Anyone use USAA investment property loans recently?

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Greg Downey · Answer

@Peter Kim, I bank with USAA and subsequently have at least gotten proposals on both owner occupied and investment properties.  The long and short of it, they aren't even close.  Find a smaller lender or someone that you can actually build a relationship with.  USAA is great for personal banking and insurance, not much else in my opinion.

Melvin List · Answer

@Peter Kim it is a huge misconception that mortgage brokers charge more especially on conventional and government products.  If you have to go outside the cookie cutter box then that is when points comes in because the fee can't be build into the rate.  If you find a quality mortgage broker in your area they will actually save you money.

Terrell Garren · Answer

I would follow Melvin's recommendation then.  It also enables you to develop a local relationship.  Relationships with bankers, plumbers, HVAC, roofers, realtors, lawyers, electricians, etc can make you or break you.

Peter K. · Answer

Did you use USAA for an investment home loan? I don't think Pent federal credit union offers investment property loans (30 yr fixed, at least). I do not have a property to get a home equity loan at this time.

Peter K. · Answer

I don't think a mortgage broker is an option. I would have to shelve 1-2% commission if I were to use one. I feel as if I were to shop around myself, I would not be wasting money that I don't have.

Terrell Garren · Answer

I've been with USAA for 35 years but found Pentagon Federal Credit Union and home equity loans was the best option for me.

Melvin List · Answer

@Peter Kim I would find a mortgage broker in your area and let them shop it out.  Many of the big lenders have priced themselves out of the Non Owner Occupied deals because of profit.

Anyone use USAA investment property loans recently?

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