Vanderbilt mortgage loan qualifications

vmf.com – Vanderbilt Mortgage and Finance Loans

  • Vanderbilt Mortgage and Finance customers can logon to make a payment towards their mortgage account
  • Online payments made through the Vanderbilt system will be processed and credited to the mortgage account within 24 hours
  • Customers will need to establish a Vanderbilt account to make an online mortgage payment

When customers create a free account with Vanderbilt, they will have 24 hour access to the online system, which allows them to make free payments towards their loan, manage their bank information and select which account a payment comes from, and review history of all mortgage payments made.

  • Online Vanderbilt Mortgage payments can be post dated up to two weeks, but can not be scheduled past the due date
  • If a loan is due for more than two payments, that payment cannot be made online, and if a Vanderbilt loan is due for more than one payment, any amount that is less than a full payment cannot be made
  • Vanderbilt customers also cannot use the online payment system for 90 days if they have a returned or failed payment

To make an online payment towards a Vanderbilt mortgage for the first time, the customer will need to have their checkbook, their loan account number and their Social Security number to register. If the person making the payment is not the primary Vanderbilt account holder, they will need to have all of that same information, plus the ZIP code of the primary account borrower. For any subsequent payment to a Vanderbilt mortgage, customers will just need to log in and enter the amount to be paid.

More about Vanderbilt Mortgage

Vanderbilt Mortgage Loan is a part of Clayton Homes, and primarily specializes in issuing mortgages for the purchase of manufactured homes. Clayton Homes was founded in 1956, and is the United States’ largest producer of manufactured homes. Vanderbilt Mortgage has their headquarters in Maryvile, Tennessee, at 500 Alcoa Trail .


Vanderbilt Mortgage Launches Survey-Driven Customer Satisfaction Program

PR Newswire, MARYVILLE, Tenn., July 6, 2016

Vanderbilt Mortgage and Finance, Inc., a Berkshire Hathaway company, has implemented an internal customer satisfaction scoring system aimed at measuring the overall experience of its home loan origination process.

The internal customer satisfaction score that Vanderbilt has created is a metric calculated from surveyed responses by customers within two weeks of funding their loan. The customers are asked to give a score ranging from zero to 10 on how likely they are to recommend Vanderbilt Mortgage to family and friends based on their home loan origination experience.

“We want to be transparent about the feedback we receive from our customers,” said Eric Hamilton, president of Vanderbilt Mortgage and Finance, Inc. “Continuously listening to customers’ needs in order to improve is our top priority. This scored system gives us a structured way to measure how we are doing and determine in which areas we can do better. It’s important for us to meet and exceed our customers’ expectations.”

Vanderbilt mortgage loan qualifications

Vanderbilt mortgage loan qualifications

Vanderbilt mortgage loan qualifications

Vanderbilt mortgage loan qualifications

Vanderbilt mortgage loan qualifications

Vanderbilt mortgage loan qualifications

Vanderbilt’s customer satisfaction survey was designed to measure a customer’s loyalty to a brand or company. Vanderbilt considers those customers who give a high score of 9-10 to be promoters of the brand and are willing to recommend the company’s products or services to others, while scores below six are considered detractors and have a negative impact to the overall score. The numbers are totaled into a percentage representing customer satisfaction. The ultimate goal is to exceed 70. Vanderbilt Mortgage currently has a score of 79 based on 85% of customers responding to the survey.

“We are putting our customers’ experience at the forefront of everything we are doing,” Hamilton said. “We want to create customers who will recommend us to their families and friends, because we have delivered the best possible experience. Customers should feel informed, empowered and in control of their home mortgage journey.”

To read some of Vanderbilt’s customer stories, go to vmfhomeloan.com/testimonials.

About Vanderbilt Mortgage and Finance, Inc.


vanderbilt mortgage loan qualifications

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Mortgage Prequalification Calculator:

Do You Qualify for a Home Loan?

This free online Mortgage Prequalification Calculator will calculate whether or not you would qualify for a home loan, and if so, how much of a home loan you might be qualifying for.

If you would like to see how much house you can afford, versus what size mortgage you can qualify for, please visit the House Affordability Calculator, which includes a forecast of all home ownership costs.

Mortgage Qualifying Benchmarks

If you've used a mortgage qualifier calculator on another website you have probably seen the two standard benchmarks used to determine how much of a mortgage you qualify for. They are the PITI to income ratio and the debt to income ratio. In case you're not familiar with how these ratios are arrived at, or how they impact your home loan qualification, let's discuss each of them separately.

The PITI to income ratio is one of two common formulas used to determine how much a lender is willing to borrow to a home buyer. PITI stands for Principal, Interest, Tax, and Insurance, which are the four parts that makes up the typical mortgage payment. A fifth part, Private Mortgage Insurance (PMI) may also be included in the PITI figure where it applies (down payment is less than 20% of the home price).

The PITI to income ratio is calculated by dividing the total mortgage payment (PITI and PMI) by your gross monthly income. Since most home lenders only allow a maximum PITI to income ratio of 28% (though some lenders may go as high as 40%), you can determine your maximum PITI mortgage payment by multiplying your gross monthly household income by 28%. So if your gross monthly household income is $4,000, the most your monthly PITI mortgage payment can be is $1,120 (4,000 X .28).

The debt to income ratio is basically the same as PITI to Income ratio, except that it also includes all non-mortgage monthly debt payments. So to calculate your debt to income ratio you would add up all of your monthly non-mortgage payments (car payments, credit card payments, loan payments, etc.) and then add that result to your PITI mortgage payment. You then divide your total monthly mortgage and debt payments by your gross monthly household income to arrive at your maximum combined debt and mortgage payment.

Since most prudent home lenders allow a maximum debt to income ratio of 36% (though some money-hungry lenders may go as high as 48%), you can determine your maximum combined debt and mortgage payment by multiplying your gross monthly household income by 36%. So if your gross monthly household income is $4,000, the most your monthly combined debt and mortgage payment can be is $1,440 (4,000 X .36).

Once the home lender has determined your maximum mortgage payment and your maximum combined debt and mortgage payment, they then use an algorithm to determine the maximum home loan amount for each. The lesser of these two loan amounts is then used to determine the maximum home loan you will qualify for. The mortgage prequalification calculator on this page attempts to mirror that qualifying process in its calculations.

A third ratio you should consider while determining the size of a home loan you want to qualify for, is what I call the Financial Freedom Ratio, which is the amount of free time you have relative to the number of hours you are awake.

While there is no formula for calculating your financial freedom ratio, it's important to recognize that the more you spend to own and operate a home, the less discretionary time you will have at your disposal. I know a lot of families who are so busy working to pay for their expensive homes that they have little time to actually enjoy the homes they purchased. Sure, they have a nice house, but they have NO LIFE!

So please remember this when applying for a mortgage: Lending institutions could care less whether or not you have a life outside of working to pay for your home, i.e., your financial freedom ratio. All they care about is whether or not you make your house payments as they come due.

With that, let's use the Mortgage Prequalification Calculator to calculate whether or not you qualify for a home loan, and if so, just how large of a mortgage lending institutions think you can afford.



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