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Thread: Financing with no home equity

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    Financing with no home equity

    We are in the process of trying to get financing for a pool, in East Texas. We do not have enough equity in our new house, since we did an FHA loan and just purchased the house in September.

    I have talked to Lyon Financial and a couple of local banks. All, so far, have told me we have to use our equity in the house.

    Does anyone know of any other options out there to finance a pool? We have the credit, we have our pool plans, we have our builder, just need the funding.

    Thanks in advance.

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    Patrick_B's Avatar
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    Re: Financing with no home equity

    Welcome to our forum!

    Sounds like you may have to wait, or save up for it. Not sure what to suggest.
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    Re: Financing with no home equity

    Like you, we just bought our house not too long ago. We paid cash for most of our project but because we had champagne taste on a beer budget, we went over. So we used LightStream - Loans for Practically Anything to finance the rest. They were super easy to deal with, had approval same day.

    You can also try lending tree, they shop around for better rates for you but we found the lightstream folks to be competitive on rates.
    15,000 gallon free form Viking fiberglass pool. Hayward Star-Clear Plus C12002 cartridge filter. Hayward Swim Pure Plus T-15 SWG. Testing with TF-100 Kit. 2 speed 1.5HP Supreme pump. Dolphin Nautilus robotic cleaner

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    Re: Financing with no home equity

    I second using Lightstream. We didn't want to go through the refinance process - we have a really low rate. So Lightstream gave us the financing the day after we filed out the online application. Great followup and great service from them as well.

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    Re: Financing with no home equity

    we used Lyon - no home equity requested. Unsecured loan.
    TomCa - IG, gunite, Freeform, 30 x 17, raised beam wall w/ledgestone and flagstone cap, 3ft spill, radiant fusion blue frost, 480sqft concrete decking. SWG filtration, 2 returns, 1 skimmer. 2" & 2.5"PVC . JEP15 Jandy ePump 1.5hp Variable Speed, AquaLink PDA P4 Pool Control , SAVI-MELODY100-J Nexxus 14W 12V Pool Light X 2, J Series, Polaris - 360 Cleaner, Model F1B.

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    Re: Financing with no home equity

    I third Lightstream.... In fact, we just got approved for a loan (for a portion of our pool) from them today. It's a super easy process. All we did was filled out the application and then they emailed us with a few questions that night. We answered those and we approved the next day.

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    Divin Dave's Avatar
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    Re: Financing with no home equity

    Hi Neighbor!
    Another vote here for Lightstream.

    Quote Originally Posted by bbowman7 View Post
    We are in the process of trying to get financing for a pool, in East Texas. We do not have enough equity in our new house, since we did an FHA loan and just purchased the house in September.

    I have talked to Lyon Financial and a couple of local banks. All, so far, have told me we have to use our equity in the house.

    Does anyone know of any other options out there to finance a pool? We have the credit, we have our pool plans, we have our builder, just need the funding.

    Thanks in advance.
    Divin Dave,
    IG Vinyl, 15' x 30', 3 1/2' - 6' deep, Oval, ~15K gal, Intelliclor IC40, Intelliflo VS pump, Clean and Clear 420 Filter, auto-fill-disabled, Retrofit LED Color Light, Dolphin Nautilus Robot, TF100 Test Kit, Taylor K1766 Salt Test Kit, Tftestkit Pressure Gauge.
    www.tftestkits.net Experience- it's what's learned just after you needed it most !!

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    Re: Financing with no home equity

    Dude...save your money. The entire market crashed because so many people wrer upside down in debt just a sjort time ago.

    Sorry, realist.
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    JoyfulNoise's Avatar
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    Re: Financing with no home equity

    I'm a big fan of paying hard earned cash for the things you want...but I guess that just makes me a geezer in this day and age.

    Be careful with the "same day approved" loan outfits. Once you sign those documents, it's a legally binding obligation for years and years. You may think, "hey, no sweat, I can afford a payment of a few hundred or maybe a thousand bucks a month right now." But times can change at the drop of dime (illness, job loss, etc, etc). Then, suddenly, staring at a pool loan bill of $750/month doesn't sound like such a good thing.

