I wanted to write about my disappointment in USAA's mortgage/refinance program. I called USAA to refinance my mortgage and cash out for a home remodel. The broker I spoke to immediately began offering me mortgages with buy down points even after I explained I was going to only be in my home <5 years. I asked him to do the math for me on the buy down vs. what I would pay in interest for 5 years... he never did the math, only changed the subject to a new loan type. Knowing USAA makes money on the buy down points and the 0.5% origination fee... of course he would try to have me buy down points - USAA did the same thing to my elderly parents when they were buying there house to the point that their financial guy asked if someone was taking advantage of them...
I had used brokers in the past who were able to give me a good faith estimate based on my stated credit and current interest rates - the USAA broker insisted he couldn't provide me with any estimates or any numbers until he ran my credit. When I expressed concerned about having my credit run multiple times, he said that it would only improve my score because it was for a mortgage and not to worry. I reluctantly had him do the application and pull my credit.
He gave me the numbers I needed, nothing in writing, and I explained that I needed to talk to my husband. He was not thrilled with that response and immediately began telling me about my timeline for my application. I just received an email a few minutes ago saying that my loan application was going to expire tomorrow and if I wanted to do business with USAA again, I'd have to redo the application and, dun dun dun, they'd have to pull my credit again.
I feel dirty after dealing with USAA. I came to them because I have always trusted them with my banking, car loans, insurance, etc, but after this, I will go back to another broker or try a bank in my neighborhood. I wanted to believe that my parents' experience with the points buydown was due to their lack of experience with getting a mortgage but now I understand that USAA pushed them to it and they didn't know enough to ask the right questions.
We regret to hear of you and your parents disappointing experience. This is not the type of service experience we ever want for our members. Your comments have been escalated for review and response. We look forward to address your concerns.