IF YOU ARE SELF EMPLOYED, DO NOT TRY TO REFINANCE WITH USAA, you will waste two and half months. When I first applied for refinancing to get rid of our credit card debts, I was weary as being self employed has always been a problem but alfter sending in all the paperwork, we heard back from them that we had been preapproved and we moved ahead with the process. We have never missed any payments and USAA said we have a score of over 710.  We sent in all the paperwork asked for tax returns, banks statements info, credit check was run, etc. USAA then got back to us and said that they would have to lower the amount we asked for and that they would directly pay off the credit cards. That was fine with us... Paying a 25.5% interest charge on a credit card was hurting us and we had plenty of equity in our house to cover whatever amount they would give...  Another two weeks went by and they notified us that everything was being reviewed (income verification) as well as checking on our home insurance and would be back to us within a week. Two weeks later we got a notice from our insurance company that USAA had been added to our policy and a call from estimator who arranged appointment to come appraise our home. Then not even a call but an email came to contact USAA... Thinking it was to finalize everything we called only to find out we were refused the loan and AFTER TWO AND HALF MONTHS they felt we did not qualify for the loan.  If this was done in the beginning of the process I would not be so upset. Did not even give us other options like coming up with some extra money to approve loan. What is wrong with USAA refinance program that they let you hang there thinking everything is okay only to crush you after two and half months.


Unhappy Longtime USA,

We can certainly understand your frustration, especially after a two month delay. We do value your membership and want to ensure somthing like this does not happen again. As such, we ask that you please click here to provide us with additional details and your member information. You can also reach a service specialist at 1-800-531-8722.

Thank you