First off, I need to say this is what my doctor told me about refinancing her home with USAA. She is not related to the military, but she does business (banking?) with USAA. **In addition, she did not have her original mortgage with USAA.**
Keep in mind, my doctor is an osteopath just starting out here in Hawaii and is not swimming in money and living in a *high end* house. She's struggling to make it just like us.
My doctor had already tried to refinance thru USAA but had been turned down several months ago. She then received a letter in the mail from USAA saying she could possibly refinance. She thought she would be turned down again, but thought she would give it a try anyway.
She called up USAA and they really worked with her (over the phone) to justify getting the value of her home up to the point it needed to be in order for her to qualify for refinancing (value equal to 80% of the loan, I believe). She said no one even came out to assess/inspect her home. She also stated that USAA does not "sell off" their loans like other financial institutions do.
Her original loan was over 6% and USAA refinanced it for 4.5%. Being that we are here in Hawaii and houses are a bit more pricey, this has saved her $1000/month on her mortgage. I do believe interest rates have risen since she refinanced.
I wanted to pass on to you what my doctor told me in case any of you are interested in exploring this route. For us personally, we are PCSing and having difficulty selling our condo. If we rent it, we will still have to pay about $2000/month out of our pocket to cover the mortgage, so refinancing is something we would definitely consider.
I know many of you are in the same boat, paying hundreds, if not thousands, to cover the mortgage beyond what renters are paying, or facing short sales and foreclosures
It couldn't hurt to give USAA a call (1-800-531-8080) and ask them about it. They are an upstanding company, but as always, ask lots of questions and don't assume anything. I hope this helps out at least one family out there.
**Again, her original mortgage was not with USAA.** |