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16 User Reviews

4.9

Overall Score

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LAST UPDATED: July 15th, 2022

Founded in 1922 by a group of military servicemen, USAA provides financial services specifically for members of the United States military and their immediate family.

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The Good

  • Competitive Interest Rates
  • Frequent Customer Communication
  • Mobile App

Competitive Interest Rates

As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from USAA, the interest rate comes out to be 4.50 percent. This is very competitive with interest rates offered by other top companies in the industry.

Frequent Customer Communication

USAA strives to make the home loan process simple and secure for its customers by providing them with frequent updates about the status of their loan.

Mobile App

USAA provides its borrowers with a mobile app that is compatible with Apple, Android, and Windows devices. Customers can use this app to view and manage their loan from their smartphone or tablet.

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The Bad

  • Limited Information

Limited Information

USAA has not disclosed closing costs or minimum credit score requirements on its corporate website.

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The Bottom Line

USAA offers competitive interest rates, frequent loan updates, and a mobile app. However, the company is not entirely transparent on its website.

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Star Rating

2.9

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16 Reviews

Review Breakdown

5 grade

44%

4 grade

0%

3 grade

6%

2 grade

0%

1 grade

50%

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Review Source

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Tara Gillispie Hurricane, WV

I already had a credit account with Usaa so I figured it would be really easy to be able to open a mortgage loa. With them and boy was I right. And they gave me the quotes of a lifetime. So happy.

1 month ago

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Review Source

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Michelle Crane Phoenix, AZ

When we were buying our first home and looking for a company to finance our loan we looked into USAA. I have been a USAA member since I was 13 and have always been impressed with their excellent customer service. When going through the process I was confused at some of the questions asked about our finances and income so I called in and didn’t even have to wait on hold for long. The customer service agent explained everything and helped me through the process of obtaining a pre qualification letter so that we could see how much we would be approved for.

4 months ago

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Royal A. Brown III Winter Haven, FL

They work with Nationstar and they sold our mortgage to Fannie Mae which I didn't like. They have one of worst interest rate payments on CDs in the industry and hide the many poor ratings by consolidating this rating into their insurance and other business ratings. They have become less customer oriented as they opened their business model not only to active duty, military retirees and family members but to guard, reserves, DOD employees, NOAA, etc.

2 years ago

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Review Source

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Erik Lewis Atlanta, GA

Twenty-four years of having a mortgage with USAA has taught me to appreciate their attention to detail and service philosophy. I bought my first house with them in 1995 and it has been a great experience from start to finish.

1 year ago

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GARY TUCKER Bella Vista, AR

I got a VA mortgage from USAA two years ago. They barely made the closing date due to their lack of knowledge of IRS rules. They kept telling me I needed make a required minimum distribution (RMD) when I had already done so. I had previously submitted proof of the RMD but that didn’t seem to matter. At USAA the left hand doesn’t seem to know what the right hand is doing. I submitted many documents more than once to the same processor, only to be asked to submit the documents again to a different processor. Personally, I would look elsewhere and avoid the stress of dealing with these people.

1 year ago

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V triplett Fort Myers, FL

would avoid USAA mortgage at all cost. We have been USAA insurance customers for 20+ years and couldn't be happier and so when we decided to refi with a VA loan we thought it was a smart and logical - wrong! The processor was out sick for more than a week so we did not make our locked in date and had to pay again to get our rate. They required flood insurance when we are not in a flood zone - and had a certified letter. They changed the closing cost four different times (twice while we were at the table signing). They changed our payment three different times the first year. They went up (a lot) on our escrow even though our taxes went down. They were slow to respond to questions and concerns even though we responded with every request and email within 24 hours. I'm not sure if they contract out - or if it is just a total different company but you will be frustrated, spend more than expected, and be disappointed with USAA mortgage.

