U.S. Bank mortgage review
Offers a wide range of mortgage products — but customer reviews are mixed.
finder.com’s rating: 3.4 / 5.0
If you’re looking for a mortgage to buy a new home, refinance or invest in property, U.S. Bank offers several options to suit the needs of different borrowers. But branches are only available in select states in the West and Midwest.
|Loan products offered||Conventional, Refinance, Home Equity/HELOC, Jumbo, FHA, VA|
|Minimum credit score||Conventional: 740|
|Minimum down payment (Conventional)||5%|
|State availability||Available in all states|
U.S. Bank requirements
To find out if you meet the requirements for a U.S. Bank home loan, call or fill out an application online. Basic eligibility for a home loan with U.S. Bank includes:
- Two years’ history of employment
- A FICO credit score of 620 or higher
- No history of bankruptcy in the past two years
Personal and financial details required to apply for a mortgage from U.S. Bank include:
- Government-issued ID
- Social Security number
- Two or more years of W-2 statements and tax returns
- List of assets, such as checking and savings accounts statements
- List of debts, such as credit card statements
- Proof of income, such as pay stubs
- Other documentation as requested
Costs and fees
The U.S. Bank doesn’t disclose its fees online. Expect to pay about 2% to 5% of your home’s total cost in fees and other closing costs.
How to apply for a mortgage with the U.S. Bank
To get started:
- Go to the U.S. Bank website and select Personal, then Home loans, then Mortgages.
- Choose Prequalify if you want to see your rates without doing a hard credit pull. Choose Apply if you’re ready to start a loan application and follow the steps below.
- Choose Start as guest to create a new account.
- Enter your email, create a password and select Create Account. This will give you access to U.S. Bank’s loan portal.
- Choose whether you want to buy a new home or refinance your existing mortgage.
- Enter your personal information, address, coborrower information if any, property and price information, Social Security number and birthdate. Next, enter information about your assets, income and any real estate you own.
- Answer the disclosure questions, declarations and citizenship status questions.
- Review the application and select Continue, then enter your address history and employer information. Review your answers, Continue and Consent to submitting your application. Lastly, Submit the application.
- Wait for a loan officer to reach out to you about the next steps.
Alternatively, call 888-660-0219 to speak with a U.S. Bank home loan representative.
What types of mortgages can I get through U.S. Bank?
Other mortgage products offered by U.S. Bank
U.S. Bank also offers these specialized types of mortgages:
- Investment property loans. Can be used for the purchase of a second home or investment property, including 1- to 4-unit residential properties and vacation properties.
- New construction and lot loans. A short-term loan to finance a new home construction as it progresses.
- Home equity loan. A fixed-interest rate, lump sum loan that you can pay back over 30 years. The best rates are available for U.S. Bank customers with a personal bank account and a FICO score of 730 and up.
- HELOC. Tap into your home equity as a revolving credit line from U.S. Bank with an adjustable-interest rate, no application fee and no closing cost HELOC.
- Smart refinance. A no-cost, 85% LTV mortgage refinance loan that can be used to lower your interest rate, shorten your term or consolidate debts such as student loans.
How U.S. Bank’s mortgage products compare to other lenders
Compared to other lenders, U.S. Bank offers a standard range of mortgage products, including home equity loans and a HELOC with no application fees and no closing costs. U.S. Bank also offers a Smart Refinance without closing costs for loans in the amount of $50,000 to $250,000 for up to 70% of your property’s value.
Compare mortgage lenders and brokersCompare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
U.S. Bank reviews and complaints
As of April 2021, the U.S. Bank has a 4.98 out 5 rating on Zillow from over 5,900 customers. U.S. Bank has been accredited with the Better Business Bureau (BBB) since 1970 and has an A+ business rating. Customers on the BBB website give the company a 1.09 out 5 rating and have registered 3,898 complaints across different U.S. Bank departments in the last three years.
Thousands of customers report receiving excellent and attentive service from U.S. Bank’s mortgage loan officers. While the vast majority of consumer complaints registered on the BBB website are from banking customers, a few home loan customers report underwriting delays and incorrectly applied payments.
Pros and cons of U.S. Bank
- Customer credits. Eligible borrowers with a U.S. Bank first mortgage or a Personal Checking Package can get back 0.25% of their loan amount and apply it towards closing costs, up to a maximum of $1,000.
- Loan portal. Lets you upload documents and allows U.S. Bank to retrieve your documents electronically. You can also eSign, communicate with your loan officer and track the status of your loan application.
- Mobile app. Provides a mortgage dashboard where you can view details about your home loan, make a payment, enroll in autopay and view different payment scenarios.
- Established bank. U.S. Bank is the fifth-largest commercial bank in the country and has won several awards for customer satisfaction.
- Branches not available in all states. While U.S. Bank offers mortgages in all 50 states, branches are only available in select states, mostly in the West and Midwest.
- Rates are not the most competitive. U.S. Bank’s advertised rates only apply to borrowers with the highest credit scores and are not the most competitive available. Your rates may be higher.
- Fees. U.S. Bank doesn’t list its fees or costs online. Be sure to check the fees that apply to your U.S. Bank mortgage before deciding if it’s the right home loan for you.
What is the U.S. Bank?
U.S. Bank is the fifth-largest bank and tenth-biggest mortgage provider in the nation. U.S. Bank is a subsidiary of Minneapolis-based U.S. Bancorp, which has $544.77 billion in assets as of December 31, 2020. The company has over 3,100 retail branches in 25 states and offers a full suite of banking, investment, mortgage, trust and payment services products.
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
An established lender with a history going back 158 years, U.S. Bank may be a good option for borrowers who prefer a traditional, brick-and-mortar bank combined with digital convenience. U.S. Bank offers free online prequalification, a loan portal for applying, a mortgage dashboard for managing your loan and a full-featured mobile app.
But U.S. Bank’s rates aren’t the most competitive, so we suggest shopping around to find the best deal for your personal situation and budget.