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Existing customers with a checking account can score a 0.5% interest rate discount.
U.S. Bank offers home equity loans ranging from $750,000 to $1 million. It has flexible repayment terms and waives the closing costs for qualifying customers. But in some states, you’ll need to hop on the phone or visit a local branch to apply.
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA
U.S. Bank covers the closing costs for customers with a debt-to-income ratio of 43% or less. The bank charges an early closure fee of 1% of the original loan amount — up to a maximum of $500 — if you pay off your loan within the first three years. If you suspect you might, you can choose to pay an origination fee of 1% of the total loan amount upfront.
U.S. Bank has been accredited with the Better Business Bureau since 1970 and holds an A- rating for its customer service and operations. The BBB has recorded 1,917 complaints in the last three years, most of which were related to problems with the product, service and billing. All of them were addressed and closed by the bank.
Customers gave U.S. Bank a one-star rating based on 157 reviews. Keep in mind that these comments are for the entire bank — not just their home loans division.
On TrustPilot, U.S. Bank has a 2-star customer rating. Again, this reflects the bank as a whole. On other consumer forums, customers praise the bank’s flexibility with home equity loan applications and amounts.
Existing customers who pay their monthly installments from their U.S. Bank personal checking account earn a 0.5% interest rate discount. To qualify, you’ll need to opt into automatic payments.
Large loan amounts
You can borrow as little as $15,000 or as much as $750,000 — or $1 million if you live in California. The maximum amount is larger than that of many other big-name lenders. Eligibility comes down your credit history, monthly debt and how much equity you’ve built up in your property.
No closing costs for qualifying customers
U.S. Bank waives the closing costs for customers with a debt-to-income ratio of 43% or less. Closing costs typically add up to 2% to 5% of the loan amount, so some borrowers stand to save thousands.
Do I qualify for a loan with U.S. Bank?
U.S. Bank doesn’t disclose its eligibility requirements. However, the website suggests that the best rates are reserved for existing customers who set up automatic payments from a U.S. Bank personal checking account and have a loan-to-value ratio of 70% or less and a FICO score of 730 or higher.
To find out if you qualify for a home equity loan, submit an online application or call 866-654-6259 to chat with a loan officer.
What are the benefits of getting a home equity loan through U.S. Bank?
U.S. Bank offers the predictability of fixed payments along with these benefits:
No closing costs for qualifying customers. U.S. Bank doesn’t charge closing costs for customers with a debt-to-income ratio of 43% or less. If you fall into that category, you won’t need to bring cash to the table.
Interest rate discount for existing customers. Set up automatic payments from your U.S. Bank personal checking account and you’ll lower your interest rate by 0.5%.
Lenient lending criteria. Depending on your credit and lien position, U.S. Bank may lend up to 90% of the home’s value.
Flexible loan lengths. Eligible customers can borrow up to $750,000 — or $1 million in California — and choose a term up to 30 years.
Broad view of credit. U.S. Bank considers your full credit history — not just your score — and allows second homes as collateral in some cases. This is a positive for those who have run into issues in the past and are working on improving their credit.
Helpful online tools. The site has a handy rate calculator and interactive questionnaire, which can help you decide whether to apply for a home equity loan or HELOC and give you an idea of rates.
What to watch out for
Getting a home equity loan with U.S. Bank has a few potential limitations:
Inconsistent application process. In some states — like New York — the bank requires borrowers to apply over the phone or at a branch. If you live in one of those states, you’ll be directed to do one of the two from the online application.
Not nationwide. Home equity loans aren’t available in Delaware or South Carolina.
No live chat. U.S. Bank doesn’t offer real-time help online.
These states don’t support online applications
Compare to other lenders
How do I get started?
You can apply over the phone, in person or online if the application is available in your state.
To find out, follow these steps:
Go to the U.S. Bank website. Hover over Personal and click Loans and Credit Lines.
Tap Home Equity.
Enter your ZIP Code and press Go.
If you have a U.S. Bank account, log in. Otherwise, type in your email address and password to Create an Account.
Work your way through the form, filling out your personal and contact details, Social Security number, income, property type and value, and the loan you’re hoping to get.
Submit your application. A loan officer will review your application and contact you with the outcome.
If you prefer to meet with a banker face-to-face, you can schedule an appointment online.
Flood insurance information if your property is in a flood zone
I got the home equity loan. Now what?
Here’s how to make the most of your home equity loan:
Regularly check your customer account. Log in to your online account to track the progress of your loan, manage payments, view statements and download tax documents.
Make on-time payments. Avoid late fees by setting up automatic payments from your bank account. If you have a U.S. Bank checking account, you’ll score a 0.5% interest rate for doing just that. Otherwise, you can make a quick payment by calling 855-747-3749 or your local branch.
Contact customer service. Questions? You can reach the home equity loans team by:
Phone. Call the most relevant number:
Cincinnati Metro: 513-632-4141
Denver Metro: 303-585-8585
Milwaukee Metro: 414-786-4636
Minneapolis and St Paul Metro: 612-872-2657
Portland Metro: 503-872-2657
St Louis Metro: 314-425-2000
All other locations: 800-872-2657
TDD line. Dial 800-685-5065 wherever you are
In person. Head to the site to search for a U.S. Bank branch near you. Check the box that says, Has a Mortgage Loan Officer.
Email. Log into online banking and go to Contact Us > Email Us About Loans and Lines of Credit.
U.S. Bank’s home equity loans may be best for existing customers who would like to take advantage of the 0.5% interest rate discount. The bank could also be a good choice for those with high-value homes high credit scores. But depending on where you live, you may not be able to access the online application.
U.S. Bank’s home equity loans range from $15,000 to $750,000 — or $1 million in California. The amount you can borrow depends on your credit history, monthly debt and the available equity in the property.
The processing time varies, but it usually takes 30 days. If the loan is secured by your primary residence, the funds will be available in three business days after closing.
You can opt to pay back your home equity loan in 10, 15 or 20 or 30 years.
Yes. When you open a home equity account, your banker can help you to transfer any high-rate balances to your new home equity loan.
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Katia Iervasi is a writer from Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, she navigates insurance and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
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