Vanderbilt Mortgage
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Vanderbilt Mortgage

 4.5/5 (176 ratings)
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Vanderbilt Mortgage

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.

Overall Satisfaction Rating

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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.

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How do I know I can trust these reviews about Vanderbilt Mortgage?
How do I know I can trust these reviews about Vanderbilt Mortgage?
  • 4,010,719 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 5
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: 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 4 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 25, 2022

    Communication was easy during the process and then it was mediocre after. It would have also been nice for Vanderbilt to give me a title application, showing that they can offer the title to be transferred over to my name. That way, I can get it registered. I didn't know I needed it. They told me everything I needed was in the closing paperwork that they emailed and sent me in the mail. But none of that was. They told me they can't get it for me, but I can try to go up to the Tag office and try to get it. But my only other option is to wait until the title comes in then they'll email me a copy of the title in my name. If anybody does business with Vanderbilt though, I highly recommend Bethany. She was wonderful. Anytime I had a question, if she didn't know the answer, she would always find it and then get back to me in a timely manner.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 15, 2021

    The reps at Vanderbilt were very concise, clear in interactions and answered any questions we had. We couldn't have been happier with how the process went. Out of a very stressful process of buying a house and getting everything moved, they were one of the high points. We had a manufactured home made and our agent interacted with Vanderbilt far more than we did. It was more of towards the end when we needed to sign things and they needed to go over sensitive information. My wife talked to them far more than I did and I only had a total of two conversations with them but those interactions were very positive. They were very helpful and knowledgeable, and we didn’t have any problems.

    The only downside is we got contacted because they said they needed to go over things towards the end and we thought it was gonna be an overview of everything. We were worried that something happened with the loan and it ended up just being a survey thing. We got a lot of problems already. It ended up being kind of a waste of time. But the lady was sweet and it didn't take long. It was a minor annoyance but it freaked us out for a little bit. Vanderbilt was very easy to deal with and I would look into doing business with them if that was an option.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2021

    The application process with Vanderbilt was understandable and easy to do. The reps were super helpful. They’ve been great with any questions we've had even if it wasn't necessarily about financing but about the process itself. I can call and get somebody, and if I want to know something, I'll find out. First time home buying could be stressful but Vanderbilt helped make it a little bit easier on us. Also, we’ve been working on our credit. Being young and dumb and with college loans, it’s been terrible. We never worried about it until wanting to own a home. We weren't quite at the point where most people would approve us, we're just right under it but we knew we had the means. My husband has a good job and we do okay for ourselves, and we knew we could afford it. Vanderbilt took a chance on us and we appreciate it. We are about to pay our first mortgage payment next week.

    The quality of the home is the only negative. Upon closer inspection, it looks like it was a little rushed and maybe people weren’t as careful about what was going on. But most of the stuff, as long as you're not looking close, you don't see it. It's no biggie and everything works like it should so we're all right. It’s our forever home and we love it. Working with Vanderbilt helped us out. We got it done and now, instead of throwing money in the trash by renting every month, we're investing in our future and our kids’ future by putting it in our mortgage and owning our own home.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 21, 2022

    They were great during the whole process. The rep was very nice, responded to emails well, answered any questions I had, and made the process really easy for me.

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

    My experience working with Vanderbilt has been excellent. Everybody that I've talked to has been wonderful. Any questions that I have, they're always right on it and they always answer right off the bat. They're really friendly people, and they've been a very great company. The process went really good too. It was a lot quicker than them setting the house up.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 4, 2022

    The people at Vanderbilt have been very wonderful to work with. Everybody was so helpful. Heather was right on top of things. As I would get things turned in, she was quick to answer questions. I would suggest for anybody to go through Vanderbilt. They've been very supportive of everything. The app was easy to use and work with. If things didn't work, emailing was easy.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 3, 2022

    I've never had any issues with Vanderbilt. Since I bought the house, I've had nothing but good people working with me, when I had questions. I sold my little brother the house, and everybody with Vanderbilt was awesome. They did everything in a timely manner, and the whole thing went better than I anticipated. I was expecting it to linger on for a little while, but everything went great for my little brother and for me. I have nothing to complain about with the service. The reps kept in touch with us and kept us updated. They did really good.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 2, 2022

    I enjoyed working with Vanderbilt very much. I was a first-time homebuyer and I was going into it blind, but I had some good people that helped me through all the steps I needed to go through. The timeframe was three weeks 'cause we had to do a lot of stuff, and the portal seemed to be very good. That helped me out a lot, and it was very convenient. I would tell friends to give Vanderbilt a shot and see if they can help them out with it ‘cause they really did good things for me. I would recommend them to a friend.

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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