORUM.

 

I have no idea why people say that pool maintenance is "easy", actually it's a lot of work. Like DAILY. ;-)

 

and they are a constant cost. Water, chemicals, upkeep.

 

Best of luck. I grew up with one and my parents still have one, and while they are nice,they are work and sometimes a PITA ;-)

Edited by Cactus Flower

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Honestly if you can't afford to build a pool you probably shouldn't be looking into it. Maybe a HELOC wouldn't be a terrible idea depending on your area and how much it would increase your property value. But if you can't get a HELOC because you don't have enough equity in your house, then you definitely shouldn't be borrowing to finance the pool.

double post.

 

Edited by Cactus Flower

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Brazen: Here's a couple things we did:

 

1) Pool heaters. Way more cheaper to buy yourself. Negotiated with builder to install my bought heater for $500. Saved me about 2K.

 

2) Pool contracts are heavily weighed for the builder. In fact by the time the shell is shot they will have 95% of your money. That did not work for me as the incentive is gone. I made that very clear. So I gave a higher down payment and my final payment is 15% and they do not get that until my pool is 100 percent complete. The last pool we did the builder shafted us more ways than one, so money is the key here. He eventually made everything right as we complained on angies's list but knowing they have another 10K payment coming really gets their behinds in gear.

 

3) Finally they will always give references. Like anyone - they always give references to customers they know are happy. What I did was went on the county's website and looked at every permit they pulled and for my original planned builder we asked him why the 3 were not on his reference list. He was like "umm, how would you know about these?" told him his permits are all over the counties website. We did not go with that builder.

 

4) We've had pools my entire life so maintenance comes easy for us. But learn all about pool maintenance. It's super easy and you do not need to go to the pool store and have them sell you things you won't need. Hopefully I can do this - but check out troublefreepool.com - great resource for any pool owner. I realize this is way off topic, my apologies.

 

Good luck!

Ty STC for your input and sincerity and positivity, refreshing.

 

Going to add it to my toolbox of stuff to consider.

 

Will definitely hash it over with DH, we are getting several quotes. Leaning towards the builder/sales person we are familiar with and husbands family has used him for years.

 

Your post is awesome and detailed! Thanks again.

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I have no idea why people say that pool maintenance is "easy", actually it's a lot of work. Like DAILY. ;-)

 

and they are a constant cost. Water, chemicals, upkeep.

 

Best of luck. I grew up with one and my parents still have one, and while they are nice,they are work and sometimes a PITA ;-)

 

 

There are variations in required maintenance. We were first time pool owners when we bought our GA home in 2011 (built 2003). I'll put an immediate plug in for salt water pools.

 

From all I've read, salt water pools are much lower maintenance. FWIW, the salt concentration is 1/10 that of ocean water. (Water in the mouth is a little brackish, and your eyes will be sensitive, but both a fraction of that with the typical chlorine pool.)

 

My wife and I are very much maintenance averse, so have contracted a pool service. The $300/mo cost (5 mo of the year) is well spent. Other than clearing the skimmer basket occasionally, and manually skimming leaves after strong winds, etc., the only time we spend at the pool is when swimming. Ownership has been practically painless (setting aside replacement of the pool equipment when it aged to 12 years, and re-tiling the border rim).

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I have no idea why people say that pool maintenance is "easy", actually it's a lot of work. Like DAILY. ;-)

 

and they are a constant cost. Water, chemicals, upkeep.

 

Best of luck. I grew up with one and my parents still have one, and while they are nice,they are work and sometimes a PITA ;-)

 

There are variations in required maintenance. We were first time pool owners when we bought our GA home in 2011 (built 2003). I'll put an immediate plug in for salt water pools.

 

From all I've read, salt water pools are much lower maintenance. FWIW, the salt concentration is 1/10 that of ocean water. (Water in the mouth is a little brackish, and your eyes will be sensitive, but both a fraction of that with the typical chlorine pool.)

 

My wife and I are very much maintenance averse, so have contracted a pool service. The $300/mo cost (5 mo of the year) is well spent. Other than clearing the skimmer basket occasionally, and manually skimming leaves after strong winds, etc., the only time we spend at the pool is when swimming. Ownership has been practically painless (setting aside replacement of the pool equipment when it aged to 12 years, and re-tiling the border rim).

Luckily DH very experienced with pools, so good there.

 

As far as building chlorine vs. saltwater, any idea as to price differences when building?

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The problem many pool owners encounter is they simply get "pool storred".. They don't know what they don't know and the store checks their water and fills up their cart. All we use in our pools are bleach and muriatic acid. The bleach is sold in most Florida pool stores but they call it "liquid chlorine". That's all you need for sanitizer. If you have a good test kit it shouldn't take 5 minutes a day.

 

Salt generators are great. I know many that have them and love them and way less maintenance. This will be our first one and I know we can't use it for the first 60 days so we'll just use bleach. This is, however, going way off topic - spend some time over at the above mentioned forum. They get hundreds of people monthly that are at their wits end on pool maintenance and after some reading and understanding they see just how easy it really is.

 

Edit - you need a good test kit, by the way.

Edited by STC

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The problem many pool owners encounter is they simply get "pool storred".. They don't know what they don't know and the store checks their water and fills up their cart. All we use in our pools are bleach and muriatic acid. The bleach is sold in most Florida pool stores but they call it "liquid chlorine". That's all you need for sanitizer. If you have a good test kit it shouldn't take 5 minutes a day.

 

Even better is simply getting the 8.25% generic bleach at Target or similar stores for less than a pool store wants to charge. Even the 10% at Home Depot at three gallons for $10 is a better deal than a pool store. Same thing on muriatic acid, although Home Depot is up to $6 a jug this year.

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