Kinda disappointed with USAA

[David J]

[quote=AK]Yes, I’d call it crappy service too 🙂

I went with USAA in part because many/most other VA lenders pile on a bunch of non-allowable seller-paid junk fees … and of course asking for seller concessions will consign your offer to the shredders these days. But VA non-allowables are a subject for another rant 🙂

If you know of any other VA programs without a bunch of non-allowables please let the world know. Thanks HLS.[/quote]

I just started a VA purchase loan with USAA three days ago. We’ll see how it goes. I think USAA recently switched their mortgage division to in-house as it seem they’ve become more competitive in terms of rates and fees. I also called navy federal and spoke with a VA mortgage broker. Navy Federal was upfront about the fees and rate but usaa beat them in both depts. I couldn’t nail down the mortgage broker on fees and he was not willing to provide me with a GFE until I essentially had committed to using him. I know on top of the 1% origination fee he also wanted to charge me a $900 processing fee and another $900 transaction fee, and a few other fees for a few hundred each before even getting to discount points for the loan. I maybe should have talked to other mortgage brokers but usaa seemed to have a decent enough deal.

For me VA seemed like a no-brainer as I do not have to pay the funding fee, my loan is for over 417k and I want to finance as much as they’ll let me.

[HLS]

For those that qualify, VA may be the best way to go. On ANY loan, to get the lowest rate, there are usually fees.

You can take a higher rate and think that you aren’t paying any fees, BUT YOU ARE. If you keep the loan for more than 3-5 years, that no cost loan will end up costing you a lot more.

Any DECENT mortgage broker will tell you up front here is your cost to use me, and any commission from the lender will offset that charge, NOT go into their pocket.
It’s not a complicated discussion, even if your loan is complicated.

Today’s 30YR fixed conventional pricing for loans below $417K for a perfect borrower is 4.875% with no added points, no origination fee, no transaction fee or any other garbage loan fees. At that rate the lender will pay the loan costs.

10% down is OK on a purchase, same rate with mortg insurance added, IF one qualifies.

I don’t know how this compares to VA rates today.
ALL rates move a bit every day. .HLS

[HLS]

For those that qualify, VA may be the best way to go. On ANY loan, to get the lowest rate, there are usually fees.

You can take a higher rate and think that you aren’t paying any fees, BUT YOU ARE. If you keep the loan for more than 3-5 years, that no cost loan will end up costing you a lot more.

Any DECENT mortgage broker will tell you up front here is your cost to use me, and any commission from the lender will offset that charge, NOT go into their pocket.
It’s not a complicated discussion, even if your loan is complicated.

Today’s 30YR fixed conventional pricing for loans below $417K for a perfect borrower is 4.875% with no added points, no origination fee, no transaction fee or any other garbage loan fees. At that rate the lender will pay the loan costs.

10% down is OK on a purchase, same rate with mortg insurance added, IF one qualifies.

I don’t know how this compares to VA rates today.
ALL rates move a bit every day. .HLS

[HLS]

For those that qualify, VA may be the best way to go. On ANY loan, to get the lowest rate, there are usually fees.

You can take a higher rate and think that you aren’t paying any fees, BUT YOU ARE. If you keep the loan for more than 3-5 years, that no cost loan will end up costing you a lot more.

Any DECENT mortgage broker will tell you up front here is your cost to use me, and any commission from the lender will offset that charge, NOT go into their pocket.
It’s not a complicated discussion, even if your loan is complicated.

Today’s 30YR fixed conventional pricing for loans below $417K for a perfect borrower is 4.875% with no added points, no origination fee, no transaction fee or any other garbage loan fees. At that rate the lender will pay the loan costs.

10% down is OK on a purchase, same rate with mortg insurance added, IF one qualifies.

I don’t know how this compares to VA rates today.
ALL rates move a bit every day. .HLS

[HLS]

For those that qualify, VA may be the best way to go. On ANY loan, to get the lowest rate, there are usually fees.

You can take a higher rate and think that you aren’t paying any fees, BUT YOU ARE. If you keep the loan for more than 3-5 years, that no cost loan will end up costing you a lot more.

