$

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
P

purduepharm13

New Member
10+ Year Member
Joined
Aug 16, 2013
Messages
7
Reaction score
4
Members don't see this ad.
AD resident physician. If gov’t shuts down over budget issues, would we still get Oct 1 paycheck since it covers last half of Sept and is last fiscal year? Or no since it’s processed on Oct 1?
 
Bank with USAA. They tend to keep paying you despite government shut downs.
 
Navy Federal had a program for a zero percent loan during the last .fov shutdown for folks using their direct deposit.

I was a USAA fan boy for decades, but Im afraid Navy Federal beats them hands down now.
 
armytrainingsir said:
Navy Federal had a program for a zero percent loan during the last .fov shutdown for folks using their direct deposit.

I was a USAA fan boy for decades, but Im afraid Navy Federal beats them hands down now.
Click to expand...
Any reason why?

I’ve heard others say this as well, so I’m always curious if I’m missing out on something.

I had a case of identity theft last year and thieves managed to move about $20K out of my savings before I was able to stop it. USAA refunded the money to me next day contingent upon an investigation and then told me it was all good a few weeks later.

Their customer service has been great, but I’m looking into a possible home and car loan so I don’t know if Navy is stronger in that regard.
 
Get your mortgage from whoever has the lowest rates. Customer service on an autopay mortgage is really just a couple of tax documents a year. USAA used to be amazing but they widened their net 10 years ago and have suffered for it IMO. Its all about bundling and no guarantee they are the best for you.

NFCU has very good fixed income investments if you happen to be at that stage of your life (neither of us are but they serve my in-laws well in that regard)
 
VA loan limits are the limit to which they will fully fund without a down payment but you can go well above the limits if you can put $ down. You will still end up with a better rate and lower down payment out to over $1.5M

Also, the VA doesn’t do the loan, they partially guarantee it. Any lender can do a VA loan and the rates vary so you still need to shop around. For a purchase in a competitive market, a VA Loan can be a bit of a downside because they have conservative appraisals and some buyer protections. Depending on your situation, you might want to get a cleaner loan and then refi to a VA loan (particularly if you will get a disability that lets you waive the funding fee).

Most lenders will only do VA loans out to $1M. I know that doesn’t sound like an “only” but it depends on the market.
 
You might as well have accounts at both and then compare the same product at both places, plus other non-military affiliated institutions and pick the best ones.

We bundled USAA insurance products over 10 years ago. I check annually to see if other companies can provide better rates but when you factor in hassle and total cost it hasn't been worth it to unbundle. Their customer service still seems to go above and beyond for me if an issue arises.

Navy fed has a lot of overseas physical locations. They are vital during overseas moves where rent or other things aren't able to be paid electronically and you need multiple thousands of dollars in cash at one time. You can do large debit cash advance which is basically just a free wire transfer from USAA. This is what we do as we still use USAA for primary checking account. NFCU also checks the credit union box which often times will give you discounts on your cell phone bill or other utilities. Always ask for it. NFCU also has good promotional CD rates I have used as a CD ladder when the numbers are good. Otherwise just go with an online savings accounts for any cash you want to save...a lot of times the interest is close to CD rates these days.

As far as home loans. Any institution will give you a different interest rate based on VA loan or conventional, 15 vs 30, etc. Therefore just ask for quotes on all of them. Our first home we utilized a VA loan through the builder's preferred lender (due to $0 closing costs) then the preferred lender sold the loan to Wells Fargo a month later. You never know what will happen so as long as you lock in a FIXED RATE mortgage it is guaranteed no matter who owns the loan. ADJUSTABLE RATE Mortgages (ARMs) are only good for persons with a large net worth who plan on paying off entire loan before adjustable rate kicks in. If you aren't going to do this then don't risk the interest rate adjustments.

Zero down sounds great with the VA loan but I would argue you should only be buying a home with zero down if you plan to own it forever. Obviously this is up for debate but long story short is don't get roped in to buying a questionable investment just because you have access to a zero down mortgage. I have seen many military members get burned.
 
Still with USAA for insurance and most of my banking but Navy Federal has gotten more of my business in the past few years. USAA is very no-nonsense with insurance and I feel they remain the best value. On the other hand, USAA is a complete disaster for mortgages and I wouldn't even waste your time.

In term of mortgages, rates and customer service are inversely related in my 20 year experience wherein ranking their mortgage customer service Navy Fed > Pen Fed> USAA

Whereas for rates, Pen Fed > Navy Fed >USAA.

I've been very happy with the 5/5 mortgages from both Pen Fed and Navy Fed and think most active duty will do well with those over a fixed rate (unless you can afford a 15 year fixed but even then the 5/5 can be a better choice too). Ped Fed's 5/5 reset rates are better than Navy Feds and probably worth the crappy Pen Fed service (you really need to stay on top of your loan officer but I think it's worth it).
 
notdeadyet said:
Any reason why?
Click to expand...

I recently moved and was buying a house in my new city before my old one sold. Went with a VA loan. Shopped it with NF and USAA. Everything was pretty much identical except USAA wanted a $3000 'funding fee', ie, just an extra 3K on top. Navy Federal had no such fee. When I pointed this out to the USAA mortgage rep, she was unapologetic and said thats just 'their policy'. Your policy for suckers, you mean. I saved 3K instantly by telling USAA to get lost.

USAA has had a slow gradual slide from their roots of .mil officers looking out for .mil officers to the current USAA MBA bankers looking to make a buck off anyone in uniform.
 
If you or any of your junior officers/enlisted need a quick starting point for their $ you can use the link below. None of the links are affiliate links. There are no ads. No money is earned via any portion of this website.

themilitaryphysician.com

Personal Finance For The Military Member - The Military Physician

The bottom line up front about maximizing your money while you serve.
themilitaryphysician.com themilitaryphysician.com
 
We've been using NFCU for banking, USAA for insurance, and Schwab for our IRAs and taxable brokerage account for 20+ years now. No complaints.

Four mortgages with NFCU and one with Wells Fargo ... Wells Fargo had a slightly better rate than NFCU then, but freakishly bad customer service during the purchase that almost lost us a purchase of a short sale house. We refi'd away from them about a year later. The VA funding fee is a little hard to swallow, it's just lost money. Conventional 15 year loans are better if you have the down payment.
 
You must log in or register to reply here.
Top