Have you been thinking about getting a mortgage for your vessel? Do you want to get the financing that will make it possible to own the vessel that you want? If so, we very well may be able to help. Here at the National Vessel Registry Center Corp., you can find many forms pertaining to a boat mortgage. With this particular form, you’ll be able to set up everything you need for a mortgage. Now, just filling out this form doesn’t mean that you’ll be eligible for a mortgage nor that you’ll get one. But, with this Form 7 – Mortgage, you can take the first step towards getting the mortgage you want that much faster.

What to Know About a Boat Mortgage 

When people hear the word “mortgage,” they tend to think of it only in terms of “this is what you’ll have to pay for your property.” While that’s often how we use a mortgage, the truth is that, at the end of the day, a mortgage is a legal document. Should you own a vessel that’s been registered in Canada or even a share in a vessel that’s been registered, that’s a valuable thing. Specifically, you can use it as security. Most use this security to procure a loan. 

At our site, we offer the form that you can use to set everything up for your mortgage. It has all of the relevant information and more to be able to put together a mortgage that will allow you to own your vessel how you want. 

The Information You’ll Need to Fill Out This Form 

Many of the forms at our site are populated with one-word blanks to be filled out. This is not one of those forms. Instead, this has large blocks for describing the “nature of consideration..” In this context, that covers the specifics of the payment of the mortgage. This is the place for the principal sum or the line of credit that is going to be used in this mortgage. Moreover, it explains the details of the interest, too, how all of this will be paid, or a reference to a collateral agreement. You’ll also find space to put the names and addresses of the mortgagee and the mortgagor. 

A Word About Mortgages

To be clear, this form does not guarantee that you’re going to receive a mortgage. By that same token, it does not mean that you’ll qualify for a mortgage. Instead, what it does is put all of the information in one place and make it possible for it to be sent to Transport Canada for the record of the mortgage to be attached to your vessel. 

We do recommend that, before you consider any kind of financing for your vessel, to discuss this with a relevant authority. Many consult with an attorney before they decide whether or not to go with one of these mortgages. We always recommend having more information before you make a decision, and this particular form is no exception. 

What You’ll Need for Form 7 – Mortgage 

Regardless of your specific situation, there is one thing you’ll need before you file for this form. You need to have your vessel registered with Transport Canada. Without that, you cannot receive a mortgage. No mortgage will be accepted without this crucial form. Fortunately, you’ll also be able to find that at our site as well. 

You can find and fill out this form here, too. As with all of our other forms, you’ll be able to fill it out from anywhere and on any device. We made our site optimized for mobile devices for exactly that reason. So, you can complete these forms when you’re at your home, on your couch, on the street, at the park, at the gym, or even at the harbor. If you get a connection to the internet when you’re on your vessel, you can fill out these forms there as well, too. 

If you’re like many, then you may rush through these forms, trying to fill them out as quickly as possible. That’s certainly understandable. You don’t have to worry about it here. Our document processors will go over your forms, checking for any small errors and fixing them appropriately. 

As you can’t apply for the mortgage until you have registered your vessel, we understand if you want to expedite the process. To do so, you can opt for the “rush processing” at our site. That way, we’ll put you at the front of the line to make the process go much faster. 

Everything Related to Vessel Mortgages in Canada 

This isn’t the only mortgage form available at our site. Indeed, when it’s time for the mortgage to end, you can use the “Discharge of Mortgage” form as well. Good luck to you throughout the course of vessel ownership. To see all of the forms that we offer, head to our site here.