Mortgages... Time To Get With the Times USAA

11c.68w
Contributor

When we applied for the VA Home loan we were told by the USAA processors that we would be able to arrange bimonthly or biweekly mortgage payments. This was an outright lie. As soon as our home loan was completed I contacted the mortgage department who shared that USAA never, and will not do any bimonthly or biweekly mortgage payments, and that mortgages are due on the first, in full, every month. Congratulations USAA, not only did your loan processors tell a big fat lie, but youre one of the last mortgage companies left in existence who will not set up these types of payments. Bimonthly and biweekly payments allow mortgages to be paid faster and in increased amount, such a huge benefit for those able to do so. We made sure we stuck with you alll through all of our accounts, home buying, insurances, mortgage, credit cards, etc. because youve always taken care of us and always been the best of the best. This is NOT the case where your mortgage department lies. Even the website where you can access details and pay your mortgage is outdated, lacking, and confusing. Since these are extremely large loans and bills, that we have entrusted to you, you would think that you would get with the times and handle the needs of your homeowners with a little more enthusiam and priority. 

For the first time in 5 years USAA, I'm severely disappointed.

42 REPLIES

Hello 11c.68w,

I am so sorry you received incorrect information about your mortgage payment options. We would like to get additional details about your situation to ensure this does not happen again. We would truly appreciate if you also shared your feedback in this form. Thank you for commenting.

 

I was not lead to believe BI-weekly was an option, however I assumed it would be, once the online accounts were all set up to make payments. Not only is Bi-weekly payments a way to better pay down a Mortgage it is also a tool to better manage a budgett. I would request and strongly suggest that this option be added in the future for the benefit your clients. As USAA has provided my family and I a great service thus far and I believe they have one of the most loyal clientele, It would benefit all in retaining the said Biweekly payment system. The more efficient and financially stable my family is, the more efficient and financially stable USAA is. This is something that most Mortgage company's are now offering and USAA needs to step up with the times. By not offering this option you are hurting your clientele, and this is a poor way to retain and grow buisness partnerships.

Dear JB14,

Thank you for your feedback regarding bi weekley payments. I have shared your feedback and encourage anyone else who would like to share their thoughts on this matter (or anything else on your mind) with us here in this community, or if you would like an additional outlet, feel free to send us a message here.

 

Thank you again for posting.

Briana, could you please confirm whether or not it is still the case that USAA (according to what these posts assert) does not allow mortgage recipients to pay bi-weekly mortgage payments? I have been pre-approved for a USAA mortgage and just signed a house contract so I am moving forward with a formal mortgage application. I just read an article about the bi-weekly payment concepts and think it is a great idea both from a personal budgeting perspective as well as paying off a mortgage earlier. If it is true that USAA does not allow this repayment set-up, I believe I will need to look for another lender unfortunatley. I say unfortunately because I have been very pleased with all of the other services I have with USAA.

Hi fbg71,

I am triple checking to make sure I answer you correctly. I will post an update as soon as I get one! Thank you!

I'm also interested in this answer ASAP.  I'm also pre-approved and I would prefer to use USAA (since I already use you for home insurance, car insurance, and banking), however the other lender I am pre-approved through allows bi-monthly payments saving thousands in interest over the life of the loan.

This is what the bank expert here at USAA had to say:

 

Thank you for your question on bi-weekly payments. USAA does not offer a bi-weekly payment setup. However, once your loan is closed, you can discuss payment options (including bi-weekly payments) with mortgage customer service. Once payment options have been established you can always manage and schedule payments through our Web BillPay service.

 

Thank you for posting in the community and please do not hesitate to ask addiitonal questions!

 

My daughter who has USAA membership thru my service was steered to USAA when she purchased her first home.  I gave her some sound advise regarding making bi-weekly payments with an additional pay down to save some money.  We called USAA to set it up, and she already had autopayment option.  I was told that they don't set up the bi-weekly payments, however, the payments could be set up through her bank's bill pay option.  We did that.

 

Now, after paying the first 3 payments, we are told that USAA doesn't accept "partial payments" and that they will only credit the payment after the payment in full is received.  

 

USAA, after 40 years of membership, you have once again disappointed me... I was once a proud member of an "Association", and now I feel as if I am just another number.  Your doing a HUGE disservice to those who served!

@NNLocoman, I regret to hear we have disappointed you and would like to have a subject matter expert assist you further. Please PM the phone number or email address associated with your USAA member profile so that we can engage you directly. Thank you for bringing this to our attention! @heather