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  1. #1

    Home Equity for a boat?

    So I got this flyer from my mortgage holder stating I have $60k in equity in my home that I could use, at 5.25% and would only be $263 bucks a month addition to the mortgage payment.
    Anyone here use the equity in there house to buy a boat before? What were the pro's and con's?

  2. #2
    Registered rchevelle71's Avatar
    My Boats:
    1982 Pantera 24sport
    Join Date
    Aug 2003
    Boca Raton
    CON: Most homequity loans are variable rates.

    PRO: you can insure it for as little, or as much as you wish, not what the loan provider tells you since the loan is secured by your homes equity, not the boat.

    I am thinking of doing the same.

  3. #3
    My Boats:
    Join Date
    Jun 2002

    Thumbs down Been there done that...

    be very careful,,,

    Did not like that at all, did it on the first boat...

  4. #4
    Registered Downtown42's Avatar
    My Boats:
    2005 42' Fountain SOLD
    Join Date
    Nov 2003
    1 Flu Ovr KuKos Nest-WI
    If your world crumbles, you are gambling some with your equity in home. My opinion, get a fixed rate boat loan secured by the boat and if things go to hell, at least you can retain some of which you have worked for.

    I would bet rates are very good still for fixed loan.

    Ck with Von Bongo, Mitch Stellin and others on board for their rates.

  5. #5
    Official OSO boat whore Charter Member
    My Boats:
    8' row boat
    Join Date
    Oct 2000
    Mequon, WI
    I agree with downtown 42 totally. I'd rather give up the boat than my home.

  6. #6
    The Family has spoken.....boat loan it is!

  7. #7
    Registered Von Bongo's Avatar
    My Boats:
    1997 Cig Kevlar - powered by Boyd
    Join Date
    Dec 2001
    Iowa - Missouri
    Depending on the boat there may be no advantage. The 2 possible advantages would be maybe a lower rate and possible tax deductions. Most of the offshore boats already have the v-birth, potty and "galley" to qualify as a second home.

    Boat rates last I checked for up to 20 years fixed were 5.25-5.75% fixed. They might be up a touch I just haven't looked at them for a couple weeks.

  8. #8
    Registered MitchStellin's Avatar
    My Boats:
    Zodiac RIB
    Join Date
    Nov 2000
    Grand Haven, MI USA
    I went thru Coastal Marine and have a 15yr at 5.5% fixed, no balloon either. The Bank I work for was a full % higher. The HELOC is a variable rate and and when the Fed starts raising rates you will move with them. As long as you have a sink you can write the interest off anyway. I can give you the number for Coastal, it is 616-494-2628, ask for Chris. No fees either.

  9. #9
    Platinum Member Platinum Member CigDaze's Avatar
    My Boats:
    Cigarette 35 Cafe Racer
    Join Date
    Jun 2001
    St. Petersburg, FL
    Just so there's no confusion, here's the text on Interest deductions on boats, straight from IRS publication 936:

    For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.

  10. #10
    Forum Regulator VIP Member Sydwayz's Avatar
    My Boats:
    37' Active Thunder AVH; 17' Speedliner Cat OB
    Join Date
    May 2001
    If you search hard enough, you can get 5.25% on a boat loan.

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