Vanderbilt Mortgage

Vanderbilt Mortgage 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.

    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

    Featured Reviews

    Verified
    Corbin, KY

    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
    Verified
    Cleveland, TX

    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

    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

    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

    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

    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

    Stars Rating

    • 74%
    • 15%
    • 5%
    • 1%
    • 5%

    Popular Mentions

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      How do I know I can trust these reviews about Vanderbilt Mortgage?
      • 4,460,028 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.
      Page 1 Reviews 0 - 5
      Staff

      Reviewed April 3, 2024

      Working with VMF has proven to be a very positive encounter. I was experiencing some loss of income and had fell behind in my mortgage payments. My customer care representative, Melanie, was pleasant while offering options to help me catch up on my payments. With Hunter's approval, we settled on an option that not only would catch my payments up, would also allow me to get a head of my mortgage payments without stressing my household budget. What a relief, and to realize that VMF's goal is to keep people in their homes put me at ease. I would recommend Vanderbilt Mortgage & Finance to those looking for a mortgage company for quality service.

      Customer ServiceStaff

      Reviewed Nov. 30, 2023

      Spoke with Ralph about our mortgage being behind, he spoke with his supervisor Emma who was able to help us get fully back on track. It was very far the best customer service I’ve reviewed in 3 years having the home. If I could speak to Ralph when I have any more issues it would be a pleasure. He was absolutely genuine, dedicated to helping, very informative, and most of all Polite! Thank you.

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        StaffLoan Process

        Reviewed Oct. 5, 2023

        I want to share my personal experience with Vanderbilt Mortgage. I have been with them for 4 years now. I had a unexpected life experience twice, and Ms. Melanie & Ms. Alicia saved the day. These two ladies were very personal and understanding to my situation. They were in my corner to help me get on track and save my home. Life sometimes throw curve balls.... but I can honestly say Vanderbilt mortgage came to the rescue!!!! I won't let you down Ms. Melanie. You were very polite and understanding.

        Verified purchase
        Staff

        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.

        Verified purchase
        Customer ServicePunctuality & SpeedStaffRates

        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.

        Profile pic of the author.
        Customer ServicePunctuality & SpeedStaffLoan Process

        Reviewed Dec. 5, 2023

        I contacted Vanderbilt about deferring a payment this month. I have been with Vanderbilt for almost 9 years. I let the phone rep know that I had recently diagnosed with an illness and was having problems with Christmas this year due to medical bills. Her response was “Christmas is not a hardship, you need to better budget for that.” I make my payment every single month on time with this company and the one and only month that I ever needed some understanding on MY loan, I was made to feel like total crap by this woman. I get that they deal with customers who probably try to pull this crap every other month but me and my husband both work hard every single day. She obviously is use to treating each person that calls in like they are total crap.

        My husband and I worked everything out but I can’t imagine what the single mom that’s trying to work things out occasionally to care for her babies would have to go through with dealing with with this crappy person on the phone that makes it nearly impossible to work with. I would not recommend Vanderbilt Mortgage for anyone trying to get a home loan. It’s obvious that their customer's best interest is not their priority. I will never go through them again. Ever.

        Profile pic of the author.
        Loan Process

        Reviewed Nov. 14, 2023

        I don’t have to work. I get my money from veteran's affairs and just because I don’t have enough to work. Have much work history. I have the money and credit but since I don’t have 6 month of work history they would not give me a loan. So if you're retired like me don’t have to work if you want a home loan!! I’d definitely don’t try to get a loan here! Because that only thing they care about!

        Profile pic of the author.
        StaffLoan Process

        Reviewed Oct. 24, 2023

        Today was by far the best experience I've had with Vanderbilt mortgage, my husband recently passed away, Emily and Erica were great at helping figure the best route for me. I'm always very nervous about calling but the ladies today were amazing.

        Customer ServiceStaff

        Reviewed Oct. 5, 2023

        The representative Jessica was very rude and ignorant on the phone about me making payment arrangements on my account....I was very upset because without loyal customer like me since 2013 she would not have a job..... Where is the respect for the customers....I have had several rude representive in the past also so Vanderbilt need to give their loan representative more training on how to communicate with their customers on the phone because the customers are the reason why they get a paycheck...It was just so unprofessional...

        Verified purchase
        Customer ServiceTransparency

        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.

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        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:
        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