Vanderbilt Mortgage

Vanderbilt Mortgage

 4.6/5 (193 reviews)
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About Vanderbilt Mortgage

Vanderbilt Mortgage and Finance (NMLS #1561) is a national housing lender that operates under the umbrella of Berkshire Hathaway. It specializes in financing both new and used manufactured, mobile and modular homes. Vanderbilt also finances improvements for these types of homes, including energy-efficient upgrades.

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Pros

  • Direct lending for used home purchases
  • Accommodates borrowers with lower credit scores
  • Numerous payment options
  • Home improvement loans with zero down

Cons

  • No home equity loans or HELOCs
  • No in-person branches

Bottom Line

Vanderbilt Mortgage is a national lender helping people finance the purchase of new and used manufactured, mobile and modular homes. It works with all types of borrowers, including those without great credit. A loan specialist helps walk you through the application.

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Rated with 5 stars
Verified

The mortgage process at Vanderbilt was the simplest of all the others that I checked out and the best deal as far as interest and APR. I just did it over the internet. I also like...

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Rated with 5 stars
Verified

Vanderbilt made the process easy and everything was explained. … They kept me informed on everything. ... When I talked with the rep I worked with, it was pretty much to the point...

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Rates

Vanderbilt Mortgage doesn’t display current rates on its website, but it does offer a mortgage calculator to provide an idea of what your mortgage might look like with different borrowing costs.

When searching for a mortgage lender, you’ll likely see the terms interest rate and annual percentage rate, or APR. The interest rate is the cost of borrowing money from a lender, and the APR encompasses the interest rate plus other costs and fees of getting the loan. Both are presented as annual percentages of the principal. Understanding the difference helps while you’re comparing lenders.

With some home loans, you have the option of a fixed-rate or an adjustable-rate mortgage (ARM). As of publishing (2022), ARMs are growing in popularity due to high interest rates. When rates are low, fixed-rate loans can feel like the safer option — they provide predictable payments and can make budgeting more manageable.

Over the past few years, Vanderbilt Mortgage’s average rates for home purchase loans have been a bit higher than the national average.

Vanderbilt Mortgage average home purchase rate vs. national average

YearDifference from national average
2021+2.86%
2020+3.29%
2019+3.65%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

Vanderbilt Mortgage’s digital tools make applying for a mortgage fairly simple and direct. After clicking on the “Apply Today” button, take a brief survey about the type of mobile or modular home you want, your ideal location and how much money you can put down. From there, customers give some brief personal information and details about income, and a loan specialist follows up.

A reviewer on our site from Oklahoma said about their experience with Vanderbilt Mortgage: “We had to sell a home to buy another one, and the rep was wonderful. I talked to her one time, and she gave me a preapproval almost immediately, then started dealing with the place we were buying a mobile home from. … Also, the homeowners insurance that they offered us is right in line with what it should be and it's got great coverage. We're happy.”

Vanderbilt Mortgage application features

FeaturesAvailability
Online application
Mobile document upload
Physical branchesX
Publishes minimum rate on websiteX
Rate lockX
Pre-qualification (no hard credit pull)X
Certified approval letter

Loan types

Vanderbilt Mortgage originates mostly conventional loans. It offers portfolio home loans, which means it won't sell your loan on the secondary mortgage loan market — instead, it services the loan throughout the entire term.

Vanderbilt also offers land loans, which can help if you plan to buy a plot of land and the home that will sit on it. Though the company offers financing for improvements, it does not offer home equity loans or HELOCs.

In 2021, Vanderbilt Mortgage received 124,080 home purchase applications. Of those, it closed only 20,610 (about 17%) loans, and it denied 51,289 (about 41%) applications.

Loan applications for home purchases only by year

202120202019
Home purchase applications124,080116,491104,041
Home purchase loans closed20,61021,63817,173
Home purchase applications denied51,28950,20644,497
Home purchase preapprovals denied411418
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

While rates were historically low in 2020 and 2021, refinancing became a popular option. Despite this recent increase in refis, Vanderbilt’s main focus is home purchase loans (89.1% of all its loans in 2021).

