USAA Mortgage Reviews - What Is It?
WARNING: DO NOT BUY USAA Mortgage Until You Read This Review!
Is it a Scam? Does It Really Work?
USAA Mortgage is a lending company that provides four home loan products for former and current military members and their families, including cadets or midshipmen and former spouses of USAA members. According to the official website of the company, their personnel will be always there to help you on every step of the process, including when you pre-qualify for a loan online. In fact, the USAA Mortgage lending process consists of the following steps. The first one is Pre-Qualify for a Home Loan that is meant to give you a better understanding of your budget. You will also know what to expect during the application process and some other information. The second step involves finding a Real Estate Agent. As soon as you get a pre-qualification letter, you will be ready to negotiate a purchase contract with the help of a real estate agent. If you find an agent through the USAA Real Estate Rewards Network, you can win a reward ranging from $350 to $6,000 when you buy or sell your home. In order to qualify for the $6K, you will have to buy or sell a home that costs more than $1,000,000. To use the Real Estate Rewards Network, you are not required to be a USAA Mortgage customer.
The third step is called Search and Make an Offer. It means that it is high time for you to shop for a desired home, negotiate an offer, and sign a contract. The fourth step presupposes preparing and reviewing documents after you have decided on a wished property. Just collect and submit the necessary documents, such as bank statements, pay statements, and tax returns, as well as your application packet. USAA Mortgage will review your documents and set and interest rate for you. You will be assigned a mortgage processor. If you receive requests for additional information, respond to them quickly to ensure that the process goes smoothly. Finally, get ready to close. Review your closing disclosure, sign the necessary documents, and pay the required closing costs. You can pay these either via a wire transfer or certified check.
Customer Reviews - Does USAA Mortgage Really Work?
USAA Mortgage offers four loan programs including Jump loans ($417K+). Remember that the programs listed here don't include standard fees like mortgage insurance (if your down payment is lower than 20%), a VA funding fee (a percentage of your loan amount), points, and closing costs. VA Loans from USAA Mortgage provide 100% financing for active-duty military members and veterans without a down payment. You can roll the funding fee into your loan amount with no need to pay for mortgage insurance. USAA's VA Loans are available in fifteen and thirty-year terms. Interest rates range from 3.25% to 3.5%, while points range from -0.625 to 0.5. It is important to remember that any numbers provided on the USAA Mortgage website are based on a definite set of criteria (e.g. a particular credit score, loan amount, state of residence, etc.). Conventional 97 loans come with down payments as low as 3% and private mortgage insurance. These can only be used for primary residences and are only available in 30-year terms. Rates are 4.3%.
USAA Mortgage Loan Refinancing will be beneficial for those who are looking to lower their monthly payment, reduce the term of their loan, or cash out some equity. There are two programs here. VA Interest Rate Reduction Refinance Loan (VA IRRRL) is associated with less/simpler paperwork, no origination fee, and lower closing costs. Members can save $2,700 on average. You will be able to choose between 15 and 30-year terms, refinance up to 100% of the value of your home, and get fixed rates at 3.125% and 3.375% for 15 and 30 years respectively. USAA's Conventional Home Refinance Loan gives you an opportunity to cash out between 80% and 95% of the value of your home based on the purposes for your loan. Conventional Refinance Loan clients can choose between 10-, 15-, 20- or 30-year terms. Interest rates can range from 2.875% to 3.875%. If you have any questions, contact a loan officer by calling at 877-865-8839.
There are numerous USAA Mortgage reviews, most of which appear to carry a positive character. There were no star ratings involved at the time of writing this review. However, 995 customers had left their testimonials about the company on its official website. Scrolling through some of them you will immediately understand that those people are satisfied with the company's services. Consumer Affairs contains 274 customer reviews with as average rating of three stars. Common compliments referenced good customer service, while complaints appeared to reference confusing processing times. LendingTree.com contains only seven reviews with an average rating of 2.3 stars. USAA Mortgage seems to have both positive and negative reviews. Let's take a look at some of these customer reports.
"I just finished purchasing my first house through USAA Mortgage. It could not have been easier and faster. The personnel were quick to respond to all of my phone calls and emails. All the documents were signed electronically, so I did not have to spend time on getting to their office or waiting for mail. I ended up closing three weeks earlier than scheduled. My realtor was impressed!"
"I liked my experience with USAAMortgage for a few reasons. Everyone in the staff was a real professional, personable and highly responsive. My expert helped me to get my mortgage in place fast and smoothly. His name was Erin Flores. He even called me to lock in a rate when it decreased significantly one evening. I was really grateful for such an act. Thank you, Erin, for everything."
"I applied for USAA Mortgage loan on phone. The application process was fast and easy. My officer explained every step to me very well. The lender was in touch with me every day. Unfortunately, the transaction was never completed because the seller changed their mind. But I will use this lender again when the right property is available. I will recommend this provider to my friends and family."
My Final Summary
As a matter of fact, it is difficult to find a lender that will meet everyone's needs. Not every applicant will it every lender's underwriting criteria. Thus, USAA Mortgage might be a perfect fit for you, while it may not be as suitable for your neighbor and their needs. However, the online customer feedback appears to be mostly positive. Most leading websites demonstrate a middle overall rating. The majority of customers appreciate their experience with the company, especially with their customer service.
It should be taken into consideration that USAA Mortgage has originated hundreds of thousands of loans for people all over the country, many of which seem pleased with their pleasurable experience. Those who complained seem to be too subjective. The interest rates seem to be quite reasonable. Taking into account all advantages and disadvantages of this lending company, I can certainly recommend USAA Mortgage to all individuals who are in need for money.
USAA Mortgage Pricing and Rates
This lender charges a half-point (0.50%) origination fee on home loans. The average fee is $1,150 on $230,000 mortgage. It is typical to see a one-point (1%) origination fee. There is no documentation fee or underwriting fee. The VA Interest Rate Reduction Refinance Loan (IRRRL) doesn't have any origination fee, either.