Can Part of a Mortgage Be Used to Pay for Moving Expenses?

Can Part of a Mortgage Be Used to Pay for Moving Expenses?

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When someone buys a home, they will spend more than the actual price of the home itself. It is important to account for taxes, insurance and other costs related to getting the loan. It is also a good idea to account for moving costs. Typically, they must be paid out of a buyer’s own pocket.

Moving Costs Aren’t Part of a Home Loan

The reason why you generally can’t use a mortgage to pay for moving costs is because that cost is not directly associated with buying the home. Typically, lenders will allow you to roll the cost of taxes, lender fees and other loan costs into the loan itself. It may also be possible to roll closing costs into a mortgage as well, and home buyers may want to use money earmarked for that purpose to pay for movers.

Loans May Be Available to Cover Moving Costs

If you are struggling to come up with money for a moving company, a family member, friend or employer may be willing to cover that cost for you. Employers may have employee assistance programs that provide loans at low or no interest rates. Credit card companies may offer 0 percent interest to new customers, and that may make it easier to pay for moving costs.

Payment Plans for Moving Services

In most cases, you aren’t required to pay for services until they are rendered. If you still need more time to pay, you could always ask for an invoice to be sent to your new address. Typically, a moving company will estimate the cost to conduct the move as well as describe exactly what you get for your money. Those planning on moving should expect to spend around $100 per hour for professional services.

Do You Need Professional Moving Services?

If you can get by loading your belongings into a car or a small truck, you may be able to move on your own. Some companies, like Walsh Moving & Storage, know that you can also ask friends and family members to help with your move. Although this may take longer, it may help you save hundreds of dollars.

These days, lenders will allow you to roll many of the costs associated with a home loan into the loan itself. However, you must generally cover moving costs on your own. Therefore, it may be a good idea to account for these costs before you close on the property or take possession of it.

Consumer Tips reference:

lower monthly bills guide

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