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Jean-Eric Gagnon

Jean-Eric Gagnon

Mortgage Broker

Language(s):
French
English

jegagnon@planipret.com
(819) 371-7738 ext.2 poste 8

171 rue Jacques
Trois-Rivières, QC
G8V 2G1

Finance your new swimming pool with your mortgage loan

Paul has just been woken up at 7 AM by the noisy machines digging his neighbor’s new pool. Curious by nature, Paul goes to speak with his neighbor, Robert, busy surveying the work. Paul learns that the pool will cost $35,000 for which Robert will only be paying $185/month.  What!? The last time Paul looked into buying a pool, the payment was $676/month. Why such a big difference?

In this case, Robert’s $35,000 pool was financed with his 25-year mortgage at a rate of 4%*, whereas John’s $676 monthly payment would have come from a 5-year personal loan at 6% interest.

However, is it a good idea to finance an in-ground pool over 25 years? It’s pretty hard to answer this question. Some will say it is a bad idea to pay interest for 25 years on money for a pool, whereas others will say the pool will increase the value of the home and that life-span of the pool is at least 25 years.

Regardless of whether you finance it for 5 years or 25 years, using your mortgage to finance projects is usually advantageous because you save on the interest rate as well. In effect, a personal loan costs between 5%-10% while mortgage rates are currently between 2.29%-5.00%.

Have you been dreaming about a beautiful pool for a long time?  Go ahead, dive in!

For more information regarding mortgage loans and how to finance various projects, do not hesitate to contact us!

 

*average rate.

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RATES OF

2024-03-28 00:00:00

TERMS BANKS MORTGAGE PLANNERS
6 months Fixed 7.94% 7.55%
1 Year Fixed 7.89% 6.79%
2 Years Fixed 7.49% 6.14%
3 Years Fixed 7.14% 5.09%
4 Years Fixed 6.99% 4.94%
5 Years Fixed 6.84% 4.79%
5 years Variable 7.65% 6.25%
Refinance Fixed or variable 10.40% 5.09%
3 year closed Variable 8.60% 7.20%
7 Years Fixed 7.10% 4.94%
10 Years Fixed 7.49% 5.79%
HELOC 8.20% 7.70%

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