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USAA is a full-service financial institution that specifically serves military personnel and their families. Established in 1922 in San Antonio, Texas, USAA stands for the United Services Automobile Association, but its services have grown to include mortgage products, banking, insurance policies and investment options.
According to the most recent annual report, over 13 million veterans, active service military personnel and their families are members. USAA is not publicly traded or affiliated with the U.S. Department of Veterans Affairs (VA). Much like a credit union, you must be a member to obtain a mortgage or participate in any other programs USAA offers.
Home Mortgage Programs
USAA offers a full range of loans, including VA loans, FHA mortgages, the government-backed HomeReady® program, and conforming mortgages backed by Fannie Mae or Freddie Mac.
Like other lenders in the current mortgage environment, USAA does not have a 15-year or adjustable-rate mortgage listed. However, USAA offers jumbo mortgages, which include any loan over the conforming loan limit. The conforming loan for 2024 is $766,550 for most counties.
If you’re shopping for a home, you can get pre-approved for a mortgage via their website, usaa.com. Once you have been pre-approved and have a contract for a home purchase, you can complete the process with USAA through their toll-free number.
Home Equity Loans
USAA no longer offers home equity line of credit loans (HELOC). A HELOC is a loan in which the borrower uses the equity in their home as collateral. It’s a type of revolving credit line, meaning that instead of borrowing a fixed amount of money all at once, the borrower can draw from the line of credit as needed, up to a certain limit, and pay it back over time.
USAA Refinancing Options
USAA offers a full range of mortgage refinancing options, including VA, conventional refinancing, and cash-out refinancing. Refinance rates depend on market conditions and change frequently.
A standard home refinance will require an appraisal to determine the current property value and how much equity you have. You’ll also need to go through a credit check and provide proof of your income. Fees are similar to those on a home purchase mortgage.
If you have a VA or FHA mortgage, you may be able to obtain a streamlined refinance, which requires less paperwork than a traditional refinance. This can be a more convenient option for those who qualify, reducing the time and cost of refinancing.
Additional Financial Services and Member Benefits
Beyond mortgages, USAA provides a comprehensive suite of financial services tailored to military members and their families. USAA services include checking and savings accounts, credit cards, auto loans, personal loans, and retirement planning.
USAA also offers a range of insurance products, including auto, home, renters, life, and health insurance. Additionally, USAA members can access various investment services, including brokerage accounts, mutual funds, and financial planning services.
Customer Support and Digital Tools
USAA is known for its strong customer support. Members can access 24/7 customer service, including specialized assistance for matters like deployment or managing finances abroad.
USAA’s corporate address is 9800 Fredericksburg Rd, San Antonio, TX 78288. You can reach their customer support by phone at 800-531-8722 or online.
Community and Military Support
USAA’s commitment to military families goes beyond financial services. They are actively involved in the military community, supporting various programs and initiatives that benefit service members, veterans, and their families. Community involvement includes sponsorships, charitable contributions, and programs to assist with military transitions, like job training for veterans.