NVCD satisfaction of mortgage is one of the most commonly asked questions here at Vessel Registration Center. Not every boat owner needs it, though. But it comes in handy for various reasons.
What is NVDC Satisfaction of Mortgage?
Mortgages are sometimes taken out to finance the purchase. If you have obtained a mortgage for your boat and have paid it off in full, then you will need to obtain a Satisfaction of Mortgage document from the National Vessel Documentation Center. This document serves as proof that your boat’s mortgage has been satisfied. It also verifies that you are the sole owner of the boat.
Who Issued It?
The NVDC, which is part of the United States Coast Guard (USCG), issued this document. It signifies that the mortgage on your vessel has been fully paid and that there are no remaining financial obligations or encumbrances associated with the boat. It is an important document to obtain as it officially releases any lien on the boat and establishes your clear ownership.
When Do You Need It?
Mortgage Payoff
If you have taken out a mortgage to finance the purchase of your boat and have made the final payment, you will need this document. It serves as proof that the mortgage has been satisfied and that you now fully own the vessel.
Sale or Transfer of Ownership
When you decide to sell or transfer ownership of your boat, having this document is vital. Potential buyers or new owners will want assurance that the boat is free and clear of any liens or encumbrances. Providing them with this document assures that the mortgage has been paid off, and they can obtain clear title to the vessel.
Refinancing or Obtaining a New Mortgage
If you choose to refinance your boat or obtain a new mortgage, the lender will require this document to establish that the previous mortgage has been paid in full. It allows the lenders to secure their lien on the vessel. Providing this document streamlines the process and facilitates the new financing arrangement.
How to Obtain It?
- Pay it off. Before you apply for this document, you must ensure that the mortgage has been fully paid off. It involves making the final payment to the mortgage lender.
- Gather documents. To obtain this document, you will have to provide certain documents. This may include the original mortgage documents, the promissory note, and other documents related to the loan agreement.
- Complete the application. Fill out this form that you can obtain through our services. Simply browse the options at the left side of this page and look for the satisfaction of the mortgage.
- Submit the application
- Once you have filled out the form, submit it to us and upload the necessary documents. We will review your application and take note of some discrepancies.
Fully Satisfied Vessels
As long as your boat has been released of any liens, you can easily obtain NVDC satisfaction of mortgage. The easiest way to apply for this document is through the Vessel Registrar Center. Contact us to know more.