A Vanderbilt Mortgage is a mortgage for a manufactured home. Vanderbilt Mortgage and Finance is a Berkshire Hathaway Company that only offers new mortgage loans for manufactured housing. In order to refinance your manufactured home, you will have to find another lender. When you are shopping for lower interest rates, you want to make sure that you do not refinance unless you find a rate that is at least 1% lower than your current mortgage rate. Can you refinance a mortgage with no equity? If you don't find at least one percentage point lower, it will not be a savings to you because of the fees associated with the refinance. I have written some instructions below to help you through the process. They are difficult, but you can accomplish each step if you go slow and understand each one before going on to the next.
Step 1: You will need to know how much you owe on your Vanderbilt Mortgage before you know how much you need to refinance. Call them at 800-970-7250 or if you prefer log on to your account on line to get your pay off amount. You need to know the amount of the pay off so that you request the proper amount on the refinance loan.
Step 2: Call a minimum of three lenders and ask for a quote from each lender so you can get the best interest rate and the lower fees. There are banks that specialize in manufactured home financing. Some of them are JCF Lending Group, In Park Lending and Florida Mortgage Corporation. You can use a search engine on line to type in the name and you will be able to write down the contact information that comes up when you search their name.
Step 3: Compare the quotes that you have from the three lenders. Pick the quote that offers you the most advantages. You will need to contact that lender and ask for an application to begin the refinance process. When you get the application, fill it out completely and accurately. You will need to send some documents with the application. You will need to include information on your pay off total, the number on your loan account and the contact information for Vanderbilt Mortgage and Finance. The loan officer for the refinance will want to know the type foundation the home sits on, the year the home was built and the verification of your income information. The loan officer will review all the information you provide and determine whether you are approved for the refinance loan. When you are approved and the funds disbursed, you will pay off your current loan and begin payments on the refinance loan.
http://www.mortgagecalculatorwithtaxesandinsurance.com
