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U.S. Bank home equity review

U.S. Bank
Minimum credit score
State availability
Not available in: DE, SC, TX


Offers competitively priced home equity loans and HELOCs with a 0.5% relationship discount, but they’re unavailable in Delaware, South Carolina or Texas.

U.S. Bank offers home equity loan options ranging from $15,000 to $750,000 or more, depending on a borrower’s creditworthiness. But its home equity products aren’t available in every state, and the application process can vary.

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Loan products offered Home equity loan, HELOC
Minimum credit score 660
APR range 8.95% to 13.10%
Repayment terms Home equity loan: Up to 30 years;
HELOC: 10-year draw period, 20-year repayment period
Loan limits Home equity loan: $15,000 to $750,000 (up to $1 million in California); HELOC: $15,000 to $750,000 ($100,000 maximum in NY)
State availability Not available in: DE, SC, TX

Our take on U.S. Bank

With over half a trillion in assets, U.S. Bank may be a good option if you’re looking for an established lender offering a competitively-priced home equity loan or HELOC. U.S. Bank caters to borrowers with high credit scores and offers high loan amounts. And if you’re a current U.S. Bank customer, you can get a 0.5% discount on your home equity loan interest rate.

For its home equity line of credit (HELOC), U.S. Bank offers a fixed-rate option, which allows you to lock in a fixed rate on a portion of your balance of $2,000 or more up to the full amount you borrow. You can exercise this option up to three different times during the draw period.

But the bank doesn’t offer digital applications in every state, which means you may have to apply over the phone or in person. And its home equity products aren’t available in Delaware, South Carolina or Texas.

Special discounts

If you have a U.S. Bank checking or savings account and agree to have your payments automatically deducted from your account, you can receive a 0.5% discount from your interest rate on a home equity loan.

Employees of U.S. Bank or any of its affiliates can also get up to a 0.5% interest rate discount.

What kind of home equity products does U.S. Bank offer?

U.S. Bank offers these home equity products:

  • Home equity loans. A fixed interest rate installment loan featuring even monthly payments for up to 30 years with lending limits of $15,000 to $750,000 or more.
  • HELOCs. An adjustable-rate revolving line of credit — with a fixed-rate option — lets you borrow against your home equity for 10 years as a credit line, then pay it off over the following 20 years.

Pros and cons of U.S. Bank


  • Interest rate discount. U.S. Bank customers who autopay their monthly installments from their U.S. Bank checking or savings accounts earn a 0.5% interest rate discount on home equity loans.
  • Flexible loan amounts. Eligible borrowers can take out as little as $15,000 or as much as $750,000 or more. U.S. Bank’s maximum limits are higher than many other big-name lenders.
  • No closing costs. U.S. Bank doesn’t charge closing costs on its home equity loans or HELOCs.
  • Interest-only payments option. Eligible borrowers may choose to make interest-only payments on their HELOCs during the draw period.


  • Inconsistent application process. In some states, the bank requires borrowers to apply over the phone or at a branch instead of online.
  • Product availability is uneven across states. If you live in a state where U.S. Bank branches aren’t nearby or available, you can only apply for a home equity line of credit (HELOC).
  • Not nationwide. U.S. Bank doesn’t offer any home equity products in Delaware, South Carolina or Texas.

U.S. Bank requirements are standard

To find out if you’re eligible for a U.S. Bank home equity loan product, visit the company’s website. Basic eligibility for a home equity loan or line with the bank includes:

  • Residency in any state except Delaware, South Carolina or Texas.
  • Two years’ history of employment.
  • A FICO credit score of at least 660.
  • No history of bankruptcy in the past two years.
  • A maximum 90% combined loan-to-value ratio (CLTV).
  • Property not held in trust in Hawaii, Louisiana, New York, Oklahoma and Rhode Island.
  • Must have homeowners insurance.

Fees are similar to its competitors

U.S. Bank doesn’t charge closing costs on its home equity products, but you may be on the hook for escrow-related costs or property insurance, depending on the type of loan and your circumstances.

Fee typeChargedCost
Closing costsNo$0
Escrow-related funding costsDependsVaries
Annual feeYesUp to $90 may be charged annually after the first year. The annual fee doesn’t apply in all states.
Prepayment penaltyYes1% of the original HELOC amount will be charged if the line is paid off and closed within the first 30 months of opening, up to a maximum of $500.
Fixed-rate option feesNo$0

U.S. Bank reviews and complaints

BBB rating A+
Trustpilot rating Bad
Customer reviews verified as of 01 June 2022

As of June 2022, U.S. Bank has earned 1.11 out of 5 stars from 558 reviews on the Better Business Bureau (BBB). The bank has been accredited with the BBB since 1970 and has an A+ business rating. U.S. Bank has 4,843 BBB complaints registered against it in the past three years.

The bank’s rating is similarly low on Trustpilot, where it earned a TrustScore of 1.3 out of 5 from 442 reviews.

While thousands of customers report receiving excellent and professional service from U.S. Bank’s mortgage loan officers, thousands of others have complained of poor service across the bank’s departments. While the majority of complaints are related to bank accounts and credit cards, some mortgage customers have mentioned application difficulties and loan-processing delays.

How to get a home equity loan with U.S. Bank

In most states, you can start your application online, in person or over the phone by calling the U.S. Bank home equity department at 844-927-3118 to speak with a loan officer directly. You’ll then be asked to supply the necessary documentation, either by upload online, by mail or fax, or in person.

But for home equity loans, you’ll need to attend your closing at a local U.S. Bank branch. Because of this, you may not be able to get a home equity loan if you don’t have a branch location near you.


Be prepared to provide the following documents with your U.S. Bank home equity loan application:

  • Government-issued ID
  • Tax returns and W-2 forms
  • Recent pay stubs
  • Bank statements
  • Retirement and investment account statements
  • Current mortgage statement
  • Property tax bill
  • Homeowners insurance declarations page
  • Flood insurance information if your property is in a flood zone

Other home loan products U.S. Bank offers

Besides its home equity loan product, U.S. Bank offers other types of home loans and mortgage refinancing.

  • Mortgage refinancing. Allows you to replace your current mortgage with a new one that has a better rate and terms. Choose from:
    • U.S. Bank’s Smart Refinance. A mortgage refinancing option offering a streamlined process for loans under $200,000.
    • Traditional refinancing. Replaces your existing mortgage with one offering better rates and terms.
    • Cash-out refinancing. Replaces your existing mortgage with one having a higher amount, allowing you to get cash out.
  • Specialty loans. U.S. Bank offers investment loans as well as new construction and lot loans.
  • Conventional loans. A fixed-rate mortgage offering even monthly repayments from 10 to 30 years.
  • Government-backed loans. U.S. Bank offers FHA and VA loans for first-time homebuyers and veterans.
  • Jumbo loans. Fixed- and adjustable-rate home loans for higher-priced properties exceeding conforming loan limits.

Compare interest rates for home equity loans, HELOCs and cash-out refinancing

Use our tool to get personalized 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.

If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.

In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.

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