Home purchase vs. refinance loans by year

202120202019
Home purchase loans89.1%85.7%95.26%
Refinance loans7.1%10.82%1.9%
Cash-out refinance3.8%3.48%2.84%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

After a loan specialist has reviewed your application, Vanderbilt Mortgage will explain its borrower qualifications for its conventional loan programs. Vanderbilt Mortgage works with applicants who have less-than-perfect credit and first-time homebuyers, so don’t be discouraged from applying even if you have a lower credit score.

Vanderbilt Mortgage only offers conventional loans. To learn about lenders offering other types of loans, read our guides on FHA lenders, VA lenders and USDA lenders.

Cost and fees

Once you apply for a loan, Vanderbilt Mortgage provides a three-page Loan Estimate form with the estimated costs of your loan, including closing costs.

Look over the form carefully for details about the rates and additional costs, including any origination, appraisal, survey, title or attorney fees. Vanderbilt states that most of its loans don’t have a prepayment penalty, so be sure to ask if yours does.

Vanderbilt Mortgage does list some service fees, ranging from a $10 fee for assisted phone pay to a $150 recast fee. There is a $57 lien release recording fee at the time of publishing.

FAQ

How does Vanderbilt Mortgage work?

Vanderbilt Mortgage offers financing programs for purchasing new and used manufactured and modular homes. You can start by filling out an online application. A loan professional will review your application and call you to explain what further documentation is needed and explain loan requirements. If land is part of your home purchase, Vanderbilt will order an appraisal and title search before issuing full approval of the loan.

Is Vanderbilt Mortgage legit?

Vanderbilt Mortgage is a legitimate company that has been lending for over 40 years. It is owned by Berkshire Hathaway.

Where is Vanderbilt Mortgage available?

Vanderbilt Mortgage makes residential mortgage loans in 33 states. It is not available in Alaska, Connecticut, Hawaii, Iowa, Maine, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Rhode Island, South Dakota, Vermont or Wisconsin.

Vanderbilt Mortgage Reviews

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How do I know I can trust these reviews about Vanderbilt Mortgage?
  • 4,211,805 reviews on ConsumerAffairs are verified.
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Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: Feb. 17, 2023

Vanderbilt was really nice and thorough. They were easy to work with. The only thing we had to do was give them the information that they needed. They told us what we had to get back to them such as the verification of income, picture, ID, and driver’s license. We did just that and everything went really smoothly. The process didn't take long. But because of the weather, it was hard for them to set up and do everything they needed to do in order to get the trailer. Also, Lincoln County has so many requirements. You have to get so many permits and that took so long.

We chose a single-wide trailer for my mother-in-law and her son. They just needed something small. It was just a two-bedroom home with two baths. It’s a good deal. They did the underpinning and the porch. The only thing I do not agree with was the downpayment. At the very beginning, they told us that they weren't gonna have to pay anything. But after doing the process, I ended up having to pay an $8,000 downpayment for them to get into the trailer.

At the very beginning, we would have preferred a three-bedroom house because my husband and I go up there and look after them on the weekend. But because the down payment was so high, we got stuck with a two-bedroom one. That aside, my mother-in-law and her son love the house even though my mother-in-law thought it was too small.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 3, 2022

    Vanderbilt is the only company that will finance a new mobile home. They’re a pretty good outfit and working with them was easy. They’re pretty straightforward and there were no issues from the get-go. I uploaded documents via phone over email, which was outstanding. I had some issues with Vanderbilt on the flood zone stuff. They sent me a letter, called me, and emailed me stating that they had people look into it and that my home is not in the flood zone. During closing, I signed all the paperwork. In the past two months, I have received probably six letters and they’re all opposite of each other. One will say, “Your home is in a flood zone. You need flood insurance.” A week later, I receive one that says, “Your home is not in a flood zone.” It’s been going back and forth like that.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 22, 2022

    The home-buying process with Vanderbilt was pretty straightforward. The only big issue I had was that it was kind of back and forth like, “Oh, you don't have anything left. Oh, wait. You do. Oh, wait. We finished it. Oh, wait. Just kidding. Oh, you signed all your documents. Oh, just kidding. We forgot to send you documents.” For the most part, it was easy. There was just a lot of waiting and then I was being told misinformation. A lot of it has to do with the fact that we had to talk to multiple people at different times within Vanderbilt. Our agent will be gone, so we had to talk to someone else who didn't know our situation.