5 years ago

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Tosha Epley Mascroft Hubert, NC

My name isTosha Mascroft and we were pre approved for a mortgage loan 4-5 weeks ago through USAA. Once we had the pre approval we were in contact with a Realtor, looked at several homes, and made an offer that was accepted. We were then in contact by a Loan Officer named Tiffany G and she told us that all documentation that was needed could be uploaded through USAA online. Within a few days, everything was uploaded. Then, Anthony W, our Loan Processor was in contact with us concerning the process ahead. He stated that he noticed no red flags and said that the loan would soon be going into the 1st review. He stated that if anything else was needed, we would be allowed to submit it then. Now, just a little background on my husband and I. He is still currently active duty till Aug 31, 2017 and then he'll be retired from the Marine Corps after 21 years of service. I graduated from college in 2005 and earned a degree in Cardiovascular Sonography. I have been in that career for over 12 years. It's a growing line of work and I have never had problems finding a job everywhere my husband was stationed. My husband is currently stationed at Camp Lejuene and I have been employed with my current employer 1 year and 7 months. I make well and my husband and I both have great credit scores. Now, getting back to the loan process. Today May 10, 2017, I received a call from Tiffany G. She stated that she had a few more questions. She stated that she noticed the home we are planning to buy is over 5 hours away. She asked if I was planning on making the 5 hour commute to work everyday once we move. I said no. I will be getting a job around the area where we will be buying the home. I told her that I had an offer already and she asked if I had accepted it. Since the start date on the new job offer isn't till July, I did not see a rush in accepting it. Nor was the company offering the position giving me a deadline. She said that Fannie Mae requires that you have an accepted job offer. I told her, if need be, I could go ahead and accept the job. She stated that she needed a few more documents from us and by the time my husband went to upload them, our complete offer and process status was erased. Yes guys, just like that. They were done with us, just like that. Tiffany G could of cared less about our family on the other side of her computer. She, nor USAA, had no more to say to us. After all of that. No concern about helping us through these mortgage loan hiccups. I read reviews about USAA guys. I did not want to believe that those hundreds of bad reviews concerning strictly their mortgage loans were accurate. But they are guys. You spend so much time with USAA, providing what they need and then they throw you out like garbage. I would be glad to answer any questions you may have concerning this review. Below is an excerpt from the Fannie Mae website and USAA did not follow their guidelines with us when it comes to future employment. We both had offers of future employment and told Tiffany G this. Employment Offers or Contracts If the borrower is scheduled to begin employment after the loan closes, the lender may, depending on its risk appetite, use the borrower's offer or contract for future employment and income to underwrite and close the loan. If receipt of the income or employment information cannot be obtained prior to delivery to Fannie Mae, the loan is ineligible for delivery. ✓ Verification of Employment Offers or Contracts The lender must document the borrower's income and employment history per B3-3.1-01, General Income Information. The lender must obtain the borrower's offer or contract for future employment and anticipated income. The lender must determine whether to close the mortgage loan prior to the borrower beginning the new employment. The borrower must begin employment before the lender delivers the loan to Fannie Mae. The lender must obtain a paystub from the borrower that includes sufficient information to support the income used to qualify the borrower prior to delivering the loan. The paystub must be retained in the mortgage loan file.

5 years ago

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Jim Pratt Cheboygan, MI

Been a customer 30 years. It’s terrible now. I have had four home loans. Now, my current loan is being serviced by Morningstar. I can’t find a website now to check my escrow amount. I have an 800+ credit score, and wanted to do a IRRl refinance. USAA says they can’t do it, because it’s a site condo in Michigan. WTF? This is horrible customer service.

1 year ago

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Edward Houston, TX

Will take forever to do the loan application. Extremely disorganized, want every little detail and will make you submit again if not "printer friendly." Beware if you filed for an extension with the IRS- they will make you contact them to obtain an approval letter even though your CPA doesn't receive one. Worst experience ever.

3 years ago

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D tyler

Friendly, efficient and timely response. Have always told me when, where and how to resolve a claim.

4 years ago

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Natalie Shuman

USAA has knowledgeable employees who are proficient and skillful and works for the buyer.

4 years ago

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Jason

Truing to refinance with USAA has been an absolute terror and pain. It's one run around, after another. Poorly organized, and slow. Very slow. This experience has been miserable at best.

5 years ago

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James Strassburg

I purchased and refinanced my home and USAA was easy to work with

2 years ago

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Colvin Doughty Bellevue, WA

I had to abandon my home of a lifetime and the base of my retirement investment program, due directly to their impossible and totally disinterest to help us save our home!

4 years ago

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Mark

great service and rates could not beat them in the market place 15 years ago

4 years ago

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Rodney Parks Wadesboro, NC

Terrible. Good luck losing on time and expect a lot of excuses.

1 year ago