Veterans United and USAA are both top VA lenders. But when it comes to some key factors, we think Veterans United wins.
Our verdict: Veterans United wins
Veterans United and USAA both specialize in VA loans. Geared towards military members and their families, VA loans require 0% down and no private mortgage insurance (PMI). Instead, you pay a one-time VA funding fee of 2.3%, which can be rolled into your loan. As with any loan, you want to choose the right lender for your needs. We think Veterans United tops its competitor on these important factors, including:
Interest rates. Veterans United’s advertised rates are slightly lower than USAA’s. While a fraction of a percent might not seem like much, it could save you thousands.
Customer satisfaction. As of February 2022, Veterans United earns 4.9 out of a 5-star rating on Trustpilot from 8,308 customers. USAA only gets 1.3 out of 5 stars from 1,277 customers.
Branch availability. Veterans United has 25 branches in the US in 19 states, including Alaska, while USAA has around twenty branches located in a handful of states.
Then there’s reputation. On the Better Business Bureau website, USAA has registered 1,853 complaints as of February 2022 compared to 106 complaints for Veterans United over the past three years. USAA also has a current BBB alert related to USAA’s failure to honor customers’ stop-payment requests.
How do Veterans United and USAA compare?
Consider Veterans United if you want a top-rated VA lender.
Choose another lender if you want a home equity loan or HELOC.
Choose this lender for access to a variety of VA loans
High customer ratings. Veterans United has high customer ratings, even on the BBB, where a majority of customers go to complain.
Streamlined application. Its online application for preapproval takes just a few minutes.
24/7 customer service. VU's helpline is always open, with mortgage specialists available whenever best meets your schedule.
Solid customer service
Specialized help for military members
Simplified mortgage process
Cons
No equity or specialty mortgage products. VU's mortgage offerings are more traditional, and the only way to access your home's equity is to refinance your loan.
Little info on non-VA loans. It can be hard to find information on VU's non-VA mortgages on its website.
Limited branch locations. This lender offers loans in all 50 states, but in-person service is limited to 17 states.
Members only
Customer reviews
As of February 2022, Veterans United has an A+ rating with the Better Business Bureau (BBB) for closing 89 customer complaints in the last three years. VU also rates 4.82 out of 5 stars with 1,877 BBB reviews.
There are 8,307 reviews on TrustPilot, where Veterans United has 4.9 stars out of 5. Reviews praised Veterans United for creating an easy experience for clients to reach their goals.
As of February 2022, USAA is not accredited by the Better Business Bureau (BBB), where it earns an A+ rating. And with more than 769 reviews left on the site, it earns 1.23 out of 5 stars. Customers largely complained of slow customer response times, poor communication and transparency and issues when filing claims regarding insurance policies. It’s also worth noting that USAA has closed 1,853 customer complaints in the past three years.
On Trustpilot, customers rated USAA 1.3 out of 5 stars with 1,277 reviews. Some customers praised its excellent customer service and low fees. However, most customer reviews reported otherwise.
A majority of dissatisfied customers describe a poor customer service experience, slow processes and issues with insurance claims. These reviews are for USAA as a whole and not necessarily its mortgage products.
Reviewers on Zillow shed a little more light on USAA’s mortgages in particular. Reviews lean positive, with customers rating USAA 3.64 out of 5 stars based on 74 reviews.
Complaints regarding USAA’s mortgages center around unresponsive loan officers, a challenging and frustrating loan process and higher mortgage rates compared to other lenders. Other customers say the process was actually smooth, and loan officers were responsive and knowledgeable.
For unfiltered feedback, check out USAA’s Member Community online. USAA responds to most inquiries on the forum, even forwarding negative reviews to more senior departments to sort out any issues.
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