Routing # 256078446
MORTGAGE KNOWLEDGE CENTER
PenFed Mortgage with Confidence
February 11, 2022
Remember your first move? Perhaps it was moving into a dorm at college with a few bins and boxes. Maybe it was moving to your first apartment with the help of a friend’s pickup truck. As we get older, the logistics associated with moving get more complex. This is especially true when you are planning on moving to another state. The good news is that with some preparation, you can make your move easier than you expected.
How to move to another state
It is one thing to move from one house to another, or from one neighborhood to another, but moving to a different state requires a unique level of preparation and organization. For one thing, there will probably be a firmer timeline in place. In addition, moving to another state is generally far more expensive than a local move, so you may need to start making financial preparations early.
If you have friends or family in your new location, that may make for an easier transition. If not, think ahead to your first day or two in your new home. Will you need help unpacking? Where will you get groceries? Check with your mover or the real estate agent in your new neighborhood to determine if they offer concierge moving services. These can help to smooth the way and take on some of the logistics so that you’ll have less to do during your move.
Logistics to consider before relocating to another state
There are many things you will need to do during an interstate move, including:
- Finding a new doctor, dentist, or other professional service providers for each member of the family.
- Registering your children in a new school system and transferring their records.
- Registering all of your vehicles in your new state and obtaining a new driver’s license.
- Changing the addresses for all of your bills, subscriptions, and other services.
- Canceling utilities in your current home and starting them up in your new home.
In addition to all of these tasks, you will be learning the ins and outs of a new job and adjusting to a new commute and routine. You may also have to contend with a new culture, foods, accents, and other factors that make you feel somewhat out of your element. It is important to acknowledge these feelings and prepare for them, bringing with you some items that make you feel more at home.
Questions to ask before relocating to another state
People move out of state for many reasons. You may be moving because you have been offered a new job in a different city. You may be planning to move to another state because you have seen it in a movie or on a television show and thought it looked fun. Maybe you are now working from home and have more options for where you will live. Perhaps you are moving to another state due to what you have read about its quality of life or affordability.
Whatever the reason, there are a few questions you should ask yourself before you decide you are moving to another state:
- Have I visited the new state to see for myself whether it is a good fit for me?
- Have I made sure I can afford to live in this new area?
- How will I make a living once I arrive in my new state?
- Is there unfinished business in my current area that I need to settle before I move?
- Have I struggled with homesickness in the past, and how can I emotionally prepare myself and my family for an out-of-state move?
Preparing children for an out-of-state move
A move to a new area may particularly impact children. While you may be going there because of an exciting new job opportunity or to fulfill a lifelong dream, they may feel out of place in their new home or sad to leave behind friends, family, and the familiarity of your current home.
To help children through this transition, start talking to them about their new hometown. If your child loves sports, introduce them to the local sports teams. If they are a reader, order some books with interesting facts about the state you are moving to and plan an upcoming weekend trip together. If they are more visual, check out online video resources for virtual tours so that they can learn more about their future home.
How to move out of state on a budget
While it is more expensive to move to a new state, you can manage costs in many cases. A do-it-yourself move with a rental truck can save you thousands of dollars over hiring a professional mover. In addition, be realistic about the items that you are moving. If you have old clothes or furniture that you no longer want, hold a garage sale, or give them away to a local charity rather than paying to move them to a new location.
Your first night in your new home
You will no doubt be tired after traveling and eager for a good night’s sleep in your new home. Make sure that you have set aside linens, pajamas, toiletries, and a change of clothes for the following day in a dedicated box or suitcase so that they are easy to find. Include a favorite book or toy for the kids and spend some time together talking about the day you have had and all of the exciting days ahead in your new home.
While relocating to another state can be a struggle, it is also an adventure. Preparation and organization can help create a positive experience for your whole family.
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1Conventional Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.0 discount point, which equals 1.0 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
2FHA Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.0 discount point, which equals 1.0 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 96.5%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
3VA Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.125 discount point, which equals 1.125 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; loan-to-value ratio of 95%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of $995.
4Jumbo Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 0.625 discount point, which equals 0.625 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, non-conforming, fixed-rate loan. Loan amount of $1,009,000; loan-to-value ratio of 70%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Advance Period. During your Advance Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.