    Just my opinion FWIW.


    Matt
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    Re: Financing with no home equity

    401K loan if you have it or cash for peace of mind.


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    Re: Financing with no home equity

    I am sure many would agree a major component of having a "Trouble Free Pool" is not having it ruin you financially. I would urge you to wait at least a year, not only for financial reasons but its' good to see your property in all seasons. It can influence the size, orientation, and options you choose for your pool and surrounding deck/landscape. We were in our house for 18 months before we decided to build. If we had built right away where we originally thought we wanted the pool it would have been in the way, cutting the yard in half, in the sun almost all day (I am part vampire that would have been bad) and we would have had less time to research and see what options we wanted and could live without. Just my 2 cents
    12,300 Gallon, IG PebbleFina, 3 ft sheer, 2 Jandy nicheless LED lights, Jandy Pro 1.5HP VS pump (A.O. Smith Motor), PB4-60 Booster pump, Polaris 280, Jandy cv340 cartridge filter, Zodiac Z4 control panel W/iAquaLink, Stenner pumps for chlorine & MA connected to WiOn WiFi switches, TF-100. You can support TFP with AmazonSmile just click the link!

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    Re: Financing with no home equity

    Personal finance can be akin to politics. I think you've received some good suggestions regarding your inquiry into options for funding your pool.
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    Re: Financing with no home equity

    Personal finance can be akin to politics.
    Well said, bmoreswim.

    How we spend our money is one of the most varied segments of our live.

    There is simply no way anybody should EVER spend money EXCEPT EXACTLY the way you do.
    Dave S.
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    Re: Financing with no home equity

    Quote Originally Posted by duraleigh View Post
    Well said, bmoreswim.

    How we spend our money is one of the most varied segments of our live.

    There is simply no way anybody should EVER spend money EXCEPT EXACTLY the way you do.
    I agree with this. The OP asked for people's recommendations and experience with pool loans. I had a great experience with Lightstream. They are a division of Sun Trust Bank, not a fly by night, instant loan outfit. I went to banks looking for unsecured loans, but found the best deal and the best service with Lightstream. I have the means, but want to pay for the pool the way I pay for it. I'm pretty savvy about how to use money. I think taking a 401K loan is the worst way to finance anything. Why jeopardize your retirement. Similarly, my house is almost paid off, why add years to that when i can have a separate, unsecured loan to pay for the pool? the pool isn't going to raise your property value that much, just pay for it like what it is - an expense.

    Again, this is my opinion about money. I'm very happy with the way I'm paying for my pool. I'm sure the OP will do the research and find the best way to pay for his/her pool.

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    Re: Financing with no home equity

    Quote Originally Posted by Shock11 View Post
    401K loan if you have it or cash for peace of mind.


    Sent from my iPhone using Tapatalk
    Please do not borrow from your 401k. No only do you loose the upside of the investment while you have the loan, you frequently pay interest to borrow your own money. But the biggest problem is that you are repaying a pre-tax investment with after tax dollars. Depending on your tax bracket you can loose 30% or more. You would be better off getting a credit card with a large balance, IMHO.
    O/B Woodland Hills, CA : O/B12x30 inground with 6x6 10-jet spa, 10,500gal, 6' Baja deck, 42" spillway, All Jandy: 400k heater, 2.7 HP VS pump, 1.5HP booster spa pump, SWG, Intellelink controls, (4) LED lights, cartridge filter and BlueSquareQ360 infloor cleaning system, Eclipse drain, glass tiles, Zanzibar white pebble finish. Broke ground 2/18/2016, completed 8/16/2016. TFT 100 kit.

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    Patrick_B's Avatar
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    Re: Financing with no home equity

    Ultimately, I hope the OP gets his dream fulfilled and has found some helpful advice here. It's probably not the best forum topic, as this a highly important and personal decision only they can make. Quickly perhaps, but I think the topic has run its course and I'm closing it before it digresses into any arguments or further disparaging commentary.

    Call it the Barney Fife approach....
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