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USAA Mortgage Review 2023

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At a glance



Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, VA, fixed-rate; rate-and-term and streamline refinancing


Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

640 for VA loans

Pros and cons

Checkmark Pros

  • Specializes in VA loans
  • Fast online preapprovals
  • No origination fee for all VA loan products
  • Displays rates online

Close X Cons

  • No FHA or USDA loans
  • Only available to military members, veterans and their families

USAA overview

USAA is a full-service mortgage lender that specializes in financial products for current and former members of the military and their family members. The company was founded in 1922 and is headquartered in San Antonio, Texas. Since its founding, USAA has originated more than 1 million home loans. If you qualify, you can get preapproved online in just a few minutes.

USAA is good for

Borrowers looking for a VA loan

Breakdown of USAA overall score

  • Affordability: USAA showcases its latest mortgage rates online, so you can easily make comparisons between this lender and others. (Note: The rates displayed on the USAA website might not apply to your situation if your credit or finances don’t fit certain criteria.)

  • Availability: USAA caters to servicemembers and veterans across the U.S. 

  • Borrower experience: USAA is known for exceptional service, and its online capabilities lend convenience to the transaction. 


To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

Affordability: 5/5

USAA advertises mortgage rates online for all its loan products, and updates offers daily. The lender doesn’t charge an origination fee, but you’ll pay a funding fee if obtaining a VA loan.

Availability: 4.5/5

USAA works with servicemembers and veterans nationwide, with a focus on VA loans (both conforming and nonconforming), although it does offer a conventional product, as well. You’ll need at least a 640 credit score to qualify, and must take out at least $50,000. A highlight: The lender offers options that include no mortgage insurance, no down payment and the ability to finance your VA funding fee.

Borrower experience: 4.3/5

USAA has been in operation for 100 years, with more than 1 million in loans originated since its start. The company isn’t accredited by the Better Business Bureau, but did receive high marks for mortgage satisfaction from J.D. Power in 2022.

USAA offers plenty of online and mobile services, including the ability to submit questions and seek financial advice from USAA experts, along with a dedicated educational section on homeownership on its website. With the ability to upload statements and e-sign, you can easily apply for a mortgage online. The application gets prefilled based on your member profile, saving you time in the process.

To learn what mortgage options might be available to you, you can call USAA at 800-531-0341, Monday through Friday between 7 a.m. and 8 p.m. CT.

Refinancing with USAA

USAA offers VA Interest Rate Reduction Refinance Loans (IRRRLs), which come with quite a few cost benefits for members: no origination fee, plus USAA covers the cost of an appraisal, title services and the VA funding fee.

The lender also offers conventional refinances to members who are refinancing a USAA mortgage serviced by Nationstar Mortgage (Mr. Cooper). For conventional refinances, you’ll pay $1,295 for loans in the amount of $129,500 or more, or 1 percent of whatever you borrow if it’s below that threshold.

Alternatives to USAA

Written by

David McMillin

Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor