Vanderbilt Mortgage & Finance
Vanderbilt Mortgage and Finance is headquartered in Maryville, Tennessee. It is a subsidiary of Clayton Homes and handles the financing for them. Clayton is a division of Berkshire Hathaway and only builds modular and manufactured homes. Vanderbilt only funds for that sort of housing. If land is needed to place the unit, they also fund for the land. Vanderbilt Mortgage was created in 1974 to provide customers with a stable, reliable source of financing for new and previously owned homes. Since its founding, Vanderbilt has specialized in manufactured housing, offering a variety of financing programs to meet its customers’ requirements and circumstances. To date, Vanderbilt’s entire team is serving over 362,000 customers with more than $12.5 billion in loans. Vanderbilt offers many financing options, in addition to conventional mortgages.
Vanderbilt Mortgage Loan Options
Whether or not clients have already decided on the manufactured home of their choice or simply have found the perfect piece of land development, Vanderbilt has a loan option for them. Some of these choices are outlined below:
- Lot and Land Financing
- Land/Home Combo Loans
- Smart Mortgage (Bi-Weekly Payment Plan)
- Fixed Rate Loans
- Refinance Options
Vanderbilt Mortgage and Finance has an extensive glossary on their website to aid the potential borrower in understanding the often confusing finance jargon. They also have a small frequently asked questions section, mostly dealing with escrow accounts. Vanderbilt Mortgage requires all manufactured home loans to be covered by insurance. In addition the homeowner is required to inform Vanderbilt of all changes in insurance companies, and, if the homeowner has made a claim, when he/she receives insurance payment. Vanderbilt desires a positive experience for their clients. To that end they encourage their customers to contact the customer service department whenever they feel the need. The Clayton Manufactured Home website offers a link to apply online for a Vanderbilt Mortgage. In addition, they have an online bill pay feature.
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