Getting a Mortgage Using our PMB Address? - DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate

**EricHudson** · 07-15-2022, 09:04 AM

My wife and I have been Full Time RVrs for 5+ years. We are thinking about buying a stick and brick home and RVing part time. We have a SD PMB that shows on our driver's licence and no permanent physical address. We have money invested at Vanguard, Fidelity, and a couple other brokerages and we have quite a few credit cards and bank accounts. With mortgage rates as low as they are right now, we would like to get pre-approved for a mortgage before we look at potential homes. None of the institutions we already have accounts with would be a place for us to obtain a mortgage. Actually we do have a Chase credit card, but I don't think that will help.

Last year we tried to open a savings account at a bank that offered better than average interest and they said they could not open the account for us because we did not have a permanent address. They needed utility bills or other proof showing where we actually lived. I explained our lifestyle to no avail.

If banks won't hold our savings, are they are not going to approve a loan for us?

I am hoping someone who dealt with this, and is still on the forum, can offer some advice. Thank you in advance.

Jim

**ramzes666** · 07-15-2022, 10:03 AM

An excellent plan, quite real, it remains to find ways to implement it

**AngelaJohnston** · 07-15-2022, 10:27 AM

Hi Jim, I understand you very well, because without a permanent place of residence it is almost impossible to take out a loan, since banks need your address if a person is not going to pay off the loan and they can take real estate as collateral. If you want to take out a mortgage, it is best to contact a local mortgage consultant or consult on the mortgage account at the bank where you want to apply for a mortgage. When I took out a mortgage to buy an apartment for my son, I did not have the opportunity to personally consult with the bank about this, so I used the services of Mortgage Advisor London. After consulting with a person who understands this, it will become much easier for you to take out a mortgage. I wish you good luck and I hope that you will succeed!

07-15-2022, 09:04 AM	#1
EricHudson Join Date Dec 2020 Posts 270 Senior Member	Getting a Mortgage Using our PMB Address? My wife and I have been Full Time RVrs for 5+ years. We are thinking about buying a stick and brick home and RVing part time. We have a SD PMB that shows on our driver's licence and no permanent physical address. We have money invested at Vanguard, Fidelity, and a couple other brokerages and we have quite a few credit cards and bank accounts. With mortgage rates as low as they are right now, we would like to get pre-approved for a mortgage before we look at potential homes. None of the institutions we already have accounts with would be a place for us to obtain a mortgage. Actually we do have a Chase credit card, but I don't think that will help. Last year we tried to open a savings account at a bank that offered better than average interest and they said they could not open the account for us because we did not have a permanent address. They needed utility bills or other proof showing where we actually lived. I explained our lifestyle to no avail. If banks won't hold our savings, are they are not going to approve a loan for us? I am hoping someone who dealt with this, and is still on the forum, can offer some advice. Thank you in advance. Jim Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

07-15-2022, 10:03 AM	#2
ramzes666 Join Date Nov 2020 Posts 236 Senior Member	An excellent plan, quite real, it remains to find ways to implement it Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

07-15-2022, 10:27 AM	#3
AngelaJohnston Join Date Jul 2020 Posts 405 Senior Member	Hi Jim, I understand you very well, because without a permanent place of residence it is almost impossible to take out a loan, since banks need your address if a person is not going to pay off the loan and they can take real estate as collateral. If you want to take out a mortgage, it is best to contact a local mortgage consultant or consult on the mortgage account at the bank where you want to apply for a mortgage. When I took out a mortgage to buy an apartment for my son, I did not have the opportunity to personally consult with the bank about this, so I used the services of Mortgage Advisor London. After consulting with a person who understands this, it will become much easier for you to take out a mortgage. I wish you good luck and I hope that you will succeed! Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

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