MORTAGE: USAA v Navy Federal Credit Union ?
 

Looking for input on using either provider. I am looking to move to a new house, ideally no PMI and minimum money down, and Navy FCU appears to be able to fulfill this.

Anybody have any input or comments ? Thank You

* yes I am a USAA member

When you get a mortgage from USAA it is really from a subsidiary i.e. PH&H Mortgage, etc.

NFCU is NFCU.

I have had mortgages at both of the above. While each can have issues, the issues I had with PH&H/USAA caused me to never go back. Issues like failing to pay my windstorm insurance (separate policy on TX gulf coast) three years in a row even though I called to remind them. The last year there was an active storm in the gulf and the insurance company treated the late payment as a new policy and there was a 30 day waiting period for coverage. Also, we had wild swings in our escrow as they attempted to "guess" at what it needed. Same city, different house with NFCU...No problems.

NFCU hands down.

MORTAGE: USAA v Navy Federal Credit Union ?
 

I've been a loyal USAA guy my entire military career, but when it comes to mortgages USAA was terrible. They also sold my loan to a substandard company. Their service is terrible. I'm working with NFCU on a 30 yr VA and they have been outstanding. I understand that they may sell your mortgage, but will keep the servicing in house. USAA has lost a lot of my trust and I may pull out completely in the near future. They've turned into just another bank that will allow anyone to join.

Guys, thanks for the info. Any more from additional members, I am all ears.

Thank You

I refinanced my mortgage with USAA, I got an excellent interest rate but the process was an unholy nightmare. No experience with NFCU, but I would advise avoiding USAA and their underwriters.

MORTAGE: USAA v Navy Federal Credit Union ?
 

USAA has changed drastically over the 16 years I have been a member. used to get great insurance prices and interest rates on accounts. recently bought a house and used national bank of kansas city. guy named Bernie was just about the best guy you can work with and the rates were far better than anything I found. I used them from a recommendation from someone on this board actually because they are used to working with pilots and our "non-standard" salary. I also just bailed on USAA for homeowners insurance on the same house. they quoted $1600 and for the exact same coverage at progressive I am paying $1050. the previous poster was spot on that they are just another bank now... it was leaps and bounds better when it was just military officers allowed to join. that was and true benefit...

I am a member of both USAA and NFCU and got quotes from both for my latest refinance. NFCU offered better rates and I was satisfied with their service.

National Bank of Kansas City has never been beaten in my multiple mortgages with them. USAA and NFCU don't come close.

Run AWAY from USAA mortgage. I recently refinanced a home with NFCU and it was, by far, the easiest mortgage I've ever gotten.

I have been a USAA member my entire life. LOVE their insurance but their mortgages were always way higher and funded through other sources (mine was US Bank) I refinanced last year through a local credit union and took my rate down more than 1.5%

I'm working with David Devine with NBOK right now on a mortgage and I have nothing, but good things to say about them. Give him a call. His direct number is 913-383-6417. Tell him the airline pilot from Florida who can't decide on a house and calls him too much referred you. Lol.

I have been a USAA member since 1990, and always checked their mortgages against NFCU and Pentagon FCU each time I bought a house. USAA lost out on rates easily each time. I have now had about 7 mortgages with PFCU and I can say their rates, variety of products, and customer service are the best. They usually beat NFCU by about 0.5% or so, and have more options usually. My two cents...

I've been a member of USAA for 34 years and I can assure you that the USAA we know from 20 years ago no longer exists. USAA is now simply a brand that outsources products (and service for those products) to the lowest bidder.

Claims, mortgages, banking, and insurance all have "third party personnel" supporting them, over 1500 in Chennai, India alone. What's sickening is the recent "for Veteran's" ad campaigns that leverage public support for our troops.

FORMER USAA mortgage, investment, and insurance customer.

My initial experience with USAA mortgage was OK, but when I went to refinance it was terrible. I wound up abandoning them and going with a broker who gladly handled my VA mortgage at a reasonable cost and without the problems of USAA.

Go with Navy Fed.

Another one to say not to go to USAA. I already had mortgages with NFCU. Decided to go with USAA for this last one, and it was a mistake, they bungled every aspect of getting the mortgage, even not coming through on closing day. Almost lost the house, but the sellers were willing to work with me. My airline not so much, got a missed assignment for trying to close on my house the day after it was supposed to close due to USAA.

If I had to do it again, I would have stuck with NFCU.

Gotta say....interest rates are pretty darn good right now. Just locked in 3.375% the other day

Nfcu matched a low rate offer from quicken loans fixed 30 Va, back in May for 3.25. Very happy with NFCU. Also have a USAA mortgage, no real complaints.

Avoid USAA
 

I have been with USAA for 25 years and have done multiple mortgages years ago. I will never use USAA again they are horrible, missed the closing date, lost paperwork, and over charged as compared to the truth and lending statement. The charges at closing were so off the attorney for the other side brought to my attention. USAA used to be great.

National Bank of Kansas City has never been beat for a VA loan in my experience (4 separate mortgages).

I too refinanced with Dave from the bank in Kansas. Great experience. Great rate.

Used local finance company in Philly, USAA wasn't even close.

Anyone ever able to refinance an investment property for anything less than 1 pt above the going rate for primary residence? If so I'd be in your debt for advice. Thanks all!

Depending on your lender and the terms of your loan you may be able to get your loan modified for less than the cost of a refi. I did this with NFCU, for free, and took my loan from 5.875 to 4.25. Even if you have to pay a fee it should be much less than closing costs if you qualify.

Great, the mortgage is actually with USAA, I'll look into this. Thank you!

NFCU does not sell their mortgages...that is a big plus in my book.

JMO

Agreed. I have one with them as well, and much prefer over USAA.

Been with USAA for 15 years, but didn't even consider them for my mortgage. We looked at NFCU, but actually ended up going with iFreedomDirect. They were fantastic. No complaints. It was a VA Loan.