We here at RateSupermarket.ca talk a lot about budgeting and finding the best mortgage rate when it comes to buying a home, but when it comes to actually uprooting your life, packing your belongings, and moving into a new abode, other expenses need to be considered as well.
According research done by RateSupermarket.ca, the cost of getting ready to move comes in at about $1,648. This number considers the cost of packing supplies from boxes to protective coverings for your furniture, cleaning supplies, and a one-day moving truck rental.
Notably, the bulk of moving preparation costs come from miscellaneous living expenses. As you know, moving to a new residence is not easy and the packing/unpacking period can span days – even weeks. Therefore, as you’re settling into your new home, it’s normal to incur living expenses such as travel costs while running errands or ordering takeout for the family if you don’t have the time or set-up to cook your meals.
And though the process can be simplified by hiring professional packers and movers, using these services comes with a hefty price tag…
Designed to help borrowers increase monthly cash flow by providing maximum flexibility, this product can be used for both purchases and refinances.
I recently tried this product out and was really impressed!
My client was a newly-separated single mother who needed a break on monthly mortgage payments. I was able to improve her monthly cash flow on a $354K mortgage from $1,470 down to $1,261 – a savings of $209 per month/$2,508 annually!
This savings was possible thanks to the ability to place 50% of the mortgage as an adjustable rate mortgage (ARM) and 50% as interest only.
Interest-only available up to 65% loan to value (LTV) or 2 components of interest-only and amortizing payments up to 80% LTV
Interest-only portion must consist of at least 50% of total mortgage amount
Fixed and adjustable rate options available
Applicable mortgage amounts range from $200,000 to $2 million
Qualification based on 30-year amortization for interest-only portion
20% prepayment privileges, convertible and portable
If you’re looking to free up more monthly cash flow, this new product may be a great solution…