Video· Cash Flow· Debt
Refinancing for a Pool? Always Test the Waters First
Published · 1 min read
Just because you can borrow the money doesn't mean you should stretch it over another 30 years!
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🏊♂️ Thinking About Refinancing to Put in a Swimming Pool? Better TEST THE WATERS First! 💦😂
When people ask me whether they should refinance to install a swimming pool, my advice is pretty simple…
Always test the waters first!
Although, as you'll see in the video, I might have taken that advice a little too literally! 🤣
💸 And apparently, I should've checked the DEPTH of my financial commitment before diving in!
But seriously…
Before you jump headfirst into borrowing $80,000 or more for a new swimming pool, it's worth making sure your mortgage strategy isn't going to leave you in the deep end!
💡 Rather than simply adding another loan, we could look at your entire financial situation.
Depending on your circumstances, you might be able to: ✅ Access equity in your home to fund your new pool. ✅ Refinance to a more competitive interest rate. ✅ Consolidate expensive debts where appropriate. ✅ Reduce your overall combined monthly repayments. ✅ Free up cash flow to help cover the pool. ✅ Create a strategy to pay off your mortgage sooner.
🏡 Imagine enjoying your new swimming pool without your finances going completely underwater! And here's the important part…
⚠️ Just because you can borrow the money doesn't mean you should stretch it over another 30 years!
Lower monthly repayments don't always mean lower overall costs, so we need to make sure the numbers actually stack up. 💡 The goal is to make a SPLASH in your backyard, not a massive hole in your finances! 🏊
🎥 Thinking about installing a pool or renovating?
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General information only, not personalised financial advice. Eligibility and savings vary. Additional borrowing or debt consolidation may increase total interest costs.