    The total process took two and a half months. So, it wasn’t extremely long, but it was a little drawn out. My representative was nice. I just don't know if she was overworked or what it was, but every time we spoke, it was like she didn't know who I was or what I was talking about and then would forget our last conversation. She was not very organized but she worked well with us. Then she took a vacation in the middle of our process, too. So, that was what really threw us off.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 17, 2022

    You don't lose anything by trying with Vanderbilt, and I’d tell people to try them. They helped us a lot and it was step by step. They asked questions, and we answered them back. We also asked questions and they answered them back as well. We were very patient and the rep was definitely very patient with us too. From application to approval, the process didn’t take more than a week. It was just paperwork in our part and then their part, and it was very understandable.

    Everything went smoothly and I feel pretty good about it. Finally, for so long that we've been waiting for our home, somebody just helped us get it. To us, it's exciting, making us feel real good about ourselves, and I’m very grateful and thankful to Vanderbilt. My wife and I were happy. If the reps keep being the persons they are, everything will be fine with everybody.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 30, 2022

    I enjoyed working with Vanderbilt. My wife went through them on her last house, which was the reason we chose them. It's been a streamlined process. Everything was laid out very simply and they were very understanding. I don't have a whole lot of time when I'm at my job to do stuff and they were very accepting that it might take me a little bit. The reps were perfect. Every time I had a question, they called and I didn't even have to call them on some stuff. They would call and check up on me and ask me if I had any issues or anything they could answer. We had tried a couple of times and things didn't work out but in this last process we went through, we were still undecided when we started on which mobile home we would go with and Vanderbilt was very understanding about us changing and gave us all the options on it. Vanderbilt is in the top three, if not number one as far as going about getting a loan from them.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 15, 2023

    Vanderbilt is a terrific company. It was easy to get a mortgage. They walked me through the loan process and explained everything to me. Everything went smoothly. I would highly recommend them.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 14, 2023

    The loan process at Vanderbilt went smoothly. It was really good. We had a good relationship with the reps too. They helped us out a lot. They were really good at working with people.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: March 14, 2023

    It was a horrible experience. The title was all around. There were a lot of problems involved with it so it took us months to finish the loan process. It wasn’t all on Vanderbilt's part. It was majority of the title work that had to be done. But the process could be a little easier. A couple of reps were good with me about coming back and forth. Brittany was the rep that I worked. She was the best person I talked to through the whole process. She even contacted me afterwards to make sure everything was smooth and worked out good. I'm happy with her communication skills with me. Prior to that and after that, the communications weren't that great because nobody at Vanderbilt ever talked to each other. There was a lot of confusing stuff on there too that Vanderbilt's rules were different than a lot of the stuff that I've dealt with before.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: March 12, 2023

    The application with Vanderbilt was pretty easy. I called and asked if there was anything I needed to provide, and they said they had everything. It's easy to contact them, but it's kinda difficult to figure out who you need to talk to.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 12, 2023

    The application process with Vanderbilt was pretty easy. My loan officer was very helpful. Her name was Stacy. She answered any question I had. I would love a better rate, but the market was extremely high when I bought my home. So, I might reconsider refinancing down the line.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Aug. 24, 2022.

    Vanderbilt Mortgage Company Information

    Company Name:
    Vanderbilt Mortgage
    Address:
    PO Box 9800
    City:
    Maryville
    State/Province:
    TN
    Postal Code:
    37802
    Country:
    United States
    Website:
    www.vmfhomeloan.com