Mortgage Tools & Resources

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How to Complete Your Mortgage Application. Finishing your mortgage application on USAA.com and the USAA Mobile App is easy. After you log on, select “My Mortgage Status”. Once you have found your home, select “Start mortgage application” and our online application platform will guide you through the rest. After completing the application, you may need to provide documents. We've made this process easy too. Select “Upload file” next to the document requested. Attach or drag your files here from your computer or smartphone. Then select “Submit”. As you send documents, we'll update your loan status to let you know what we're reviewing, and when we're done. Once everything is approved, you're ready to close on your new home.

Thank you for choosing USAA.

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Interest rates explained: Elapsed time 0 minutes 0 seconds [00:00]

Mortgage interest rates and points can be a lot to digest! You should know, just about every lender has a variety of interest rates available to you. Let's learn why and find out how you can use interest rates and points to your advantage.

Think of interest as the price you pay for using someone else's money until you pay it back. The rate of the interest you will have to pay, depends a lot on the market.

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There are ways you can lower your interest rate and reduce your total payments, including making a larger down payment, choosing a shorter loan term and boosting your credit score.

Points are a way for the lender to provide more interest rate options to the borrower to fit your specific situation better. They come in two forms: origination and discount points.

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Origination fees are points paid to the lender at closing and used to cover the costs of processing the loan.

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Discount points are fees that allow you to buy down your interest rate, therefore lowering your monthly payment.

Buying points may give you a tax benefit, but you should contact a tax professional for your specific tax situation.

Although discount points can buy a lower interest rate, it may take some time to see the benefit. One point is worth 1% of your loan amount.

Let's say you're borrowing $100,000 and by paying one point — or $1,000 -- you can lower your monthly payment by $50. To figure your breakeven, you divide $1,000 by $50, which means you'd have to hold the mortgage for 20 months to recoup the 1 point you paid for a lower interest rate.

To decide if points are right for you, make sure you have enough cash on hand for other closing costs, move-in expenses and general emergencies. Also consider using any excess cash toward a larger down payment or for other financial goals, instead of paying points.

As always, crunching the numbers is easier with help.

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A home appraisal is an important part of the home buying or refinance process. Let's take a look at what it is and how it works.

An appraisal is a review of the home and its features to determine its market value compared to other similar homes in the area. This information helps the lender determine what the home is worth.

An independent third-party company performs the appraisal. They look at the inside and outside condition of the house, verify the square footage and features, and check for potential health and safety issues.

Next, the appraiser will compare this information with 3 to 5 similar homes in the area. These are called comparables or “comps.”

The appraiser will attempt to select comparable houses that are similar in size, have similar numbers of bedrooms and bathrooms, are geographically close, and have been recently sold or listed. Very few homes are the same, so the appraiser may make adjustments for differences, such as square footage, location, or views.

Next, a review of the appraisal is completed for quality control.

The value of the property is officially released to the lender and the home buyer. The appraisal may list required repairs. These may be minor and easily addressed. If the repairs are more significant, and the buyer wants to move forward, they can negotiate with the seller to complete the repairs before the loan is approved.

Appraisals are a common and necessary part of the home loan process. Contact your USAA Bank lending team with any questions you may have. We're here to help you each step of the way.

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Buying a home is a big deal and sometimes that can be stressful. Here are 6 things you can do the make the process easier.

One, get your financial documents ready, like paystubs, bank statements or other supporting paperwork for your application.

Two, hold off on opening new credit like credit cards or loans. Contact a USAA Bank mortgage professional to discuss any special circumstances before you take action.

Three, send us all the pages of your financial documents when we ask for them, even the “intentionally left blank” pages. Avoid sending screenshots — just the real deal!

Four, keep an eye on your emails. If you see anything about e-signing or financial verification, it can really speed things up for you.

Five, start looking for homeowners insurance quotes.

Six, check “My Mortgage Status” for application updates and self-service.

Follow these tips to make your mortgage journey easier. Contact your USAA Bank lending team with any questions you may have.

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