boat

How to Improve your Chances to Get a Yacht Loan

1.Getting a boat loan, used to be a bit easier than it is right now, however if you follow the tips in this list you should increase your chances to get a loan and be able to afford that boat.

2. Know what’s on your credit report. If you find any accounts that you did not open or any amounts that you did not charge, you will need to submit a form to all three credit reporting agencies (Equifax, Experian, and Transunion) to dispute the account or charges, as need be. Each reporting agency may give a different result and may find different accounts. A bank will run all three and so should you.

2. Improve your FICO score. Your FICO score measures you financial stability. You can improve your score by not using all of your credit space, and especially by having zero balance credit cards, paying your bills on time, and reducing the amount of debt you carry.

3. Put some “skin in the game.” Lenders like to see that you have financial motivation to keep from defaulting on the loan. By putting down 20%, the bank sees that you have a motivation to keep repaying the loan, and if you are able to put down more than 20% many times lenders will be able to give you better terms.

4. Banks take more than just credit score and income into the criteria they use to assess risk. Previous boat loan experience is a positive, or at least comparable borrowing experience. They will also look into your employment history, previous payment history, and cash reserves.

5. Gather your financial documents. In order to qualify for a loan, a lender will want to verify that you have the means to both pay back the loan and take care of the boat, including maintenance, insurance, dockage, and fuel, while you own it. In order to prove your financial status, you will need to provide the lender with two years of tax returns, current year to date income, and a balance sheet of current investments, cash, stocks, annuities, IRA’s, 401k’s, etc. Also, remember that many lenders will require you to insure the boat until you have paid off the loan, even if your state does not require insurance.

6. Understand how bank look at your debt and income. A bank will want to see that your monthly debt payments are not greater than 40% of your monthly earnings.

7. Find the right company to represent you. Only a few lending institutions provide boat loans, and most independent brokers will request a loan quote with each of them. This means that having two agents will not help you (and can often hurt your chances of getting a good loan). It is important that you select an agent or brokerage that has a long history of dealing with yacht loan lenders and a good track record of successful loans. Remember, a good broker is your advocate.

Now is a great time to buy a yacht. There are great opportunities to purchase yachts at that represent an exceptional value, or may have been previously unaffordable. Take the time to gather your documents, get “pre-qualified” for a yacht loan so you know that financing will not affect your negotiations or timetable to purchase.

categories: boat loan,yacht loan,financing,lending,boat,boats,boating,business,lending,faincing,banking

boat

Texas Gated Communities: The Resort on Eagle Mountain Lake

The Resort on Eagle Mountain Lake is a master planned community where homeowners enjoy an 18 hole championship golf course, boating, fishing, and water skiing on Eagle Mountain Lake. The community has over 540 acres with breath taking lake home sites and golf course views. Homeowners enjoy other amenities such as the private boat marina and 40 acres of natural preserved landscapes.

The community overlooks the eastern shore of beautiful Eagle Mountain Lake located outside of Fort Worth, Texas. Eagle Mountain Lake covers over 9,200 square miles with a maximum depth of 52 feet. It is outlined by over 200 miles of shoreline, coves and inlets. The communities highest point is 760 feet above sea level near the entrance.

The Resort offers all the tools to improve your golf game. The newly designed club house offers a fully stocked pro shop with PGA professionals that offer advice and one-on-one instruction and a practice facilities that include a putting green, chipping area and driving range. When you are ready, the 6600 yard, 18-hole championship golf course offers an enjoyable round of challenging play for all skills levels. When your round is complete, you can enjoy others benefits the such as the clubhouse restaurant and grill, exercise facility, and mens and womens locker rooms.

The Resort has many amenities that active adults will love. The community offers biking and walking trails that meander through over 40 acres of preserved land. Hogsett Island, a marsh fringed island that is connected to the community by a causeway, will soon be the home of a new marina, pavilion, private beach, water park, resort style swimming pool and tennis center.

Real estate shoppers can choose from villas, custom homes, and luxury estates depending on their desires. With villas starting at $240,000, custom homes starting at $300,000, and lakefront homes starting at $500,000, the Resort offers many affordable options. Buyers can choose from 10 top rated contractors with experience in custom home designs. Lakefront homeowners can also choose to build boat docks and boat houses.

The Resort has been called the Exemplary New Home Community, by the 2003, 2005, and 2006 Spring Tour of Homes and named Best Golf Community, by Texas Golfer Magazine in 2005.

Final Remarks

When buying a second home, it’s easy to see why The Resort on Eagle Mountain Lake has been the top choice of many. Discover what The Resort on Eagle Mountain Lake has to offer you. Talk to an agent today.

Hubert Miles is the founder of Gated Communities USA which features the best Gated Communities in the USA and Internationally. Find information on Boating Communities in Texas.

categories: real estate,property,home,house,waterfront,boat,boating,lake,mountain,community,family,vacation,travel,business