U.S. Bank HELOC and Home Equity Loan Review (2026)

Is U.S. Bank legit?

Yes. U.S. Bank is a federally chartered bank and Member FDIC. Mortgage and home equity products are offered through U.S. Bank National Association, NMLS #402761. It has been BBB-accredited since 1970 and holds an A+ BBB rating. The bank is headquartered at 800 Nicollet Mall, Minneapolis, MN 55402.

What makes U.S. Bank home equity products stand out

• No closing costs. U.S. Bank doesn’t charge closing costs or application fees on its HELOC or home equity loan.
• Fixed-rate lock option on the HELOC. You can lock in a fixed rate on some or all of your outstanding variable balance during the draw period, up to three times. You can do this through online banking, the mobile app or by calling a banker.
• Rate discount for existing customers. Autopay from a U.S. Bank checking or savings account qualifies you for the lowest advertised rates. In some states, this discount applies without autopay.
• Long home equity loan terms. The home equity loan offers terms up to 30 years.
• Prequalification with no credit impact. You can check how much you may be able to borrow online without a hard credit pull.
• Flexible repayment on the HELOC. During the draw period, you can choose to make interest-only payments or pay 1% or 2% of the outstanding balance (subject to eligibility).

Where U.S. Bank home equity products fall short

• Not available in all states. Home equity products are unavailable in Delaware, South Carolina and Texas, and require a U.S. Bank branch in your state to apply.
• In-person closing required. Both products require you to close at a local U.S. Bank branch. Fully remote closing is not an option.
• HELOC annual fee. A $75 annual fee kicks in after the first year. It’s waived with a Platinum Checking Package.
• Early closure penalty on the HELOC. Paying off and closing your HELOC within the first 30 months triggers a fee of 1% of the original line amount, up to $500.
• 80% max LTV. The maximum LTV is 80%, which limits how much equity you can access relative to your home’s value.

See today’s rate for HELOC and home equity loan alternatives to U.S. Bank

Use our tool to see estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a home equity loan, HELOC or cash-out refinance.

Enter your ZIP code, credit score and information about your current home to see your personalized rates.

U.S. Bank HELOC details

U.S. Bank home equity loan details

Costs and fees

U.S. Bank doesn’t charge closing costs or application fees on either home equity product. Other costs to be aware of:

• HELOC annual fee. Up to $75 per year after the first year. Waived with a U.S. Bank Platinum Checking Package.
• Early closure fee (HELOC only). 1% of the original line amount, capped at $500, if the HELOC is closed within the first 30 months of opening.
• Property insurance. Required for both products.
• Home equity loan fees. No closing costs, annual fee or prepayment penalty listed.

U.S. Bank contact info

Calculate how much you can borrow on a HELOC:

How to qualify for U.S. Bank home equity products

U.S. Bank discloses the following eligibility requirements on its website:

• Minimum FICO score of 660
• Equity in your home not exceeding 80% LTV
• Property must be in a state where U.S. Bank has branches (not available in DE, SC, TX)
• Debt-to-income ratio and income history reviewed at application
• Property insurance required
• Home equity loans are not available for properties held in trust in Hawaii, Louisiana, New York, Oklahoma and Rhode Island

Required documentation

U.S. Bank lists the following documents as examples of what may be requested:

• Pay stubs
• Tax returns and W-2 forms
• Other documents uploaded through the secure online application portal

How to apply

1. Prequalify online. Use the prequalification tool at usbank.com to see how much you may be able to borrow — no hard credit pull required. You can also call 800-642-3547 or visit a branch.
2. Complete your application. Apply online after prequalification, by phone, or in person. Upload supporting documents through U.S. Bank’s secure online portal.
3. Review and approval. U.S. Bank reviews your credit, income, DTI and home equity.
4. Close at a branch. Both products require in-person closing at a local U.S. Bank branch.

U.S. Bank reviews and complaints

U.S. Bank holds an A+ BBB rating and has been accredited since 1970. On Trustpilot, the bank scores low as well. The majority of complaints across both platforms relate to customer service — including difficulty reaching the right department and unresolved billing issues — and cover the bank’s products broadly, not home equity specifically.