USAA Bank Mortgages

USAA Bank Mortgages Reviews

Author pictureAuthor picture
Author picture
Written by
Author picture
Edited by

Our promise. We provide a buying advantage with verified reviews and unbiased editorial research.

About USAA Bank Mortgages

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

USAA Bank Mortgage (NMLS #401058) offers mortgage products to active-duty military, veterans and military family members who qualify. USAA members (membership is free) can apply for a purchase or refinance loan online. In 2021, USAA Bank Mortgage was one of the top 10 VA lenders, funding over $8.1 billion in VA loans.

    Pros & Cons

    Pros
    • Specializes in VA loans
    • Available nationwide
    • Membership benefits, including discounts and savings
    • Helpful online resources
    Cons
    • No physical branches
    • No home equity loans or HELOCs

    Rates

    USAA Bank Mortgage publishes rates daily on its website for VA purchase loans, VA jumbo loans, conventional purchase loans, low-down-payment loans, VA interest rate reduction refinance loans (IRRRL), VA cash-out refinance loans and conventional refinance loans.

    You can get a personalized rate estimate by calling USAA. If you’re interested, you can also ask about USAA’s adjustable-rate mortgage (ARM) products. An ARM usually has a low introductory rate (lower than on a fixed-rate mortgage), but the rate changes regularly after a set time. ARMs are more popular when interest rates are higher, but borrowers risk their rates moving upward if they don’t sell or refinance before the introductory rate ends.

    USAA Bank Mortgage’s average home purchase rate in 2021 was 0.18% lower than the national average home purchase rate that year, according to federal data. The rate you receive from USAA depends on your credit history, the loan amount, your down payment and other personal financial factors, as well as the current climate for interest rates.

    USAA Bank Mortgage average home purchase rate vs. national average

    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    To get a mortgage with USAA Bank, you first have to be a USAA member. There is no charge for membership, but you must be eligible; it’s generally open to military members and veterans and their spouses and children.

    Once you’re a USAA member, the first step if you are seeking a purchase loan is to get preapproved. USAA asks questions about your finances and checks your credit. If you are preapproved, you get a preapproval letter you can use for up to 90 days.

    If you decide to move forward, you work directly with a loan officer who helps you figure out what documentation you need (including your Certificate of Eligibility for a VA loan) and how to complete the application online. Mortgage support from USAA is available by phone Monday through Friday.

    USAA Bank Mortgage application features

    Loan types

    USAA Bank Mortgage offers the following types of loans:

    • VA purchase loan
    • VA jumbo purchase loan
    • Conventional purchase loan
    • Low down payment purchase loan
    • VA IRRRL
    • VA jumbo IRRRL
    • VA cash-out refinance loan
    • VA jumbo cash-out refinance loan
    • Conventional refinance loan
    • Conventional cash-out refinance loan

    In 2021, borrowers initiated 23,040 home purchase applications with USAA Bank Mortgage. Of those applications, 14,225 turned into closed home purchase loans. USAA denied 13.1% of applications.

    Loan applications for home purchases only by year

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    Refinancing

    USAA offers a number of refinancing products for members who want to lower their interest rate, pay off their loan faster or take cash out. With an IRRRL, for instance, you can refinance up to 100% of the value of your home and roll the VA funding fee into the loan. USAA also offers conventional refinance loans.

    In 2021, slightly over half of USAA mortgage loans were refinance loans; nearly all of these loans were rate-and-term refinances. This was a significant change from 2019, when over two-thirds of USAA mortgage loans were purchase loans.

    Refinancing became popular in 2020 and 2021 as rates fell to new lows. As rates go back up, fewer homeowners are expected to seek refinance loans.

    Home purchase vs. refinance loans by year

    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    Requirements

    To qualify for a VA loan with USAA Bank, you must have a Certificate of Eligibility (COE) from the Department of Veterans Affairs. You can obtain a COE online through the federal eBenefits website, or you can ask USAA for help obtaining it.

    USAA Bank has its own set of loan requirements that you’ll also need to meet once you get your COE. Your loan officer will look at your credit score, credit history, assets, employment history and income to determine what loans you qualify for, how much you can borrow and the loan costs.

    VA home loans don’t require down payments in most circumstances, and there is no mortgage insurance. They do require a one-time VA funding fee, which ranges from 1.4% of the loan amount to 3.6% of the loan amount.

    For information about conventional loan requirements and refinance loan requirements, we recommend speaking with a USAA loan officer.

    National mortgage requirements by type

    For other loan types, read our guides on jumbo loansFHA loans and USDA loans.

    Cost and fees

    Costs and fees on USAA Bank Mortgage vary based on the type of loan you get and your profile as a borrower.

    As a general rule, VA loans do not require a down payment and have no mortgage insurance fees. Closing costs on a VA home loan include the VA funding fee, which is between 1.4% and 3.6% of the loan amount, depending on whether it’s your first time using a VA-backed loan and your down payment amount. On an IRRRL, the funding fee is 0.5%. On a VA cash-out refinance loan, it’s either 2.3% or 3.6%, based on whether it’s your first use.

    According to USAA, closing costs on a VA loan range from 1% to 5% of the loan amount, covering things such as an appraisal, the title search and title insurance and discount points.

    Within three days of USAA Bank Mortgage receiving your application, it sends you a Loan Estimate, which gives you an idea of all your loan costs and fees. Later in the process — at least three days before the closing date — it sends a Closing Disclosure, a form with exact costs and fees.

    FAQ

    What is USAA Bank Mortgage?

    USAA Bank Mortgage offers home purchase and refinance loans for USAA members (members of the U.S. military, military veterans and military families). Its mortgage products are available in all 50 states and Washington, D.C.

    Is USAA Bank Mortgage legit?

    USAA is a legitimate financial services group providing banking, insurance and investment solutions to U.S. military members, veterans and their families. It was founded in 1922 and had 13 million members as of the end of 2021. In 2021, USAA Bank Mortgage was in the top 10 VA lenders, funding over $8.1 billion in VA loans.

    Where is USAA Bank Mortgage available?

    USAA Bank Mortgage makes home loans in all 50 states and Washington, D.C. It does not offer cash-out refinance loans in Texas at the time of publishing.

    USAA Bank Mortgages Reviews

    Stars Rating

    • 0%
    • 0%
    • 0%
    • 0%
    • 100%

    Popular Mentions

      How do I know I can trust these reviews about USAA Bank Mortgages?
      • 4,476,427 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Recent
      • Recent
      • Oldest
      • Most helpful

      A link has directed you to this review. Its location on this page may change next time you visit.

      How do I know I can trust these reviews about USAA Bank Mortgages?
      • 4,476,427 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10
      Profile pic of the author.
      Customer ServiceStaff

      Reviewed Aug. 3, 2023

      Customers make you or break you! Your customer service is none existing so if your company is already in trouble according to the reviews I had seen, you need to reorganize and re-think on the interviews to hire new people or eliminate all the bad apples, that do not care on the longevity of their customers and about the veterans in general, seniors and 100% disable veterans or active duty in general.

      View rates from leading lenders now.

        Loading more reviews...
        Sources
        ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page . Specific sources for this article include:
        1. U.S. Department of Veterans Affairs, “ Lender Statistics — VA Home Loans .” Accessed Sept. 2, 2022.
        2. Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 27, 2022.

        USAA Bank Mortgages Company Information

        Company Name:
        USAA Bank Mortgages
        Website:
        www.usaa.com