Houseboat Magazine

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's branch 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

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