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USAA Mortgage Review 2024

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At a glance

USAA

Editor's take

USAA sets the standard for customer service, beating out all lenders in J.D. Power’s customer satisfaction surveys. There is a catch, however, as the ubiquitous TV ads note: You have to be a member to access its products and services.

Bankrate Score
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4.8
Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, VA, refinancing and more

Credit Good

Min. credit score required

640 for VA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

None for VA loans

At a glance

USAA

4.8

Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, VA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

640 for VA loans

USAA overview

USAA is a full-service bank that specializes in financial products, including mortgages, for current and former members of the military and their family members. Since its founding more than 100 years ago, USAA has originated over 1 million home loans. If you qualify, you can get preapproved online in just a few minutes.

Pros and cons of USAA

Pros
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    24/7 customer service

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    Specializes in VA loans and doesn’t charge VA loan origination fees

Cons
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    Only available to military members, veterans and their families

Our Editor’s Take on USAA

USAA sets the standard for customer service, beating out all lenders in J.D. Power’s customer satisfaction surveys. There is a catch, however, as the ubiquitous TV ads note: You have to be a member to access its products and services.

How Bankrate scored USAA

  • Affordability: USAA showcases its latest mortgage rates online, so you can easily make comparisons between this lender and others. (Note: The rates displayed on the USAA website might not apply to your situation if your credit or finances don’t fit certain criteria.)
  • Availability: USAA caters to service members and veterans across the U.S.
  • Borrower experience: USAA is known for exceptional service, and its online capabilities lend convenience to the transaction.

Affordability: 9.8/10

USAA advertises mortgage rates online for all its loan products, and updates offers daily. The lender doesn’t charge an origination fee, but you’ll pay a funding fee if obtaining a VA loan.

Availability: 9.8/10

USAA works with service members and veterans nationwide, with a focus on VA loans (both conforming and nonconforming), although it does offer a conventional product, as well. You’ll need at least a 640 credit score to qualify, and must take out at least $50,000. A highlight: The lender offers options that include no mortgage insurance, no down payment and the ability to finance your VA funding fee.

Borrower experience: 8.9/10

USAA has been in operation for 100 years, with more than 1 million home loans originated since. The company isn’t accredited by the Better Business Bureau, but it received the highest marks for customer satisfaction from J.D. Power in 2021 and 2022. It offers plenty of online and mobile services, including the ability to submit questions and seek financial advice from USAA experts, along with a dedicated educational section on homeownership on its website. With the ability to upload statements and e-sign, you can easily apply for a mortgage online. The mortgage application gets prefilled based on your member profile, saving you time in the process.

How to apply for a mortgage with USAA

You can apply for a mortgage with USAA online or by phone at 800-531-0341.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with USAA

USAA offers both rate-and-term and cash-out refinancing options. This includes the VA Interest Rate Reduction Refinance Loan (IRRRLs), which comes with quite a few cost benefits for members: no origination fee, plus USAA covers the cost of an appraisal, title services and the VA funding fee. For conventional refinances, you’ll pay $1,295 for loans in the amount of $129,500 or more, or 1 percent of whatever you borrow below that threshold.

Compare USAA to other lenders

USAA

Rating: 4.8 stars out of 5
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4.8

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Old National Bank
Rating: 4.6 stars out of 5
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4.6

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Read full review
Veterans United Home Loans
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Min. credit score required

640 for VA loans

Min. credit score required

620 for conventional loans, 640 for FHA loans, 680 for VA loans

Min. credit score required

620 for conventional loans, 620 for VA loans

Down payment

None for VA loans

Down payment

Undisclosed

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states