Real Estate Broker · Raleigh, NC · Member since 2017 · 174 posts · 69 votes
I found that USAA gives investment property loans however I read and heard horrible reviews regarding their home loan department. I am very reluctant to take oit a loan from them hearing how difficult they made their closing process. Anybody have any experience with thi recently?
@Peter K., 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.
@Peter K. 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.
@Peter K. 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.
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.
I've been with USAA for 35 years but found Pentagon Federal Credit Union and home equity loans was the best option for me.
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.
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. 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.
@Peter K., 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.
