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Guide to Home Financing
To kick start your journey to homeownership, we've broken down the home loan process to help you get a better understanding of what lies ahead. This guide will offer explanations of the home loan process and tips to help you prepare for your home loan journey from completing your application to closing on your home and beyond.
Vanderbilt offers a variety of programs for financing a manufactured home including Home Only loans, Land-Home mortgages, FHA mortgages, and Bi-weekly Advantage Mortgages. Whether you are a first-time homebuyer or have less than perfect credit, we have a financing solution for you! All loan programs are subject to credit approval.
Benefits of Home Ownership:
Why rent when you could own? There are several benefits to renting such as the flexibility to move as needed and there is typically less maintenance and yardwork involved. However, owning a home also has several great benefits!
1. Ownership When renting, 100% of the rent payment goes straight to the landlord meaning you are paying the equivalent of 100% interest to the landlord. A typical mortgage payment consists of both interest and principal payments with the principal applied toward reducing the loan balance. Eventually those mortgage payments will result in full ownership of a home unlike rental payments which are not applied toward the purchase of a home.
2. Flexibility Whether it’s owning a pet, making renovations or even something as simple as painting the walls, a lot of lease agreements restrict what a renter can do with and in the rented living space. As a homeowner, you would have the freedom to change aspects of your home whenever you want, however you want.
3. Outdoor Spaces Gardens, grills, hammocks, outside pets, a tire swing in the backyard— these are things that may not be allowed when renting. You will have much more freedom when it comes to customizing your outdoor living spaces to suit your family’s needs, dreams and desires as a homeowner!
Preparing For Home Ownership:
Step 1: Knowing what you can afford Step 2: Adjust your budget Step 3: Save for a down payment Step 4: Build your credit Step 5: Visit a Home Center
Applying for a Home Loan:
Our online home loan application is quick, easy and secure. You will need the following information on hand in order to complete your online application: (Other information may also be necessary to complete your home loan application.)
- Social Security number of applicant (and co-applicant, if applicable)
- Current Employment and income information
- Date of birth
- Best phone number where you can be reached
- Email address
- Current street address and mail address
First Time Homebuyers:
Before you dive head first into homeownership, educate yourself on how to be mortgage-ready. 1. Adjust your budget 2. Plan for a down payment 3. Consider the location and type of home you want to buy 4. Stay on top of your credit 5. Keep current on monthly bills 6. Work on your debt 7. Plan for escrow 8. Take advantage of education resources
Make the Most of your Mortgage:
Once you’ve selected your dream home, been approved, closed on your home and moved in, it is important to manage your mortgage well and stay up to date on your payments. To better manage a mortgage account, be sure to:
- Keep up to date on payments
- Understand how payments are applied each month
- Payoff your mortgage earlier
Check out our full Guide to Home Financing for more information and tips to help make your dream of owning a home a reality!
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