Considering pool financing options

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delmonte

New member
Dec 23, 2022
3
Orlando
Hello, currently trying to build a pool in my Florida backyard, the goal is to start in January so that my family and I have a ready to swim pool by spring time.
I'm looking to finance the project, my house have no mortgage and my credit score is about 780.
So far I see that Lyon and hsf financing provide these types of loans.
Has anyone here used the in the past?
What were your rates, time to get approved and their fees?
Thank you for your help
 
delmonte said:
Hello, currently trying to build a pool in my Florida backyard, the goal is to start in January so that my family and I have a ready to swim pool by spring time.
I'm looking to finance the project, my house have no mortgage and my credit score is about 780.
So far I see that Lyon and hsf financing provide these types of loans.
Has anyone here used the in the past?
What were your rates, time to get approved and their fees?
Thank you for your help
Click to expand...
We used Lyon in the past. Forgot what the rate & fees were. Process seemed fairly simple. I do remember they could only process the loan under my name but could use the wife and I's combined household income.
 
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Gladius Nova said:
We used Lyon in the past. Forgot what the rate & fees were. Process seemed fairly simple. I do remember they could only process the loan under my name but could use the wife and I's combined household income.
Click to expand...
Did Lyon directly provide the financing?
Because what is was reading from hsf is that they shop around for you which i don't mind as I busy but also don't like waisting too much money 🤣
 
I used lightstream twice and the rates were competitive both times. What we liked about them was that it was a stand alone loan, like a car loan. It wasn't tied to the house.

10 years ago the application rivaled my mortgage with what we had to mail and fax in. Last year it was a few email uploads and couldn't have been easier.
 
Newdude said:
I used lightstream twice and the rates were competitive both times. What we liked about them was that it was a stand alone loan, like a car loan. It wasn't tied to the house.

10 years ago the application rivaled my mortgage with what we had to mail and fax in. Last year it was a few email uploads and couldn't have been easier.
Click to expand...

+1 very happy with Lightstream.
 
I was going to use Lyon but ended up doing a Heloc as we are doing other house projects and that paid for everything. And that was one of my bigger mistakes. If I could do it all again I would have used Lyon for the pool and sold some assets to cover the rest of the house. Today I think Lyons (and light streams) rates are better than a heloc even though its unsecured (which is crazy to me).

At the time (March 2022) Lyon approved me for 125k at 4.99% for 20 years through "AgFed Credit Union". Only real fee with them was a one time 799 fee to establish the account. But we got 3.8% with a heloc through Truist. So I went that route. IM not sure what Lyons rates are today. Im sure they're a little higher than I was quoted in March. To get their best rate you also needed 800+ which at the time I had and today I dont (high 700s still, just lots of inquires dragged me down). So they're super picky. But dont put a lien on the house so I guess they have to be. But still worth applying and see what they offer IMO. My Heloc shot up from 3.8% to over 8% interest only and thankfully I just refi'd out of that to a fixed rate home equity loan at 6.59% with PNC bank. You might get a better heloc or equity loan rate than me as its a first position loan where I have a mortgage as well, but only about 50% of the value is mortgaged. But thats the big negative to heloc especially today is the variable rate. Lyon is fixed. The other thing I will give Lyon is their process for approval was way easier. For the Heloc I had to provide every financial document about 12 times. Lyons only real "underwriting" just wanted my last two years tax returns and last two years k1s since im self employed and a most recent bank statement for me personally, after that I was approved in two days.

The only negative to Lyon I had is my specific builder was not an "approved" builder and Lyon will only pay directly to the builder, the process to add them isn't that hard from what I heard, but my builder wasn't to crazy about it and also had a real problem with the draw schedule.

Good luck!
 
HFS offered me up to 500k as an unsecured “home improvement” loan at 5.99% in Dec 2021. It’s an all upfront funding - no draws. They fund through Lafayette federal credit union - at least this product is. No idea what rates are right now though.
 
Gladius Nova said:
What is HFS?
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Not sure what that actually stands for but HFSfinancial is what they call themselves. They're another unsecured pool/personal loan lender. I talked with them as well but they came in significantly higher than Lyon interest wise (like 7.5%) which is why I never really continued with them, but they told my my terms and interest rate with just a soft pull so no harm asking them.
 

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Gladius Nova said:
What is HFS?
Click to expand...
They are a high risk lender. That doesn't mean they don't have good rates for those with good credit but the company is set up to make high risk loans. I used to work credit counseling and every 3rd person had a loan with them. I believe it's "Household Financial Services".
 
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