Take a look at the mortgage options available through US Bank
As the fifth largest commercial bank in the United States, US Bank has more than 3,150 offices spread across 25 states. If you’re looking for a mortgage to buy a new home, build a home or invest in property, US Bank offers several home loan options to suit the needs of different borrowers. US Bank’s parent company is US Bancorp, which is based in Minneapolis and has $416 billion in assets.
In October 2012, Money magazine named US Bank one of the ‘Best Banks in America’ and US Bank was recognized as one of the ‘Most Reputable Companies’ in 2012, 2013, and 2014 as quoted by Forbes magazine.
Who is US Bank? What does US Bank do?
If you need financing to buy or build a home, US Bank offers a nice selection of mortgage options. There are fixed rate mortgages and adjustable rate mortgages available, as well as loans with lower interest rates specially designed for purchasers of high-value property.
Other loans from US Bank include construction loans, mortgages for veterans and active duty military, and loans insured by the Federal Housing Administration (FHA). US Bank also offers a handy online prequalification feature, allowing borrowers to prequalify for a loan within minutes.
Home loans offered by US Bank
Here are some of the different home loan options offered by US bank:
Conventional Fixed Rate Mortgages
Offering the security and convenience of a fixed interest rate, a US Bank Conventional Fixed Rate Mortgage usually offers a lower rate than a Jumbo, FHA, or US Department of Veterans Affairs (VA) mortgage. You can take out a fixed loan for a period of 10, 15, 20, or 30 years, and most loans require a down payment of 5% or more. These loans are designed for buyers who plan to stay in their home for a long time and who have established a good credit history.
Adjustable Rate Mortgages
A US Bank Adjustable Rate Mortgage is a 30-year loan with an initial fixed rate period of 3, 5, or 10 years. This means you receive lower rates during the initial period and can get on top of your mortgage payments, but rates will then fluctuate after that period. This type usually requires a down payment of 5% or more and is best for those who have an excellent credit history.
A Jumbo Mortgage is designed to offer a competitive interest rate to a borrower who wants to buy a higher-priced property. Designed for mortgages that exceed conforming loan limits, a Jumbo Mortgage is a suitable option for borrowers with very good credit. This type of loan has a maximum debt-to-income ratio of 45% and requires a down payment of at least 20%.
These types of loans are insured by the Federal Housing Administration (FHA) and have a less strict qualification process than other loans in order to help more Americans become home owners. This means the loans attract higher interest rates than conventional loans, while you may also need to pay monthly mortgage insurance premiums.
Required down payments can be as low as 3.5% and people with lower credit thresholds can apply. This type of loan is available with a fixed or adjustable rate.
Requiring a low or no down payment, a VA Mortgage is backed by the Department of Veterans Affairs. Available for some service members and veterans (and surviving spouses), this type of loan removes the need for mortgage insurance payments and provides a simplified application process.
If you’re building a new home or buying a lot on which to build, a US Bank Construction Loan can help you access the financing you need. There are a number of Construction Loans available from US Bank, but you’ll need to contact the bank directly to find out more information.
Investment Property Loans
If you need a mortgage to help you buy an investment property or second home, US Bank provides a range of lending options. You’ll need to contact US Bank directly for more information on the loans available and the borrowing options for someone in your financial situation.
Pros and cons of US Bank home loans
- Choice. US Bank offers a wide range of home loans to suit the needs of many different borrowers.
- Trusted bank. US Bank is the fifth largest commercial bank in the country and has won several awards for customer satisfaction.
- Online prequalification. You can quickly and easily prequalify for a US Bank mortgage online without affecting your credit score.
- Fees. Make sure you’re aware of all the fees that apply to your US Bank mortgage before deciding whether it’s the right loan for you.
How to apply for US Bank home loans
If you’ve weighed up your options and you think a US Bank mortgage could be right for you, click the link on this page to be securely taken to the US Bank website. You can then do one of the following:
- Find a branch to meet with a mortgage specialist in person
- Phone US Bank to discuss your borrowing needs
- Request a call back
- Fill out an online prequalification form by providing your name, address, annual household income, and monthly household debt expenses
Documents needed to apply for a US Bank home loan
If you wish to apply for a US Bank loan, you’ll need to provide a range of information and documentation in order for the lender to assess how much you can afford to borrow and repay. You’ll need to provide:
- Your residential history. You must supply your residential addresses for the last two years.
- Your employment and income history. Provide paycheck stubs from the last 30 days and W-2 or I-9 tax forms for the last two years.
- Details of your personal assets. Bank account statements, other asset statements, and details of your real estate holdings will be required.
- Details of your personal debt. Details of all debts such as auto loans, student loans, and credit card debt will also need to be supplied.
US Bank offers a range of competitive mortgage options to borrowers, so compare several mortgage products before making a decision.
Frequently asked questions
Where do I close and sign for my loan?
U.S. Bank will inform you of the exact time and location, but most likely it will be at a title closing agent’s or attorney’s office.
How long will the loan process take?
The timeframe varies but typically, the process can take from 14 to 60 days.
When can I lock in my rate?
You can lock in your rate at anytime during the process of your loan.
How long is my rate lock valid?
Anywhere from 10 to 180 days, depending on how much time you need and the type of loan.
What is a balloon mortgage?
A balloon mortgage loan has a fixed rate payment for the first five to seven years of the loan, then a lump sum payment is due on a specified date when it matures.
What is PITI?
The different accounts your money is applied to as part of the loan.
P – Principal
I – Interest
T – Taxes
I – Insurance