Vanderbilt Mortgage Review: The Loan Products They Offer

VMF-logoVanderbilt Mortgage and Finance, Inc. is a national housing lender that specializes in finding just the right home for its customers. They’ve been providing financing for manufactured and modular homes for more than 35 years and today are servicing more than 200,000 loans. Vanderbilt Mortgage and Finance (VMF) is a banking institution that prides itself on its abilities to find and customize the right loan for each customer. Below is an overview of the various loan products they have to offer.

Conventional Mortgage Program – This is the most common type of mortgage. Borrowers can choose from different loan terms. When purchasing the manufactured homes, borrowers get a fixed rate mortgage so their interest and monthly payments stay the same and never increase. VMF does not offer balloon payments or adjustable rate mortgages with their manufactured home loan program.
Smart Mortgage Program – This program allows borrowers to make bi-weekly payments and have the payments drafted right out of their banking accounts. Rather than making one large payment, the customer makes two smaller payments. With this option, the borrower saves money on interest and can get the loan paid off quicker.
Government Loan Programs – VMF offers several government-sponsored programs to help first-time homebuyers buy a home with a lower down payment and no loan fees. One example is the FHA (Federal Housing Administration) loan.
Land Home Mortgage – This program is for someone who has land or wishes to buy land and a home. The mortgage loan provides financing for the land, the home and any improvements the borrower wants to make.
Escrow Accounts – VMF offers borrowers the opportunity to sign up for an escrow account so they never have to worry about paying taxes or insurance. The money is held in the escrow account and paid out when due.

Online Banking Available

They also offer an express prequalification process where potential loan customers can fill out an online application and be prequalified for a home loan in three minutes. This is one of the many things customers can do online on the Vanderbilt website. They can also make mortgage payments, view the loan, check escrow, view insurance documents and even get a copy of their 1098.

Foreclosure Prevention

VMF does more than just help customers buy homes. With the hard hit economy and the housing market took the past decade, many people fell into hard times and risked losing their homes. VMF has several foreclosure prevention programs designed to help customers going through hard financial times keep their homes, including loan modification, extensions, repayment plans and debt management programs.

Home Sales

Vanderbilt Mortgage and Finance has some special options to make home ownership easier for couples and/or individuals in the market for a home. They have a complete listing of used and pre-owned mobile homes and used and pre-owned manufactured homes. There is also a VMF auction held the first of every month where customers can bid on these homes.

Mortgage Loan Calculators

Did you ever wish you could know what type of mortgage payment you’d make on a certain loan before you visited the lender so you could be more prepared? With VMF’s online loan calculator, that’s now very possible. Unlike many online mortgage loan calculators that only give you the amount of your monthly payment, VMF’s calculators offer a variety of options.

Conventional mortgage calculator – This calculator tells you what your monthly payment will be based on the loan amount, interest and loan term.
Calculator with amortization scheduleThis calculator will give you your monthly mortgage payment as well as an amortization schedule so you can see how much of your payment is interest and how much is principal for the life of the loan.
Extra Monthly and Bi-weekly principal calculator – These two calculators tell you how much your principal balance by making an extra payment each month or by making bi-weekly payments.
Payoff calculator – This calculator tells you how much in extra payment you’d need to make to pay off your mortgage in a specific number of years.

To find out more about Vanderbilt Mortgage and Finance’s many products, visit their website.

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