USAA mortgage review

USAA mortgage rate review

USAA was founded in 1922 and offer loans and bank accounts to military personnel and direct family members. They offer VA loans but do not offer FHA or USDA loans. Due to COVID-19 pandemic they also have stopped offering conventional loans. If you want a FHA, USDA or conventional purchase loan, please contact the Cain Mortgage Team.

If you are a first time home buyer, purchasing your dream home, refinancing an outstanding loan, or consolidating debt, our team of highly experienced mortgage brokers at Cain Mortgage Team can help you take that first step toward a financial solution.

 

Today’s Rates

Mortgage Rates change on a daily basis and can vary depending on your unique situation. Simply use the quick form below to receive FREE and accurate rate quotes from a nationwide network of trusted lenders

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Today's Rate

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Why compare The Cain Mortgage Team with USAA?

The Cain Mortgage Team is a local company that regularly competes with USAA for VA Loans. When we have had the opportunity to compete with USAA for VA Loans, we have seen that our rates were lower, the fees were lower and our clients have said the experience was better. Additionally, we have experience with local vendors, such as Attorneys and Appraisers, and this gives the client a smoother experience. If you would like a second quote to compare, please reach out to The Cain Mortgage Team today at 803 261 9267! Don’t make a 30-year mistake!

USAA mortgage pros and cons

Pros

  • Specializes in VA loans
  • Offers VA IRRRL refinance loans
  • Online pre-qualification
  • First-time homebuyer programs

Cons

  • Do not have FHA or USDA loans
  • Military members, veterans and their families only
  • Limited access to office locations
  • Typically charge higher fees than other competitors
  • Typically have higher rates than other competitors
  • Service level is not at the same level as local Lenders

 

USAA mortgage rates refinance

When choosing a mortgage lender, make sure you consider and understand what the loan will cost in interest and in fees. As a borrower you should always consider lender fees VS mortgage rates. Sometimes paying upfront fees can lower your mortgage interest rate and save you money in the longer term. However, paying large fees in points, may not make sense when calculating the breakeven point. Always ask the Lender about the breakeven point and compare that with how long you anticipate being in the house.

 

USAA VA IRRRL Pros and Cons

Pros

  • Lowering your interest rate
  • No debt to income verification
  • No minimum FICO score check
  • Reduced closing times
  • Deferral options of mortgage payments

Cons

  • Not enough net tangible benefit
  • No cash back
  • With all loans there are closing costs

 

Who is eligible for a USAA VA loan?

USAA is not a credit union, it’s membership is comprised of anyone who has ever served in the U.S. armed forces honorably and their dependents.

  • Active service member
  • Retired service member
  • Separated service member with “Honorable” discharge
  • Spouses
  • Widows
  • Widowers and un-remarried former spouses
  • Biological and step-children
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