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USAA vs. Bank of America mortgages

We compare two nationwide lenders to see how they stack up in mortgage lending.

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Britny Lawhorn
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How do USAA and Bank of America compare?

USAA logo
Bank of America logo
  • Choose this lender for access to a variety of VA loans
  • Choose another lender if you’re not a USAA member
  • A good option for military members and veterans
  • Choose this lender for low interest rates
  • Watch out for bad customer reviews
  • A good option for borrowers without much credit history

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Loans offered

  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA
  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Available in all states

Available in all states

Pros

  • Solid customer service
  • Specialized help for military members
  • Simplified mortgage process
  • Accessibility
  • Low interest rates
  • Alternative credit data
  • Discounts for existing clients

Cons

  • Members only
  • High volume of consumer complaints
  • Limited coverage in the Midwest
  • History of irresponsible mortgage lending
  • Less personalized approach

Customer reviews

USAA home mortgages is not accredited by the Better Business Bureau (BBB), where it earns a B- rating. And with more than 430 reviews left on the site, it earns just over 1/5 stars. Customers complain of paperwork beyond what they expected and poor communication and transparency. On Trustpilot, USAA gets 2/5 stars, with some customers praising its excellent customer service and low fees while others complain of fraudulent account activity and higher APRs than promised. Though these reviews are for USAA as a whole, and not necessarily its mortgage products. 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.
Bank of America has been accredited with the Better Business Bureau (BBB) since 1949, boasting an A+ rating for its operations after closing almost 5,500 customer complaints over the last three years. However, it falls short in the customer service department, earning slightly over a one-star rating from 405 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.4 rating based on 438 reviews as of December 2020. While customers praised the savvy online experience and diversity of mortgage products, many were frustrated with the service they received. It’s worth noting that these consumer reviews are for Bank of America as a whole — and not for its mortgages specifically.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo, Refinance
AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV
660
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
See rates
More Info
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
See rates
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Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
See rates
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Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
See rates
More Info
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
See rates
More Info
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