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

• 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.

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.

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

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.

Vanderbilt Mortgage is a legitimate company that has been lending for over 40 years. It is owned by Berkshire Hathaway.

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 Aug. 20, 2024

I would like to give a shout out Tim ** for making it easy to talk about my account and helping me get a resolution to fix the situation. There was no condescending remarks, insulting questions to what was already obvious. A nice calm conversation. I really appreciate Lisha my account manager as well who also made it possible. Last but not the least, I thank Mark the rep that came out today on the 90 degree weather and allowed me to talk to Tim from his phone was just awesome. The first representative that represented Vanderbilt really well. Thank you all.

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Reviewed Aug. 6, 2024

Joshua ** is simply the best, I wish I could give him a million stars. If you are scared to pick up that phone please don't be. I don't know about others in the company, but I can say Joshua isn't there just for a paycheck. He goes above and beyond to help when you have fallen on hard times and things just don't seem possible.

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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.

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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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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.

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Reviewed June 20, 2024

What a great company to place the most important investment of your life in! Kelly and her manager Hunter are fantastic people. They hear your situation and do all they possibly can to assist you. I will NEVER buy another home without Vanderbilt. They live and breathe service to their customers. Kelly and Hunter have made this a wonderful experience that I will NEVER forget.

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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.

Thanks Michele (12)

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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!

Thanks Jessica (4)

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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.

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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.

Thanks shamika (11)

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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

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Company NMLS Consumer Access #2110672 MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER

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Home Warranty disclosure for New Jersey Residents: The product being offered is a service contract and is separate and distinct from any product or service warranty which may be provided by the home builder or manufacturer.

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