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Old 08-14-2008, 10:22 AM
 
Location: Denver
3,138 posts, read 6,901,436 times
Reputation: 2907

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I was wondering if anybody has gone through them or has decided not to.

Their rates are a touch higher than other lenders but with the low pmi and no origination on some of their products it is hard to pass up.

Any thoughts?

Thanks!
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Old 08-14-2008, 11:29 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
depends on many factors. They have great programs, but I'm sure many lenders have beaten them. Every lender has a 'niche' that some other lenders can't beat. You have make sure you find the right niche lender for your needs.

Quote:
Originally Posted by wankel7 View Post
I was wondering if anybody has gone through them or has decided not to.

Their rates are a touch higher than other lenders but with the low pmi and no origination on some of their products it is hard to pass up.

Any thoughts?

Thanks!
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Old 08-14-2008, 12:04 PM
 
Location: Cary, NC
1,036 posts, read 3,627,137 times
Reputation: 503
I posted on this in the other thread you were asking... as I said you should always compare total price (lender closing costs), rate AND service.

From what clients have told me USAA does great on fees, but is lacking in the other two. For the last client that compared, I was right there with them at the lower rates (where they charged origination fee/points) only .1% higher on the APR and was better than them on the 0 origination fee/points options. Of course the GFE from them didn't prove to be accurate and what the sales agent "promised" was not the same as when it was turned over to the processor and loan contact. It seems they outsource their loan origination so once they "sell" you on using them, its passed on to a 3rd party that does the true originating. Some smaller credit unions that do not have the staff/resoruces do the same thing with their mortgages and auto loans.

Price is good, but $100 less in fees with 0 service might not be the best option in your case. There is often a trade off in price and service/quality... each consumer needs to determine what they value and which is the best option for them.
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Old 08-14-2008, 01:22 PM
 
Location: Denver
3,138 posts, read 6,901,436 times
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Ah geez I double posted? I thought the other thread errored out or something...

Thank you for the information!
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Old 08-15-2008, 06:36 AM
 
Location: Gainesville, VA
1,259 posts, read 4,954,944 times
Reputation: 718
We've used USAA for over 11 years... insurance, banking, IRAS, but the one place they totally failed us was when we were going to buy a house in 2001. We called to get approval and they said they wouldn't approve us for a $135,000 loan. Now hmm hubby had a very good paying and stable job, plus we had lots of $$ saved and great credit, so it was like huh? This was a case of can you get me your supervisor please? Apparently they were showing that we had 2 outstanding car loans with them. Again wrong. Even IF we had 2 car payments, we'd be able to afford the loan. So, we got approved by the supervisor. Then the fun started. We had to pay I think around $300 to get the loan process started, and before all that happened, we did not know USAA was passing us off to PH Mortgage. We were going with USAA because we liked their customer service, had we known we were going to be with a 3rd party we NEVER would have applied for a loan with USAA. Well, PH Mortgage's customer service sucked. No communication from them thru the process, didn't answer calls, emails. We just got frustrated to the point that we fired them and went with the builder's mortgage company who made it all easy for us. I can't recommend USAA for a home loan unless they now keep the mortgages in house.
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Old 08-15-2008, 06:26 PM
 
Location: Cary, NC
1,036 posts, read 3,627,137 times
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Heather72 - That was the same thing I have heard. Customers love USAA for insurance/IRAs and said their price/service could not be beat. But mortgages were outsourced, so as soon as they were "sold" on the mortgage and handed off to the other company the service dropped and the estimates went up.

The same can happen when some brokers send their loans to an underwriter. The loan officer can be great but if the underwriter is no good, problems will occur. At least with a broker you can still call the loan officer to help out... with outsourcing you are now under the control of the new company.

Apparently there are a few websites dedicated to customers "experience" with this company. Its sad to see someone that does so well in one arena let their customers down so much in another.
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Old 08-15-2008, 09:56 PM
 
Location: Goodyear, Arizona
803 posts, read 2,008,519 times
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We have a mortgage with USAA and have been very happy with them. The mortgage people have instant messaging which I find more responsive and less time consuming than calling. My only complaint is that the mortgage info only shows on the USAA primary account holder's webpage and not the secondary acct. holder. For example, to make an extra payment I have to log onto usaa and use my husband's USAA number (not mine) or log directly onto mortgagequestions.com. Just a minor inconvenience, really.
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Old 08-16-2008, 01:33 AM
 
Location: Denver
3,138 posts, read 6,901,436 times
Reputation: 2907
Quote:
Originally Posted by military spouse View Post
We have a mortgage with USAA and have been very happy with them. The mortgage people have instant messaging which I find more responsive and less time consuming than calling. My only complaint is that the mortgage info only shows on the USAA primary account holder's webpage and not the secondary acct. holder. For example, to make an extra payment I have to log onto usaa and use my husband's USAA number (not mine) or log directly onto mortgagequestions.com. Just a minor inconvenience, really.
Interesting, I had never heard of the mortgagequestions.com website before. Is this a service that USAA hires to service the mortgage? Do you know the name of the company that holds the mortgage?

How accurate were the closing cost estimate they give on their website?

Thanks for the first hand experience!
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Old 08-16-2008, 08:01 AM
 
Location: Goodyear, Arizona
803 posts, read 2,008,519 times
Reputation: 335
I'm not sure if they contract another company to provide their mortgage services. My payment book says USAA, but it is not a San Antonio address. We bought that house about 3 years ago and they offered 5.875% at the time and the fees were competitive with everyone else. I felt they were easier to deal with than some of the other mortgage companies. They did estimate the taxes a bit higher than they really were, but they told me they do that initially so that there aren't any unpleasant surprises before closing. Mortgagequestions.com is the website where you can see your payment history, escrow info, make additional payments, etc. It is very user friendly and I've found their customer service to match that of any other USAA dept.
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Old 08-27-2008, 11:02 PM
 
Location: Denver
3,138 posts, read 6,901,436 times
Reputation: 2907
Well, I have NO idea what happened to USAA Mortgage.

Their PMI on a 171k mortgage with 5% down just went from 45 a month to 94 a month. And the spread between the rate and apr went from about .25% to .5%

Yikes!
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