2.8
4.8
Overall Score
Author: Kalicia Bateman
Founded in 1922 by a group of military servicemen, USAA provides financial services specifically for members of the United States military and their immediate family.
Top Ranked Companies
The Good
- Competitive Interest Rates
- Frequent Customer Communication
- Mobile App
Competitive Interest Rates
As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from USAA, the interest rate comes out to be 4.50 percent. This is very competitive with interest rates offered by other top companies in the industry.
Frequent Customer Communication
USAA strives to make the home loan process simple and secure for its customers by providing them with frequent updates about the status of their loan.
Mobile App
USAA provides its borrowers with a mobile app that is compatible with Apple, Android, and Windows devices. Customers can use this app to view and manage their loan from their smartphone or tablet.
The Bad
- Limited Information
Limited Information
USAA has not disclosed closing costs or minimum credit score requirements on its corporate website.
The Bottom Line
USAA offers competitive interest rates, frequent loan updates, and a mobile app. However, the company is not entirely transparent on its website.
