Upgrade Archives – Fred Gruber - First Rate Financial Group

Financing A Pool In 2023: The Options With the weather beginning to warm up outside, you might be thinking about installing a pool on your property. This is a great way to relax, entertain friends, and get some exercise; however, a pool can cost tens of thousands of dollars. What happens if you don’t have enough money? There are several options available.

Ask About A Pool Loan

One of your first options might be to approach a local lender and ask for a pool loan. As the name suggests, this is a loan that can provide you with funding specifically for the construction of a new pool. While your pool construction company might be willing to offer you a financing plan, you should also talk to local lenders to see what rates you can get.

Home Equity Line Of Credit

If you have lived in your home for several years, you may be able to tap into the equity in your home and use it to finance a pool project. In general, you will need to have at least 20 percent equity in your house before you take out a home equity line of credit (HELOC), but it can give you an instant source of cash you can use to pay off your pool. It might also come at a lower interest rate than a traditional pool loan, but keep in mind that the interest rate on a HELOC is not fixed, so you will have to keep an eye on the interest rate as it changes.

Cash-Out Refinance

If a variable interest rate does not sound like an attractive option to you, you may want to consider a cash-out refinance. Essentially, you are going to tap into the equity in your home and then finance the remaining balance of your mortgage plus the equity you have now withdrawn. You can get a fixed interest rate on the remaining balance of your mortgage, and it could allow you to shrink the size of your monthly payments.

Think about all of these options before you decide which one is best for your pool project.

4 Signs You're Going To Need A Bigger House There comes a time in every young homeowner’s life when they need a bigger house. When you buy a starter home, it’s unlikely that will be your forever home. But how do you know when it’s time to spend the time and effort to upgrade to a larger home?

Here are four signs you’re gonna need a bigger house!

1. You Have To Move Stuff To Get To Other Stuff

In a house where there is enough room for everything, you can move freely and access all your things without having to rearrange furniture. If you find yourself constantly pushing other things aside in order to get to what you want, there isn’t enough space in your home.

2. You’re Always Misplacing Things

The key to organization is having a spot for everything. But if you’re short on space, everything can’t have its own spot. That’s when things get lost or misplaced. If you repeatedly misplace your belongings, you probably need a bigger house.

3. You’ve Got A Growing Family

Do you have a little one on the way? As your family grows, your need for space will increase. It’s hard to imagine that a small baby will take up much space, and they don’t. It’s the baby accessories that take up the space; the high chair, the playpen, the walkers, the crib, the toy chest and more. It’s all fantastically fun, but you are going to need a bigger house.

4. You Just Feel Cramped

You and the other members of your family should each feel like you have space to be alone, spend time on hobbies, and have private conversations. If you just feel cramped all the time or you feel like you don’t have any privacy, it could be because your house is too small.

When you finally realize that the problems aren’t with you, but with the size of your house, it’s very liberating. Now you have the answer to the issues. All you have to do is go out there and find a bigger house to move into.

Whether you are looking to purchase a larger home or refinance your current property, be sure to contact your trusted home mortgage professional to discuss financing options.