My experience with a HELOC application was a nightmare. 8 weeks of wasted back and forth pre-approval before underwriting even got involed. Couldn't generate a credit report since they only subscribe to one service and then denied the application because both applicants weren't USAA members. They back-tracked on this issue they finally submitted to underwriting. Application was not clear that a prior refinace with even a penny of cash out makes the property HELOC ineligible. Most banks ask if there was any cash out during a refinance rather than if there is a current home equity loan on the property. Glad USAA eats the appraisal fee and other fees before they deny a loan.
My experience with applying for a HELOC was a similar nightmare. They told us to apply for a certain amount, then told me it was not necessary for my income, only my spouses, then made a mistake in calculating her income, then would not return calls, then gave us five different reasons why the mistake was not reviewable. We wasted months of time. In fact, we are considering cancelling our bank accounts, insurance, credit cards, everything with USAA. We have been members since 1982, and we have had it. We have talked to no fewer than 10 people, including a manager named JEB, who can't help us either. There was no consideration of our assets in discussing our HELOC application. We never want to have anything to do with USAA again!