Vanderbilt Mortgage
AUTHORIZED PARTNER

Vanderbilt Mortgage

 4.5/5 (169 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Saved
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

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

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.

Top Vanderbilt Mortgage Reviews

Why Trust ConsumerAffairs
How do I know I can trust these reviews about Vanderbilt Mortgage?
  • 4,114,551 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.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

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...

Read full review
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...

Read full review

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

Top reviews
  • Top reviews
  • Recent
  • Oldest
  • Most helpful
Any
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

3 featured reviews
How do I know I can trust these reviews about Vanderbilt Mortgage?
How do I know I can trust these reviews about Vanderbilt Mortgage?
  • 4,114,551 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.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

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.

Be the first one to find this review helpful

Not sure how to choose?

Get buying tips about Mortgage Lenders delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    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.

    Be the first one to find this review helpful
    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.

    Be the first one to find this review helpful
    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.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 3, 2021

    We tried the FHA first and it was taking so long. They were dragging their feet. We switched to Vanderbilt because there was a little more money and everybody was so much faster, and that's definitely what we wanted. We were going after the time frame. We wanted to get it done quickly and they were always able to answer our questions too.

    Doing business with them was easy. I called and spoke with one of the customer service ladies and they transferred me to somebody else. Then they got me the same person that remembered me and then I talked to my loan officer a few times. I left messages, they called me back and they were just all over it. They were really good about it. I wish my house payment was a little bit cheaper, but that just goes by the credit. Hopefully, we can refinance down the road. But they've been good and I feel good about it.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 5, 2022

    The process with Vanderbilt took a little bit of time but that wasn't their fault. It was the vicinity of the place that I was moving to because it's a mobile home. But I had a great experience. I'm happy with what happened and it all worked out well. The service was great. Everyone was nice and cooperative. I heard back from people when they told me they were going to get ahold of me. It was good correspondence.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 27, 2022

    After an unexpected and tragic death of a family member, we requested a payoff letter in mid September which is needed for probate the first week in November. I have made multiple calls and was told the letter would be mailed on Oct.12th. It was never received. Spoke to this company throughout the day on Oct. 26th and was told it would be emailed. It wasn't. When I called again, they said that a supervisor had to sign it and was in a meeting but would be out shortly. (12:15 p.m.) Waited all day for a call that never came. Called again in the evening and was told now that the "research dept." has to sign off on it. This company is full of excuses and misinformation. I have kept the mortgage up to date and have been dealing with them for years. This treatment of a customer is inexcusable. I would NEVER recommend this company to ANYONE.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 26, 2022

    I was doing research as I was going through the loan. Vanderbilt didn't tell me about certain things that the average consumer wouldn't know. It was with the smaller details like to putting down more money would raise the APR rate or the percentage rate and 30% equity would have a lower rate. I understand that everyone has to make money when it comes to business, but it was my first time buying a home, so I didn't know anything. The reps explained everything when I called and asked about it. They said I usually talk to a loan officer, and I didn't talk to one, but I talked to one after. It was fairly simple, though. I enjoyed working with them. It was just the principle of educating myself on the smaller details of the loan.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 21, 2022

    The rep walked us through our concerns step by step. It was somewhat easy conducting business with Vanderbilt.

    Be the first one to find this review helpful
    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 6, 2022

    We got the process done but it was a little rocky. The communication could've been better. We had several people contacting us at one time. We didn't know who we were supposed to work with. It could have been good if it were laid out more clearly. The rep was a little rude too. It was frustrating because I would have my husband copied in on emails to her. She would then just respond to one or the other, then, ultimately, respond to both of us. We were both trying to answer the same question. She could have just asked in the original email thread.

    Be the first one to find this review helpful
    Loading more reviews...
    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