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U.S. Bank mortgage review

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finder.com’s rating: 3.4 / 5.0

★★★★★

This lender offers a wide range of mortgage products — but customer reviews are mixed.

If you’re looking for a mortgage to buy a new home, build a home or invest in property, U.S. Bank offers several options to suit the needs of different borrowers. Choose from fixed rate, adjustable rate, jumbo, FHA mortgages and more.

Details

Loan types Purchase, Refinance, Home Equity, Jumbo, FHA, VA
Minimum credit 620
Minimum down payment 3.5%
Origination fee Depends on the type of loan

Pros

  • Wide range of home loans
  • Award-winning bank
  • Online prequalification

Cons

  • Fees
The handful of reviews for U.S. Bank on TrustPilot are all over the place, from some calling it a "scam" to others giving the lender 5 stars, praising its "fantastic help." U.S. Bank is accredited with the BBB and gets a B+ rating from the organization. However, you'll find plenty of 1 star reviews from customers.

U.S. Bank offers several different mortgage types, including:

Conventional

U.S. Bank offers conventional fixed-rate mortgages for periods of 10, 15, 20 or 30 years and 30-year adjustable mortgages with an initial fixed rate period of 3, 5 or 10 year. Most conventional mortgages 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.

FHA

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 homeowners. 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.

VA

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.

Jumbo

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%.

Other loans offered by U.S. Bank

U.S. Bank also offers several other loan types, including:

  • Construction loans. If you’re building a new home or buying a lot on which to build, a U.S. Bank construction loan can help you access the financing you need. There are a number of construction loans available from U.S. 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, U.S. Bank provides a range of lending options. You’ll need to contact U.S. Bank directly for more information on the loans available and the borrowing options for someone in your financial situation.

U.S. Bank fees

With U.S. Bank, closing costs are typically two to five percent of the loan amount.

When applying for a mortgage with U.S. Bank you’ll get a loan estimate showing your potential closing costs. Before closing, you’ll receive a closing disclosure, which shows your final costs. Costs can include, but are not limited to:

  • An origination fee
  • Mortgage points
  • An appraisal fee
  • Credit report
  • Title search
  • Recording fees

Requirements

Factors that U.S. Bank considers when determining whether a homebuyer qualifies for a mortgage include credit score, debt-to-income ratio, how well you’ve managed prior credit and the length of your credit history.

While there’s no specific credit score or down payment required to get a mortgage with this lender, their site recommends that your monthly housing payment, including your mortgage, taxes and insurance, shouldn’t be more than 28% of your income.

To find out if you might qualify for a home loan with U.S. Bank, go to their mortgage loan’s page, click on Prequalify and fill out your personal and financial information. To prequalify for a mortgage with U.S. Bank, you must:

  • Be at least 18 years old
  • Be a legal resident of the United States
  • Know your annual household income
  • Know your annual household debt

Documentation

Have your proof of income and identity ready when you go to apply. You’ll need to bring documents to prove your:

  • Residential history. You must supply your residential addresses for the past two years.
  • Employment and income history. Provide pay stubs from the past 30 days and W-2 or I-9 tax forms for the past two years.
  • Personal asset details. Bank account statements, other asset statements and details of your real estate holdings will be required.
  • Personal debt details. Details of all debts such as auto loans, student loans and credit card debt will also need to be supplied.
  • Identity. This can include a drivers license, passport or birth certificate and/or your Social Security card or tax documents with your Social Security number.

Pros and cons of U.S. Bank

Pros

  • Choice. U.S. Bank offers a wide range of home loans to suit the needs of many different borrowers.
  • Trusted bank. U.S. 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 U.S. Bank mortgage online without affecting your credit score.

Cons

  • Fees. Be aware of all the fees that apply to your U.S. Bank mortgage before deciding if it’s the right loan for you.

Compare to other lenders

Name Product Min. credit score State availability Loans offered
620
Not available in: HI, NY
Purchase, Refinance, Jumbo, HELOC, FHA, VA, USDA, Reverse
Loan officers work with you to find the right mortgage to fit your lifestyle and budget.
620
Not available in: HI, MA, NV, NY, ND, UT
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Explore financing options and home shopping services all on the same website.
620
Available in all states
Purchase, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
620
Not available in: AZ, HI, IN, MO, NV, NY, RI, UT, WA, WV
Conventional, Refinance, Jumbo, Home Equiity, FHA, VA, USDA
Get personalized rates in minutes and then choose a home loan offer from several top online lenders.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Flexible options, fast approvals and support online backed by a trusted brand.
620
Available in all states
Purchase, Refinance, Jumbo, FHA
A subsidiary of CIT Group, CIT Bank is a direct lender that offers a variety of mortgage loan options.
620
Available in all states
Purchase, Refinance, Jumbo, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.
620
Available in all states
Purchase, Refinance, Jumbo, HELOC, FHA, VA, USDA
A national lender that offers the full selection of mortgage products.

Compare up to 4 providers

How to get a home loan with U.S. Bank

If you’ve weighed your options and you think a U.S. Bank mortgage could be right for you, you can start by getting prequalified online.

If you’ve already been prequalified or you want to skip that step, you can apply in two ways.

In person

  1. Find a local branch.
  2. Call or visit your branch to make an appointment with a mortgage specialist.
  3. Gather all of your required documents.
  4. Visit with a mortgage specialist to fill out an application and discuss next steps.

Online

  1. Gather all of your documents.
  2. Go to the U.S. Bank website and click Mortgages under the Mortgage and Refinance tab at the top of the page under the Personal finance products.
  3. Click Apply. If you don’t already have an account, click Apply without login to create one.
  4. Follow the on-screen instructions to fill out the application.

What is U.S. Bank?

U.S. Bank is the fifth largest bank in the country, with over $467 billion in assets as of December 2018. It offers a large variety of banking and investing products for both personal and corporate customers.

In 2014, U.S. Bank agreed to pay the Department of Justice $200 million over allegations that it knowingly offered mortgages insured by the Federal Housing Administration that didn’t meet requirements, leading to home foreclosures. The lawsuit dealt with mortgages issues between 2006 and 2011, and there haven’t been any major scandals concerning the bank’s mortgage practices since.

Bottom line

The fifth largest commercial bank in the United States, U.S. Bank has a wide range of home loan products. But if you don’t find one that best suits your needs, compare other mortgage options before committing to a lender.

Frequently asked questions

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