Whether you are a U.S. Coast Guard boat owner looking for a mortgage, you may wonder if there is a unique program designed just for people in your situation. In any case, there is! Borrowers who meet the requirements for the preferred ship mortgage program offered by the United States Coast Guard are eligible to…
If you plan to sell your boat, you must satisfy the terms of a mortgage, if you’ve used one to finance the vessel. This lets the United States Coast Guard know that you have sold the boat and that the lien on the boat is no longer in effect. If you fail to do this,…
There is a good chance that you are familiar with mortgages for real estate. With the advent of the preferred ship mortgage, ship owners may take out loans against their boats. It’s a common misconception that only current or former navy commanders may qualify for this financing. A preferred ship mortgage is available to any…
When you complete the documentation necessary to register your boat with the United States Coast Guard, you may be able to finance the vessel with a preferred ship mortgage. Much like the mortgage on your house, this allows you to make payments on your boat, which can make it a more achievable option for many…