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About Vanderbilt Mortgage Reviews
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.
Pros & Cons
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.
Featured Reviews
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...
Read full reviewVanderbilt 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...
Read full reviewRates
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
| Year | Difference from national average |
|---|---|
| 2021 | +2.86% |
| 2020 | +3.29% |
| 2019 | +3.65% |
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
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | X |
| Publishes minimum rate on website | X |
| Rate lock | X |
| 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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 124,080 | 116,491 | 104,041 |
| Home purchase loans closed | 20,610 | 21,638 | 17,173 |
| Home purchase applications denied | 51,289 | 50,206 | 44,497 |
| Home purchase preapprovals denied | 41 | 14 | 18 |
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 89.1% | 85.7% | 95.26% |
| Refinance loans | 7.1% | 10.82% | 1.9% |
| Cash-out refinance | 3.8% | 3.48% | 2.84% |
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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Reviewed June 2, 2023
I had a lady call me and she really took the time out to explain everything to me. She let me know their part in it and how they can help me. If I have any kind of problems, I can go to them if I need to speak to someone instead of doing it online. I can do it online as well. They have a website where you could do your payment or you could search your loan process to see what's going on. Then if you don't understand, they also have a representative that's there to help you with any kind of need or questions that you have. So that is also a plus.
I like Vanderbilt because they work with you rather than your credit is where it needs to be or not. They are there to help you regardless of the fact. This was my second time applying for a trailer and I have been approved twice by Vanderbilt. I didn't go through with it with the first one, but I did the second one. But both times, they were the ones that picked me up to help me out.
Reviewed April 10, 2023
We mostly worked with Rebecca. She was extremely helpful. We had went through the process with two other people. With the one right before we got in touch with Vanderbilt, we were a week from closing, and they told us that something had changed. They weren't able to work with us, and we needed to put $12,000 down instead of 3,000. We got in touch with Vanderbilt, and Rebecca helped us along. She kept us on track and made sure we had numbers right away and that those were accurate numbers instead of leading us along the whole time. We appreciated her help. She was quick about everything.
The process worked quickly and was easy to go through. Luckily, we had most of the paperwork ready, so that made it simple. They seemed to respect our time. My husband had had an accident where he was out of work for a while, and they were trying their best when they found out. They were gonna try to get us in the original date that we were supposed to or a week behind. It ended up taking three weeks but they let us know that and were able to contact the seller to make sure that she wasn't gonna bail out on the sale. They always kept everyone in the loop so it went smoothly. The one guy that we had worked with from the company was rude and made us feel stupid a few times. Vanderbilt never made us feel like that. They were always kind and very helpful.
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Reviewed March 27, 2023
Everything was great. They made everything go smoothly. If I ever reached out, they always answered. But I wish the saleslady pushed me more to buy the home she showed me that was a little over budget. Other than that, she wasn't pushy at all and she was just trying to make sure I was comfortable with what I was purchasing.
Selecting our home was a bit more frustrating and the building process took longer than I was informed of. The timelines didn't match up. I went with a three bed, two bath home. I love the little flex area which is an office with a sliding glass door. I'm gonna put a coffee bar in it. Vanderbilt has been amazing. It took a little bit longer to build the house and get it delivered. But they continued to reach out to ask how everything was going. Plus, they pushed back my first monthly payment because everything was taking longer than expected. That was cool beans of them to do that for me. There are still things that they need to come and fix with the home but that's as expected.
Reviewed 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.
Reviewed 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.
Reviewed June 23, 2023
Definitely try to go through Vanderbilt Mortgage to get financed. The dealer we went to suggested them and somebody else that they said is the fastest. Everything went smooth with Vanderbilt. Most of it was digital, and uploading the documents was really easy. Communication was extremely easy as well, and I got my home faster too.
Reviewed June 18, 2023
We had a pretty easy experience. We just submitted the application through the mobile home dealer that we were going through and they called us. Vanderbilt was fine. The process took a month from start to finish. This was not on Vanderbilt's part but the dealership's.
Reviewed June 18, 2023
I went through three different companies and Vanderbilt was the one that treated me the best and approved me within a 24-hour period. I would recommend them to anybody that's trying to get approved for a loan. My first payment is due next month and I'll be paying online. Communicating with them was very easy. They were awesome.
Reviewed June 18, 2023
Vanderbilt answered all my questions. They've given me details of everything that I needed to know. The reps are very kind, informational and professional.
Reviewed June 17, 2023
Vanderbilt assigned somebody to my account and any time I had problems, I'd call them and they took care of it. During the whole time, I was able to contact them. They'd get back with me in a couple of days if they couldn't answer it right then. They worked with me. The only thing that I dislike is the percentage rate. But that's the difference between a house and a mobile home.
- Sources
- 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:
- 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
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