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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.
Pros & Cons
- Direct lending for used home purchases
- Accommodates borrowers with lower credit scores
- Numerous payment options
- Home improvement loans with zero down
- No home equity loans or HELOCs
- No in-person branches
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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Popular Mentions
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A link has directed you to this review. Its location on this page may change next time you visit.
- 4,518,190 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.
Sources
- 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