USAA mortgage review 2026

Core Insights - USAA is a financial institution primarily serving military members, veterans, and their families, offering various banking, insurance, retirement, and investment services, including VA and conventional mortgage loans [1][8]. Group 1: Membership and Eligibility - To access USAA's products and services, individuals must become members, which is limited to U.S. military members, veterans, pre-commissioned officers, and their spouses or children [2][29]. Group 2: Loan Offerings - USAA provides a range of home loan products, including VA purchase loans, jumbo loans, streamline refinances, cash-out refinances, and low-down-payment loans for first-time home buyers. However, it does not offer USDA or FHA loan programs [6][8]. - VA loans accounted for over 66% of USAA's purchase mortgage originations in 2024, highlighting the institution's focus on military-related borrowers [8]. Group 3: Loan Rates and Costs - USAA's mortgage rates are transparent and can be found on its website, with sample rates available for all loan programs. In 2024, USAA offered a near-median mortgage rate of 6.5% and a total loan cost of $5,623.25 [13][17]. - The company received a score of 3 out of 5 stars for both mortgage rates and total loan costs, indicating competitive pricing [17]. Group 4: Comparison with Competitors - Compared to Navy Federal, USAA has a more limited array of home loan options and lacks certain features like home equity loans and HELOCs [22][23]. - Veterans United Home Loans focuses solely on VA loans and is recognized as the top lender in that space, offering additional services that USAA does not provide [24][25]. Group 5: Application Process - Membership is a prerequisite for applying for a USAA mortgage, and the application process can be initiated online or through a loan officer [18][19]. - USAA provides a mortgage calculator to help potential borrowers estimate their monthly payments based on various factors [20].