Take advantage of the attractive mortgage loan rates to finance the construction of a swimming pool, whether the latter is linked to a real estate acquisition or not.
The mortgage to finance the swimming pool
Many households wish to take advantage of a swimming pool buried in their home, a real asset in certain regions of the country where the climate is particularly pleasant during the summer period. Simply, the financing of a swimming pool is an important project requiring to turn to the right solution and above all to be able to repay your loan with attractive conditions. You should know that the mortgage can actually finance the construction of an inground pool, provided that the amount of these works is greater than $ 75,000. This is the minimum amount to be able to access mortgage loan offers.
The swimming pool can also be financed within the framework of a real estate acquisition, many buyers are looking for real estate with a swimming pool but if the house does not have this advantage, it is indeed possible to include in the mortgage the financing of the swimming pool. The home loan can effectively be used for two projects, that is to say the purchase of the house and then the financing of the swimming pool, the finalization of which will enable the value of the property to be re-estimated. This is only possible if it is a swimming pool being directly linked to the property (not possible for an above-ground, inflatable or other swimming pool).
Can we include the swimming pool in a current mortgage?
This is the question posed by many borrowers who have taken out a mortgage to buy a house or to build a new house. Namely, is it possible to include the amount corresponding to the construction of the swimming pool in a mortgage contract in the process of repayment? The answer is no. It is not at all possible to go back on a current contract to add an additional amount, it will be necessary to turn to a real estate loan repurchase operation to start over on a new contract, which will add the amount needed to build the pool.
The idea is therefore relatively simple since it is a question of applying to a bank in order to ask it to buy back the mortgage and to include the amount necessary for the swimming pool. If the rates are lower, the borrower will be able to carry out a good operation because he will take advantage of a reduced rate to finance these two projects, which will prevent him from preserving his current mortgage loan and from requesting a consumer credit by the after. It is good to know that the borrower will be able to redefine the repayment terms, that is to say that he can ask to preserve a monthly payment identical to that of the old credit, or then he can review upwards as downward the new amount of monthly payments.
Simulate a credit buyout with a swimming pool project
The implementation of an inground pool project requires requesting the right financing but also ensuring that the finances of the home will have the capacity to repay all debts. If the borrower already has a mortgage and possibly consumer loans, he can therefore take advantage of the credit buy-back operation to redefine the repayment terms and above all facilitate the construction of his swimming pool. It is precisely possible to estimate via the credit buyback simulator the repayment conditions and in particular the feasibility of the project as a whole. It is a free and non-binding process.