Does anyone have any experience with either a USAA VA Loan or the Mover's Advantage Program?
I'm a mortgage professional myself and the closing costs just seem too low (too good to be true!)... did anyone ever get to the end of a loan with USAA and end up paying a lot more? (a little more is normal, but I mean feeling like you were cheated?)
As for the Mover's Advantage Program - is there really anything special about this program? I've heard that there is a cash bonus for using their preferred realtors - but is the $950 worth the non-aggressive and half-hearted realtor? (or maybe ours just isn't very aggressive)
Ive used the USAA home loan program, and no there are no hidden charges that show up in the end. And their preferred realators are not half hearted... USAA is one of the companies out there that actually looks out for the U.S. Servicemembers. Its the only place that I will ever bank at or get any type of loan through. They have GREAT customer service for everything. I have never had ANY problem with USAA.
I use this program and it was GREAT! The agent worked hard for me for two weeks. I received about $700 and used it to buy some new ceiling fans for my house. The only surprise you will see with the VA Loan is the ridiculous "VA Loan Funding Fee" however, it will be a tax deduction when you file.
Thanks everyone! We've always been happy with USAA and as a mortgage professional myself, it's really the Title Fees and Third Party fees that just look too low... No surprise on the VA Funding Fee, that is on every loan and it was disclosed up front, and it is based on the loan amount so I know it will only change if the loan amount does. As for the Realtor assigned to us... well, he sounds a little like Eor (the donkey on winnie the pooh). Just kinda quite, not aggressive... we'll see how he pans out. But I am very happy to see that USAA has several other satisfied customers! :-)
PS. I have to disagree that the VA Funding fee is "ridiculous". It is what we pay into the "pool" so that we can all enjoy this benefit without adding additional costs to civilian taxpayers (and to our own taxes). My husband is the soldier, I am the civilian. We both appreciate getting the only loan available for 0% down payment and no mortgage insurance... and since we can finance the funding fee, essentially borrowing MORE than a home is worth in some cases, and certainly more than the purchase price, I've gotta say, I think this small fee is more than fair to pay so that we can all enjoy this benefit. Just shedding some light on the Funding Fee for anyone interested. ;-)
For anyone else who may be considering USAA for a PURCHASE... don't.
As mentioned in my first post, I KNEW they were quoting closing costs waaaay too low. But I questioned and questioned and questioned and they swore up and down that their title fees were low because they have such a great relationship with their title companies.
So, something totally not normal: We got our seller to agree to let US pick the title company so we could get such low rates.
Yeah... USAA's low title fees are for REFINANCES, not purchases.
This isn't what was horrible about the experience.
What is horrible is that you don't have ONE contact person until you get a processor assigned to you. The "loan officers" or Order Takers because that's all they're doing is some data entry, don't know anything about VA loans (not anything more than you can research yourself with Google). Then our "loan officer" became our Processor! What!? That's not how it works... and she didn't have a CLUE what she was doing. Took her 10 days to order the appraisal, even though she had every single item she needed (I'm a mortgage professional, remember? I know what to get you so you can do your job!) She didn't know how to order a title commitment or an escrow account for our earnest mone - I DID IT!!!! I'm okay doing it as part of my job, but why am I doing this for my loan when it's YOUR job!? Needless to say, we got our $350 "good faith" money back from them on Day 11 (today) and are going with someone with 20 years experience in our area. My suggestion - use USAA for banking and insurance, they're great. Mortgages? Not their cup of tea!
Utilizing USAA’s mover’s advantage, simply because it is ‘offered’ has its drawbacks. It is a referral system not based on competency, knowledge, or ability per-se… It is based on relationships of a narrow set of companies, that ‘refer’ to each other – with what in essence is your money. This limits you to a narrow set of realtors, and local lenders that may not be the best fit for you. The better choice may be to 1) listen to your friends and get some good referrals of Realtors that will listen and represent YOU. 2) at first, talk to a couple of realtors, it sometimes really is a ‘wavelength’ issue then decide – your loyalty will be repaid many times over 3) ASK. Ask if they will match the rebate, in most areas where there is a heavy military influence, most brokerages will match the USAA Advantage benefit to the service member. In the end I feel I have been able to get more for my clients, whether it be through the loan terms, or service, and or in monetary rebates. Joe Morgan Realtor, Florida (US Army Ret)