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U.S. Bank home equity loan review

Offers competitively priced home equity loans and HELOCS with a 0.5% relationship discount, but they’re not available in DE, SC or TX.’s rating: 3.4 / 5.0


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.


Loan products offeredHome equity loan, HELOC
Minimum credit score660
APR rangeHome equity loan: 3.80% APR and up
HELOC: 3.45% APR to 8.60% APR
Repayment termsHome equity loan: Up to 30 years
HELOC: 10-year draw period, 20-year repayment period
Loan limitsHome equity loan: $15,000 to $750,000 and up
HELOC: $15,000 to $750,000 and up ($100,000 maximum in NY)
State availabilityNot available in: DE, SC, TX

U.S. Bank pros and cons


  • Interest rate discount. U.S. Bank customers who pay their monthly installments from their U.S. Bank checking account earn a 0.5% interest rate discount. To qualify, you’ll need to opt in to automatic payments.
  • 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 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 DE, SC or TX.

What types of fees does U.S. Bank charge?

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 typeCharged?Cost
Closing costsNo$0
Escrow-related funding costsDependsVaries
Annual feeYes, but not applicable in all statesUp to $90 may be charged annually after the first year, but this fee is waived if you have a U.S. Bank Platinum Checking Package. 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.

U.S. Bank requirements

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 DE, SC or TX.
  • 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).


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

How to apply for a home equity loan with U.S. Bank

Here are the steps to start an application for a home equity loan at U.S. Bank:

  1. Go to the U.S. Bank home loans website. Select Personal from the top menu, then Home Loans, then Home Equity.
  2. Select Apply Now from under Home equity line of credit or Home equity loan.
  3. Enter the property ZIP code and select Start as guest to begin the application.
  4. Enter your email address and create a password, then enter your personal information, coborrower information if any, property information, mortgage information, Social Security number, income and real estate information.
  5. Answer the demographic questions and provide information about your residential and employment history.
  6. Review the application, consent to the disclosures and submit.
  7. Upload the requested documents and wait to be contacted by your assigned loan officer.

Or, call the U.S. Bank home equity department at 844-927-3118 to speak with a loan officer directly or to apply over the phone.

What types 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 (with a fixed-rate option) revolving line of credit that lets you borrow against your home equity for 10 years as a credit line, then pay it off over the following 20 years.

Other mortgage 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.

How U.S. Bank’s home equity products compare to other lenders

U.S. Bank offers a solid range of home equity options, including an installment home equity loan, a revolving line of credit (HELOC) or cash-out refinancing. U.S. Bank’s home equity interest rates, relationship discounts and fees are similar to other large bank lenders, although other lenders may offer higher discounts, depending on how many additional services you enroll for.

Compare home equity loan options

Compare these lenders and lender marketplaces by the type of home equity product you’re searching for, state availability and minimum credit score. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
(NMLS #1717824)
Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV
Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.
(NMLS #1136)
HELOC, Home Equity loans
Available in all states
Connect with vetted lenders quickly through this free online marketplace.

Compare up to 4 providers

U.S. Bank reviews and complaints

As of July 2021, the U.S. Bank has a 4.98 out 5 rating on Zillow from over 6,600 customers. U.S. Bank has been accredited with the Better Business Bureau (BBB) since 1970 and has an A+ business rating and a 1.12 out 5 customer rating from 456 online reviewers. U.S. Bank has 4,239 BBB complaints registered against it in the past three years.

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.

Our verdict

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 interest rate.

But the bank doesn’t offer digital applications in every state, which means you may have to apply over the phone or in person. If U.S. Bank doesn’t have what you’re after, compare more home equity lenders to find the right one for you.

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