There are two main types of financing for home improvements. Secured and Unsecured.
Secured financing uses your home as collateral for the loan. This means that the loan is a second position lean on your home. This type of financing takes longer to get due to requiring appraisal of your homes value and is very dependent on how much you owe on your home vs how much you are trying to borrow. Usually, a portion of the pool project is added to your homes value when determining Loan to Value. The advantage to this type of loan is that it offers longer terms, which means a lower monthly payment.
This is usually not a good option for new home buyers unless you put a large down payment on your home.
Unsecured financing works more like a credit card or line of credit. Your personal credit is the main deciding factor on this type of loan. If you qualify, this type of loan is fast and easy to get. The terms of this type of loan are typically shorter than those offered on secured loans. This will mean higher monthly payments, but you will also pay far less in interest over time.
LightStream has an easy online application process, and provides a quick response during business hours.
This is a confidential process between you and LightStream.
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Lyons Financial offers a variety of both Secured and Unsecured pool loans.