14 JANUARY | FEBRUARY 2018 WWW.HOUSEBOATMAGAZINE.COM
“So far as the rates, terms and pro-grams that are available, and how aggres-
sive the banks are, all of those are aces
right now,” said Gottfried. “It’s a really
good time.”
Financing Process
As far as the process goes for financ-ing your new houseboat, it’s pretty sim-
ple, so don’t let anybody scare you with
gobbledygook terminology.
Keith Pierce, Community Trust Bank’sbranch manager loan officer, makes a
good point in saying, “Every financial
institution is a little different.”
Even though rates and terms may vary,the general process of financing your
houseboat stays just about the same. It
goes something like this:
First, call different financial insti-tutions such as Newcoast Financial
Services or Community Trust Bank to
discuss rates and terms.
Once you decide who to go with,you’ll typically have to fill out an applica-
tion and turn it in. Usually, applications
can be filled out over the computer and
then emailed back. Gottfried said buyers
generally hear back in a couple days.
Then, once you receive approval, take
your time looking at the terms and de-
ciding if it’s right for you. If everything
looks to be ship-shape, go ahead and
move forward.
Now you’re going to need a marine
survey. Pierce explained that the survey
is basically like a houseboat inspection
and appraisal for the boat you plan on
buying.
Once you turn in your marine survey,
along with any other documentation
from the seller, your bank will prepare
the loan documents. Once you’ve signed
these documents, they will fund your
houseboat loan.Sounds pretty easy, doesn’t it? It will
be if you make sure to keep track of a few
personal things before financing your
boat.Keep In Mind
Pierce pointed out that once approved
for the loan, it’s pretty much a walk in
the park.
Isn’t that the truth. You will make
your life a lot easier if you begin keeping
track of things that could affect your
eligibility for loans before you apply for
one. A couple things that lenders will
want to see are your credit score and
your job history.
I know you’ve heard it all before, but
I’ll say it again: Credit is a big deal.
Banks want to see that you’ve already
financed some larger-ticket items so
they can trust you to make your future
payments. Also, when financing house-
boats, if there is more than one person
applying for the loan, both parties will
need to be approved individually, so it’s
extremely important to keep track of and
build your credit.
It would also be in your best interest
to note that the average down payment