This is my third Home purchase with it being the first and LAST time using USAA as a home mortgage lender. I have nothing but great things to say about their Home/Auto insurance needs. When it comes to Home loans they have some incompetent people working in that department. When purchasing a home, knowing what the closing cost or "good faith estimate" GFE are going to be is an important tool when asking the seller to help assist you in paying it.
USAA had all my data to figure out what my GFE was going to be within at least a hundered dollars. The initial figure they gave me for my GFE was 7600, and then 8100 within the same day. I told my USAA loan person that was way to high and for her to make sure it was figured correctly. The next buisness day and several emails asking her to please send me GFE that was correct, she sent me a GFE quote of 1500. Just the day before it was going to be 7600-8100 dollars. Keep in mind this is my third home purchase, so I ask my loan person if she was absolutely sure and her reply was YES to the 1500 dollar GFE!
Knowing this quote was too low, I called and spoke with a Supervisor in the USAA loan department. Explained to this person that I needed a GFE that was resonably accurate. This persons told me my closing cost or GFE would be 7600 dollars. At this point I am realizing these people don't have a clue and why did I give USAA an opportunity to handle my home loan. Keeping my cool, I explained to this Supervisor that was not correct. Several minutes went by with me helping this person enter data in to my GFE quote that should have already been there, she came up with 1500 dollar GFE. I told the Supervisor that was too low and she assured me that it was a good estimate. The Supervisor went on to tell me, even if the GFE was not exact, it is always higher than what you would be expected to pay. She told me if anything that number would go lower.
Feeling confident with what this Supervisor told me was accurate, I asked the seller to pay 750 of the closing cost, which was half of my closing cost or GFE of 1500 dolars.
The seller and I agreed and signed a contract which was sent to USAA the day after I spoke with the Supervisor. The very next day I get another GFE from USAA with my closing cost or GFE now being 2500 dollars. Now let me tell you if I didn't need to move so darn quick I would have cancelled my loan with USAA and went to some other loan institution. Please do yourself a favor and do not use them.
I could have written this comment myself, but you did it for me. At this point my wife and I are so disappointed with the home buying process that we are seriously considering walking away from USAA completely. And thats tough to say since it has worked out so well up to now. I have sold this bank to so many of my friends who are now members. Their incompetence has cost us $1500 so far. I would not recommend purchasing a home through USAA because nobody seems to be on the same sheet of music. Contradiction abound!
So I bought a very old home (1922). I decided to go with USAA because their rates were competitive. After I purchase the home USAA sends out their own inspector. I had another inspector do the home before I bought the house and submitted that report to USAA. The USAA inspector makes all of these notes about the house (bad roof, bad gutters, bad foundation, bad sheds, etc.) that cause USAA to DROP ME! So now I have no insurance.
I called USAA and asked why they didn't send out the inspector before I bought the house. They said "Because it disuades people from buying the house." Really? Come on USAA. If I had known that you were going to drop me 2 months after purchasing the house I would not have purchased it. Needless to say there are much better companies out there (State Farm offered me as good a deal) and they will have their inspectors out there before you buy a house.
USAA has very bad systems in place that can really screw over the buyer. I recomend someone else and NOT Foremost as they are just a sub company of USAA.