With the weather that we had two weeks ago (our world famous Super Bowl Week winter storm), it is hard to believe that the weather is so wonderful! This indicates that spring is in the air and before long it will be summertime!
For those of you considering a swimming pool this summer, now is the time to get started. Very few people are in a financial position to pay for a swimming pool without borrowing money, which has been difficult as of late. Lending institutions have not been very willing to make swimming pool loans—and for good reason. With the difficult economy that we were having, home values were down (and still are) which meant that equity was also down—making it very difficult for many of us to qualify for a pool loan.
As of late, we have seen some of the banks be a bit more willing to make pool loans—especially if you are willing to begin a banking relationship with them (such as opening an account) and can provide the information that they need.
Although all lending institutions are different, following is a list of what most of them need in order to process your loan.
- Personal tax returns for the previous three years.
- A current financial statement or listing of bank accounts, investment accounts, IRA’s, etc.
- The survey of your property.
- Plans, specifications, and cost breakdown of your swimming pool.There will also be an application that you must fill out.
If you own a business, there will likely be more information required—such as previous years’ tax returns on the business.
Hopefully this will help you prepare for your visit to the lending institution—and put you one step closer to swimming in your own pool this summer.