Best Mortgages for Relocating

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Contributor, Benzinga
July 21, 2023

A relocation mortgage provides both companies and employees with a unique opportunity to geographically reorganize. It’s often a type of mortgage intended to assist with the relocation of employees. For higher-level employees, it’s common for companies to provide a certain amount of assistance during a move. The mortgage works well for people who intend to sell their old home and put down roots in a new place. When considering the best mortgages for relocation, contemplate the potential benefits of working with a knowledgeable lender. 

The Best Mortgages for Relocation

  • Optimal for Online Mortgages: Rocket Mortgage
  • Best for In-Person Service: J.P. Morgan Chase Bank
  • Best for Corporate Programs: U.S. Bank
  • Best for Nationwide Mortgage Services: Wells Fargo
  • Best for Personalized Relocation Services: Huntington National Bank

When examining a mortgage for relocation, research key factors such as the necessary minimum credit score, the mortgage program process and the provided additional types of loans. 

Optimal for Online Mortgages: Rocket Mortgage

Rocket Mortgage was founded in the 1980s and has since expanded to all 50 states. It’s possible to save up to $3,000 and also have access to extra incentives by working with relocation experts. The company has a team of knowledgeable relocation professionals prepared to assist customers with their moves. The process for obtaining and managing a relocation mortgage is relatively streamlined given that individuals work with a home loan expert. The home loan expert typically explains available relocation options. The company allows for expedited online document signing. Rocket Mortgage offers fully underwritten approval, which can prove useful when aiming to settle into a competitive market. 

In general, the company requires a minimum credit score of 580. Credit scores typically range between 300 and 800. Higher scores often imply that an individual is more creditworthy. Elevated credit scores allow individuals to receive more favorable terms and conditions when seeking financial assistance. 

In addition, the company offers a personal home loan that’s designed to address multiple uses such as helping to purchase furniture or fostering interior home improvements. An extra loan has the ability to assist with renovations as well as important house-related projects.


  • You can save quite a lot of money if you plan to relocate
  • Quick approvals help you plan your move
  • Additional loan products can help during the move


  • You may need more personalized service in some cases

Best for In-Person Service: JP Morgan Chase Bank

Chase has over 200 years of banking experience to help customers achieve their goals. The company offers personalized mortgages designed to accommodate both employees and corporations. Employee benefits include a $5,000 closing guarantee, specialized pricing and affordable lending options. No minimum credit score is stated. The company offers additional helpful loan options that assist with the process of relocating employees. For example, My Chase Loan® offers select customers minimum loans of $500. 


  • There are many branches where you can speak with a loan officer personally
  • Corporations can connect with Chase and refer employees to a local branch
  • There are low-cost loans available


  • The closing guarantee might not quash all your money concerns

Best for Corporate Programs: U.S. Bank

U.S. Bank began in the early 1860s and has since grown to provide services such as personal loans, wealth management options, business banking and corporate solutions. The company offers both employee relocation mortgage tools and corporate relocation assistance. Mortgages are personalized to closely match customer needs. Individuals can be eligible for U.S. Bank’s Corporate Programs Customer Credit if employed by a participating corporation. A minimum credit score is not clearly stated, but it’s recommended to have a score above 620. In terms of potentially helpful loans, the company offers options for first-time home buyers as well as loans designed to help with home improvements.  


  • Corporate programs can help everyone involved significantly
  • Personalized loans can help when you know you move often


  • Minimum credit score may seem a bit high, especially when you have no choice but to relocate

Best for Nationwide Mortgage Services: Wells Fargo

Wells Fargo was designed in the 1850s to help customers manage their money. The company has held to that promise by continuously evolving with the times. The financial institution offers a wide range of positive incentives for both the transferee (also known as the employee) and the company within the relocation program. A transferee gains personalized support, flexible payment options and a streamlined application. Companies have access to cost containment information, legislative updates and service scores. The company does not clearly disclose a minimum credit score. Relocating individuals will likely benefit from loan choices such as customizable loans beginning around $3,000. 


  • Branches across the nation can help customers
  • Low pricing for many loans helps those relocating keep money in their pockets
  • Payment options can be quite flexible


  • You may have a hard time uncovering what your credit score should look like
  • Not every relocation loan will have optimal pricing

Best for Personalized Relocation Services: Huntington National Bank

The Huntington National Bank specializes in serving small-market businesses up to corporations. The bank provides relocation services with attractive interest rates, flexible private mortgage insurance (PMI) and mitigated down payment requirements. It assists the employee with closing costs and offers a transparent list of fees to the employer for reimbursement. A minimum credit score is not stated. The bank also offers useful loans such as both secured and unsecured personal loans. 


