A Vanderbilt Mortgage is a loan offered for manufactured homes by the Vanderbilt Mortgage And Finance company. It is a company owned by Berkshire Hathaway and it specializes in home loans. As the recession hits hard and people start panicking about ways to repay their mortgage, thoughts on how to refinance a Vanderbilt mortgage that you have taken on your manufactured home may be one of the few thoughts in your mind. The sad news is that Vanderbilt itself does not encourage a refinancing of the Vanderbilt Mortgage. Therefore you will need to scout with other financial institutions before you go about refinancing your mortgage.
The first step to refinance your Vanderbilt Mortgage is to look for a refinancing loan which offers you a substantial difference in rates. By substantial, I mean at least a one percent reduction in rates as anything less than that is probably not worth the time and effort that you spend on refinancing your mortgage, not to mention the additional money that you will have to shell out as processing fees and pre-closure charges. That brings me to the second thing that you must keep in mind when you are looking for a refinance option for your Vanderbilt Mortgage. You must always read the fine print to understand any hidden charges that you may incur either from Vanderbilt or from your refinancer when you actually go ahead and do the refinancing.
Once you have understood all the financial implications and you have decided to go ahead with refinancing your Vanderbilt Mortgage, then you need to speak to the customer service representative there and get a payoff quote and the prevailing interest rates. A payoff quote essentially tells you what the outstanding balance in your loan account is. Armed with this, you need to talk to various lenders so that you can get the best possible rates. You can also use online comparison tools to get the best quote for your refinancing needs.
After finalizing on the vendor, you can apply for refinancing by providing a copy of the loan payoff amount from Vanderbilt, your loan account details and the contact details for your Vanderbilt Mortgage. You would also need to provide details of your asset such as when it was built and the nature of construction. You would also need to provide your financial information such as your earning capacity and your repayment capacity for processing the request.