Explore the Mortgage101 Library
Check Local Mortgage Rates
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
There are several moving estimate terms you must understand before you hire a company to handle your move. You should not sign an estimate or contract unless you are satisfied with the terms your mover is offering.
Non-Binding Estimate
A non-binding estimate lists all of the approximate costs associated with your move, including the weight, pre-move packaging and the cost of transportation. The estimate has to be in writing in order to be valid. If the mover determines the estimate was inaccurate, it has the option either to refuse to transport your items or to reassess the cost. This can happen if you have more items to be moved that were not included in the original estimate.
110% Rule
A moving company by law may not charge more than 10 percent more than the non-binding estimate amount. Make sure to allow for the possibility of an extra charge if your contract is non-binding.
Binding Estimate
A binding estimate is a guarantee of the price specified in your moving contract. Unlike with a non-binding estimate, the mover may not charge any amount greater than specified in the binding estimate even if it incurs additional charges during the move.
More Articles...
What Are Typical Mortgage Down Payments?
3 Common Short Sale Mistakes
- Alternatives to Getting a 2nd Mortgage
- Appraisal Basics
- Home Equity Loans for People with Bad Credit
- 3 Warning Signs of Loan Modification Scams
- Second Mortgages: Advantages and Disadvantages
- 3 Factors that Can Negatively Affect Your Mortgage Application
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Reasons Banks Reject Short Sales
- What To Do When Mortgages Default