FINANCE WITH FLEXIBILITY
RiverMist works with several different lenders with multiple programs to help our customers find the perfect finance package.
Our Expertise to You: It is a big advantage to you and your designer to have a pre-approval or an educated idea for how much you will be able and willing to borrow prior to beginning the design process. If you need an idea for how much a pool may cost, please check out our Costs with Certainty guidelines.
The most common used pool finance methods:
The home improvement loan is the most popular option. A minimum credit score of 660 is required and a credit score 700+ is preferred. It offers the lowest rates, longest terms, and interest is tax deductible.
If you just moved into a new home, you may still qualify for a home improvement loan. Certain home improvement programs will allow purchase price to serve as basis of calculation for up to two years after purchase.
To calculate what you may be able to finance with a home improvement loan, you will need the following pieces of information:
- Current Home Value – purchase price for recent purchase or appraised value. A good way of estimating appraised value is to look up your home on the county appraisal district and add 10%. (Ellis County www.elliscad.com)
- Current Mortgage Balance
- Credit Score
What is the typical interest rate for a home improvement loan?
Interest rates are determined uniquely for each customer based on the following:
- Credit Score
- Length of Terms
- Amount Borrowed
Please contact one of our preferred lenders for additional program and rate information.
Ellis County Customers, existing home equity, and credit scores above 700 will likely find their best program with First Financial Bank.
Customers outside of Ellis County, existing home equity, and credit scores above 700 will likely find their best program with Certified Funding, L.P.
Customers have just moved into a new home and/or limited on home equity will likely find their best program with Certified Funding Home Improvement or an unsecured loan with one of our unsecured lending partners.
Conventional Home Improvement Example
(Most Often Best Interest Rate and Term)
Lenders will typically add 50% of the pool contract value to the appraised value of the home prior to calculating the 90% base-line value. Funds available for improvements can range from 90 – 125% of the base-line value. Using the example above, let's assume the value of the pool contract is $75,000 and the max funds.
Unsecured loan is 100% based on personal credit score and debt-to-income ratios. Unsecured loans are great options for short-term needs or to supplement a home improvement loan. Short term unsecured programs can have attractive interest rates while longer term unsecured loans will typically have higher interest rates. Lenders prefer credit scores from 650 or higher and terms are available up to 30 years (depending upon which lender you choose). Most programs will provide staged funding direct to RiverMist Pools per contract terms. Other programs will provide funding directly to customer; thus, allowing customer to direct pay RiverMist Pools per contract terms. This method allows customers to roll several purchases into one loan without having to run all purchases through the RiverMist Pools contract.
This is an excellent method of financing or homeowners that want to renovate a home. Whether purchasing or refinancing, this program can do it all in just one transaction. Program features
- Repair/renovation costs can be rolled into one loan
- Major items & luxury items are allowed
- Low Down Payments
- Loan amounts up to $417,000
- Only one closing. Closes before construction begins. Money is disbursed on a draw basis after closing.
- Can include exterior and interior renovations; pool, deck, outdoor kitchen, landscaping, irrigation, fence, sauna, gutter, game rooms, bathrooms, indoor kitchen, floors, cabinets