From the initial documentation, through the Preferred Ship’s Mortgage, to the Release of Mortgage form, you can find it all right here.
How Documentation Figures Into Financing
You might wonder: “OK, I got my vessel. I’m going to use it how I want. Why do I need to get it registered to get a mortgage?” The simple answer: because the banks are probably going to want you to. For a long time, banks have made it mandatory for vessels to be documented before they’ll extend financing. It’s one more way to protect their interests, more or less. Of course, you can find all of the forms you’ll need to document your vessel as well as renew your documentation at our site.
The Release of Mortgage Form
For many, the first step in financing is getting a “Preferred Ship’s Mortgage,” as it’s called. You may be sensing a theme to this blog here, but you can find that form at our site, too. Through the course of owning your vessel and paying your mortgage, hopefully, you’ll eventually come to the point where you’ve paid it off. That’s where this “release” form can come into play. That’s the form you’ll want to file once you’ve paid your Preferred Ship’s Mortgage off.
Link to full article HERE.