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: 620|
|Minimum down payment (Conventional)||5%|
|State availability||Available in all states|
Our take on U.S. Bank
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 branch locations are limited, and its rates aren’t the most competitive. Customer sentiment is also divided across the different online review sites, so there’s no saying exactly the type of experience you can expect.
Though it doesn’t list its fees online, U.S. Bank’s lender fees are comparable to the competition and even a little lower than many competitors’ fees. But we still suggest shopping around to find the best deal for your situation and budget.
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
U.S. Bank doesn’t disclose its fees online. We spoke to a loan officer who stated U.S. Bank charges a total of $770 in lender fees. These include an application fee and another processing fee the loan officer called a “commitment” fee.
As far as lender fees go, U.S. Bank’s are on the lower end. While some don’t charge any lender fees at all, these lenders are few and far between. We regularly see these flat fees between $1,000 and $2,000. For those that charge lender fees as a percentage of the total mortgage amount, they can be even higher.
While these are the only fees U.S. Bank directly charges, you’ll also be responsible for paying any third-party fees and costs associated with purchasing a home. Some common fees include:
- Title fees.
- Appraisal fees.
- Closing costs.
- Survey fees.
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 a hard credit pull. Choose Apply if you’re ready to start a loan application and follow the steps below.
- Select 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, coborrower information if any, property and price information, information about your assets, income and any real estate you own. Then 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.
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.
Alternatives to U.S. Bank
Like many traditional banks and mortgage 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. But a mortgage with U.S. Bank won’t be right for everyone.
For instance, U.S. Bank branches are limited. So if you want to meet with a loan officer in person, you won’t have much luck. If face-to-face support is important to you, you might consider a lender like Guaranteed Rate. It’s got strong customer reviews, offers a variety of mortgage products and has 400 branches nationwide.
If you have good credit and are looking for a standard conventional or government-backed mortgage with a streamlined application process and zero lender fees, you may want to go with a digital lender like Beeline or Better.
Alternatively, compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
U.S. Bank reviews and complaints
As of November 2021, U.S. Bank has a 4.98 out of 5 rating on Zillow from over 7,800 customer reviews. With a majority of reviews overwhelmingly positive, satisfied customers praise the efficiency and professionalism of U.S. Bank’s loan officers.
U.S. Bank has also been accredited with the Better Business Bureau (BBB) since 1970 and has an A+ business rating. But customers on the BBB website give the company 1.11 stars out of a 5-star rating and have registered over 4,400 complaints across different U.S. Bank departments in the last three years. The vast majority of consumer complaints registered on the BBB website are from banking customers, while a few home loan customers report underwriting delays and incorrectly applied payments.
U.S. Bank also has a profile on Trustpilot, but it’s never been claimed by the bank. Even still, customers rate the bank negatively. U.S. Bank scores a 1.3 out of 5 stars based on over 350 customer reviews, 90% of which are 1-star ratings. Dissatisfied customers report everything from banking problems like debit card direct deposit issues to overall poor customer service and a faulty website.
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.