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5.1

Overall Score

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LAST UPDATED: September 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

3.0

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17 Reviews

Review Breakdown

5 grade

47%

4 grade

0%

3 grade

6%

2 grade

0%

1 grade

47%

Sentiment Criteria

Value

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Quality

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Service

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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