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USAA vs. Bank of America mortgages

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

Updated

Fact checked

How do USAA and Bank of America Mortgage compare?

USAA logo
Bank of America Mortgage 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

Loans offered

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

  • Highly-rated customer service
  • Specialized help for military members
  • Simplified mortgage process
  • In-person accessibility
  • Lower than average interest rates
  • Alternative credit data accepted
  • Discounts for existing clients available

Cons

  • Available only to former & current members of the military and their families
  • High volume of consumer complaints
  • Limited coverage in the Midwest
  • History of irresponsible mortgage lending

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 since 1949, and boasts an A+ rating for its operations and interaction. It falls short in the customer service department, though. As of August 2019, the BBB recorded 5,561 complaints, and Bank of America has earned a one-star rating from 280 customer reviews. It's a similar story on TrustPilot, where the bank has a 3.9/10 rating based on 61 reviews. 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.

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