Any DECENT mortgage broker will tell you up front here is your cost to use me, and any commission from the lender will offset that charge, NOT go into their pocket.
It’s not a complicated discussion, even if your loan is complicated.

Today’s 30YR fixed conventional pricing for loans below $417K for a perfect borrower is 4.875% with no added points, no origination fee, no transaction fee or any other garbage loan fees. At that rate the lender will pay the loan costs.

10% down is OK on a purchase, same rate with mortg insurance added, IF one qualifies.

I don’t know how this compares to VA rates today.
ALL rates move a bit every day. .HLS

[HLS]

For those that qualify, VA may be the best way to go. On ANY loan, to get the lowest rate, there are usually fees.

You can take a higher rate and think that you aren’t paying any fees, BUT YOU ARE. If you keep the loan for more than 3-5 years, that no cost loan will end up costing you a lot more.

Any DECENT mortgage broker will tell you up front here is your cost to use me, and any commission from the lender will offset that charge, NOT go into their pocket.
It’s not a complicated discussion, even if your loan is complicated.

Today’s 30YR fixed conventional pricing for loans below $417K for a perfect borrower is 4.875% with no added points, no origination fee, no transaction fee or any other garbage loan fees. At that rate the lender will pay the loan costs.

10% down is OK on a purchase, same rate with mortg insurance added, IF one qualifies.

I don’t know how this compares to VA rates today.
ALL rates move a bit every day. .HLS

[AK]

Update on my situation: The order of the universe has been restored.

USAA funded on schedule (barely) and covered about $500 in non-allowables that were charged by the escrow company (e.g. “loan tie-in fee,” the “key grip” of closing costs). I still say their communication could be better (serious C4I problems) but at least I have keys.

OTOH, The Very Big Impersonal Bank failed to come through, miserably. The “personal banker” basically told me to shove off when I called him the next morning, and the funds verification letter came four days after closing. Good thing I didn’t need it.

[AK]

Update on my situation: The order of the universe has been restored.

USAA funded on schedule (barely) and covered about $500 in non-allowables that were charged by the escrow company (e.g. “loan tie-in fee,” the “key grip” of closing costs). I still say their communication could be better (serious C4I problems) but at least I have keys.

OTOH, The Very Big Impersonal Bank failed to come through, miserably. The “personal banker” basically told me to shove off when I called him the next morning, and the funds verification letter came four days after closing. Good thing I didn’t need it.

[AK]

Update on my situation: The order of the universe has been restored.

USAA funded on schedule (barely) and covered about $500 in non-allowables that were charged by the escrow company (e.g. “loan tie-in fee,” the “key grip” of closing costs). I still say their communication could be better (serious C4I problems) but at least I have keys.

OTOH, The Very Big Impersonal Bank failed to come through, miserably. The “personal banker” basically told me to shove off when I called him the next morning, and the funds verification letter came four days after closing. Good thing I didn’t need it.

[AK]

Update on my situation: The order of the universe has been restored.

USAA funded on schedule (barely) and covered about $500 in non-allowables that were charged by the escrow company (e.g. “loan tie-in fee,” the “key grip” of closing costs). I still say their communication could be better (serious C4I problems) but at least I have keys.

OTOH, The Very Big Impersonal Bank failed to come through, miserably. The “personal banker” basically told me to shove off when I called him the next morning, and the funds verification letter came four days after closing. Good thing I didn’t need it.

[AK]

Update on my situation: The order of the universe has been restored.

USAA funded on schedule (barely) and covered about $500 in non-allowables that were charged by the escrow company (e.g. “loan tie-in fee,” the “key grip” of closing costs). I still say their communication could be better (serious C4I problems) but at least I have keys.

OTOH, The Very Big Impersonal Bank failed to come through, miserably. The “personal banker” basically told me to shove off when I called him the next morning, and the funds verification letter came four days after closing. Good thing I didn’t need it.

[sdrealtor]

The VBIB sounds like BOA

[sdrealtor]

The VBIB sounds like BOA

[sdrealtor]

The VBIB sounds like BOA

[sdrealtor]

The VBIB sounds like BOA

[Author]

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