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Started By
Message
Financing a swimming pool
Posted on 8/13/16 at 9:23 am
Posted on 8/13/16 at 9:23 am
A few months off from pulling the trigger but trying to get my facts straight
Apparently the pool we want will be in the 50/60k range.
We were hoping we could refi the house and roll the pool into the mortgage, but my friend told me you can't do that in Texas.
Anyone know the rules? We have about 25% equity in the home as we put 20% down 18 months ago when we built it
Just want to know my options if I don't want to pay straight cash for the pool. TIA
Apparently the pool we want will be in the 50/60k range.
We were hoping we could refi the house and roll the pool into the mortgage, but my friend told me you can't do that in Texas.
Anyone know the rules? We have about 25% equity in the home as we put 20% down 18 months ago when we built it
Just want to know my options if I don't want to pay straight cash for the pool. TIA
5
Posted on 8/13/16 at 9:26 am to dallastiger55
In Texas you can only borrow up to 80% total LTV on a home equity loan or HELOC.
This post was edited on 8/13/16 at 9:28 am
Posted on 8/13/16 at 9:30 am to dallastiger55
HELOC is the way to go if you can get enough money for the project. It is also much cheaper than doing a refi. If the heloc doesn't work, I suspect that no one will be too interested in giving you money for a pool.
Posted on 8/13/16 at 9:30 am to dallastiger55
(no message)
This post was edited on 8/13/16 at 9:32 am
Posted on 8/13/16 at 11:22 am to dallastiger55
had a thread on this the other day. do a search.
Posted on 8/13/16 at 11:51 am to Fat Bastard
Posted on 8/13/16 at 3:21 pm to dallastiger55
Sounds to me like you can afford a pool.
Posted on 8/13/16 at 5:02 pm to Bayou Tiger
Can you explain this?
Posted on 8/13/16 at 5:45 pm to Bayou Tiger
quote:
In Texas you can only borrow up to 80% total LTV on a home equity loan or HELOC.
This. You can only access anything above 20%
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