Whether your company offers a service or provides a product, process is everything. As a company in business since 1979, we have honed the Lyon Financial loan process to perfection. We understand that an effective process is one that:
- Sets clients’ expectations
- Considers the big picture but accounts for all the small, supporting details
- Clearly outlines every phase and every step within those phases
- Makes room for adjustments based on client feedback
- Is adhered to consistently by all employees
- Includes a strong structure to communicate the progress of the process
Through every business technological advance over the years to each swimming pool innovation, we have stood firm on the principle of helping people get what they want. When a company has such a focused vision, it is easy to cut through the clutter to get the job done.
Lyon Financial has long enjoyed an outstanding reputation for a couple reasons: we believe in what we are doing, we never forget we are in the business of families, and we have consistently served up the same quality customer service as we have since Day One.
Here’s a summary of how we make pools and spas and pergolas happen!
- You complete a simple application, either online or on paper.
- It is personally reviewed by a member of our loan team.
- One of our exclusive lenders will then receive the application.
- The loan team member will review the terms and conditions with you, ensuring you are paired with the program that best suits your needs and qualifications.
- A conditional approval is available within 24 – 48 business hours.
- After the conditional approval, income verification documents need to be submitted. (These include previous year’s tax returns – specifically Schedule C & E for those self-employed; a W-2 and recent pay stubs for wage earners).
- Upon final approval, a copy of the signed contract between the builder and customer is provided.
- Loan documents are then ordered and sent electronically.
- Once the loan documents are signed and returned to Lyon Financial, the builder is given a “clear to start” and construction can officially begin.
- Just add water!
Working with Your Contractor
This is another area where the focus on customer service makes all the difference at Lyon Financial. We don’t abandon you just because construction has begun. We remain involved to ensure that progress on your backyard entertainment center is continuing and that your contractor is receiving the appropriate payments in the appropriate increments.
How does the builder get paid?
- The builder is paid in stages, according to the progress of the project.
- This ensures that funds are not disbursed in advance of work being completed.
- Before each stage’s payment is released, we ask that you complete a brief electronic form to verify that the scope of work for that stage has been completed.
- Each program pays in at least three stages, from excavation to project completion (as defined in the contract).
- After documenting that the job is complete and you are satisfied, the final funds are disbursed.
- We will arbitrate between you and the contractor, should any conflicts or misunderstandings arise.
Lyon Financial Credit Application Process
When we are asked questions about Lyon Financial minimum credit score and Lyon Financial pool loan credit score, we assess creditworthiness on several factors, but there’s one thing we NEVER do. Unlike some of our competitors – we don’t “shotgun” customers’ credit.
We hold a steadfast position to never allow a customer’s credit to take more hits than it should. It’s not a best practice and it’s in the worst interest of the client. So we run our credit check first and work to pair you with the best lender for your situation. That lender in turn runs their own check.
Unfortunately, many other companies take a customer’s information and scattershot the request to all their lenders. Each pulls their own credit report on the customer, resulting in many unnecessary hits.
Our aversion to this approach is just one of the things we do to act in the consumer’s best interest. Whether you possess the Lyon Financial minimum credit score or have a higher FICO, you shouldn’t have your credit reputation subjected to such a practice. No one’s score should be impacted that dramatically.
Loan Terms and Fees
The infamous “small print” where all the scary stuff tends to be hidden; that’s not how we roll. We are clear and upfront about every aspect of your loan. Some other things that make us stand out:
- We offer the LONGEST terms in the industry
- There are NO consulting fees
- Lyon Financial imposes NO prepayment penalties
- Contractors are NEVER subjected to fees
Lyon Financial Pool Loan Credit Requirements
This is probably our most frequently asked question. We look at overall credit health, including your debt-to-income (DTI) ratio. Ideally, we like to see a DTI of 50 percent or less (including the loan amount being requested). We also look for any recent negative marks, such as bankruptcies or tax liens.
The lowest interest rates are reserved for those with excellent and substantial credit. The individual’s exact interest rate is determined by their credit profile and the loan purpose, amount, and term. To answer the question about what credit bureau does Lyon Financial use? We rely on the expertise of Experian, but our lenders may use any of the “Big Three” reporting bureaus: Equifax, Experian, and TransUnion.
How long is an approval valid?
Your approval is good for 119 days, during which time the pool must be completed. We can extend for additional time as needed to complete the pool project, as long as no major changes to credit have been made.
Call us at 877-754-5966 for all the information you want. During regular business hours we answer the phone… every time! That’s where our excellent customer service begins. At Lyon Financial, we love the difference we can make for your family by providing something that puts years of memories within reach.