This is a follow-up to my first post about financing your home mortgage with USAA and what you need to know before you start shopping for lenders. The bottom line is the mortgage lender you choose can make all the difference in whether you close on time, close at all, or spend the next 30 years paying more for your home than you should.
What needs to be considered are interest rates, closing costs, points, customer service and realtor fees. You could potentially be paying tens of thousands of dollars more for your home loan if you don’t choose wisely. Also, when you combine your home insurance rates on top of your monthly mortgage payment, costs continue to go up.
USAA will connect you with a real estate agent, but they will also receive 35-40% of the agents’ commission resulting in profits for USAA and a cash rebate to the USAA member. If you think their Rewards Program sounds great, you need to ask yourself whether the monetary benefit of cash back at closing outweighs the overall cost of the life of the loan?
When you are ready to purchase your next home, shop around, ask questions and compare lenders and insurance providers. A qualified and experienced real estate agent will point you in the right direction. If you are moving to the Kansas City Area or live in the Fort Leavenworth/Lansing Area and are considering buying or selling a home, we would love to help you! Who better to help you with your next real estate transaction than a Veteran or Veteran Spouse who have chosen real estate as a profession and experienced first-hand the challenges and sacrifices themselves!
Before deciding on your mortgage lender, real estate agent, and homeowner’s insurance take a little extra time and compare interest rates, fees, services, and the long-term costs.
Read the first article: Veterans Beware of USAA