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At the end of last year I applied and subsequently recieved a Home Mortgage from USAA.  I was searching for a home with a existing pool, then my Landlord made me an incredible offer on purchasing the home I was leasing from him, however it did not have a pool.  I immediately called USAA to ask about a Home Equity Loan so that if I purchased this home, which appraised much higher than the mortgage amount, could I get an Equity loan to put in my own pool.  They assured me that this would not be a problem.....  So I found a contractor, gave hime a $5,000 deposit and started the process.  Then I called back into USAA to apply for my Equity loan.  At that point they infomred that their system would be down for "a couple of months."  So I have been paying out of pocket for work done and really diggging into my own finances.  I imagine that I will have to pay for all of this out of pocket or seek other methods for an Equity Loan.  How can this multi-billion dollar company have this kind of problem???  Chop the head off the snake USAA and get back on track!!  Last time I checked, your "Members" are the reason you all exist.....   

5 REPLIES

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While it appears the USAA Home Mortgage department is lacking on several fronts right now, maybe you should have had the loan secured before beginning work and entering a contract. 

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Agreed, but I was led to believe that USAA was going to be there for me on this project as informed by their represtative......
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Regarless, I counted on USAA to deliver... And they can't/won't...
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Hi Topher573,

 

I have escaleted your comments to a service specialist, someone should be reaching out to you shortly. Thank you!

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Lemme get ths right. You bought a home that appraised for more than the mortgage amount -- this is obvious -- the mortgage will never be more than the appraisal; no one will lend 250 on a 225 home. I think you mean it sold for less than the appraised, fairly normal. However, your appraisal was based on comps -- comparable homes in your area that recently sold. Some of your comps were better than your home, ans some were lesser homes, none of the comps were exactly your home, but they gave an idea of the value of your home in your locaton, location, location. However, as soon as you bought your hme, a better comp availed itself to put a true value on your home. That was the sale of, and your purchase of, your home. Your home is its own best comp, and all other comps became nearly worthless and meaningless compared to what you offered and what the seller acccepted for the sale of your home. The price you paid is your new appraised value. And now you want them to lend you more. I hope you put a significant down, cause that's your equity n a newly purchased home.