  • Corporate relocation services support businesses and employees
  • Flexible PMI helps borrowers save money


  • Little is known about the credit requirements here

What is a Relocation Mortgage?

A relocation mortgage, also called a relo, is a type of mortgage that’s intended to assist in employee relocation. A mortgage for relocating employees is often a benefit that’s offered to individuals who need to move for work. In general, a relocation mortgage comes in a relocation package. Companies often provide relocation packages to employees who need to move for their jobs. A package often includes some assistance covering the associated closing costs. Overall, the mortgage eases some of the financial fees associated with relocation, which can act as an incentive for cost-aware employees. 

Should Your Business Offer Relocation Mortgages?

While a business is not a lender, companies often have the ability to partner with a lender that offers relocation mortgages to employees. Providing relocation mortgages to employees provides an extensive range of benefits that can pay off well into the future. Employees and companies can mutually benefit from a relocation mortgage. 

Attract stand-out talent: Providing relocation assistance allows a company to attract top talent. Well-versed talent remains one of the most important investments a company can make. 

Boost goodwill: Boosting goodwill with employees usually increases performance. For example, a company that offers thoughtful policies and benefits can motivate employees to perform at a higher rate.

Increase retention: High employee retention rates indicate that employees are staying at a company for an extended period of time.

Bolster financial stability: Offering a relocation mortgage can prove a financially savvy choice that makes it easier for an employee to move closer to a key company location. Decreasing the financial barriers associated with moving allows employees to more easily shift locations. 

Preparing for a Relocation Mortgage

Preparing for a relocation mortgage might feel overwhelming, but following a few easy tips has the potential to streamline the process. Before entering into a relocation mortgage, focus on organizing your finances

Organize documents in advance: When preparing for a relocation mortgage, consider the importance of organizing important documents. Have items such as your credit score, proof of identity and tax forms readily available to help expedite the process.

Examine costs: Have a working knowledge of the costs associated with your relocation. Consider speaking with financial and real estate professionals to more accurately estimate your price range in terms of budgeting for your future.  

Ask questions: Asking questions helps save time and money before committing to a specific mortgage. Consider reading the frequently asked questions section of a lender’s website to have a general understanding of the process.

Prepare to Relocate

When preparing to locate, implement a system that leaves room for error. Consider crafting a plan that accounts for packing hiccups to ensure the process moves as smoothly as possible. 

Search for strong schools: Distance to education can be a factor when selecting a home. Access to certain schools has the potential to depend on a home’s location. Map the distance to top schools from an intended neighborhood to have a better understanding of proximity.

Change mailing address: Reach out to the U.S. Postal Service to change your address. Fill out the provided forms to indicate whether you would like your mail forwarded. The fee to change an address can cost less than $2. 

Register key documents: Research the legal steps you will need to take to comply with potentially different state laws. For example, moving states typically requires changing your driver’s license as well as car registration and car insurance. 

Make a packing plan: Compare the price and reputation of different moving services. Before selecting a mover, read previous customer reviews to better understand the quality of the moving company.

Craft a moving-day plan: Have a general understanding of how your moving day will flow. It likely will not go exactly to plan so build in extra time to promote a more relaxed moving experience. 

Find a Moving Company

Select a reputable moving company to ensure your precious belongings successfully make the relocation journey. If you are unsure how to decide, search Benzinga’s list of top moving companies.

American Van Lines: The company offers clear pricing that’s based on a flat rate structure. Easy-to-understand pricing can prove beneficial when creating a budget for moving expenses. 

PODS: PODS focuses on providing portable containers. It has helpful shipping and storing resources that allow people to navigate the moving process. 

Allied Van Lines: With a several decades-long reputation, Allied Van Lines offers multiple services such as full-service packing and debris removal. 

Frequently Asked Questions


How do you buy a house when you’re relocating?


Learn about the potential neighborhood to decide if it’s the right fit for you. If satisfied with key factors such as the budget, find a reputable local real estate expert and proceed to explore while working in tandem with your lender. Some lenders have members of their team that assist with specific transferring needs so be sure to ask about what services and knowledge a potential lending partner brings to the table. 


Can I move my mortgage to another bank?


Typically, you cannot move your mortgage to another bank. One possible way to move a mortgage is by electing to refinance. You’re typically tied to a mortgage lender once all paperwork is signed. You should explore various banks before signing the paperwork. 

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.