U.S. Bank mortgage review April 2019 | finder.com

U.S. Bank mortgage review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

U.S Bank

Compare rates

Compare and get a mortgage from companies like U.S Bank.

Compare now
Name U.S Bank
Description The 5th largest bank in the US with more than 3,000 branches across 26 states.
Loan types Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA
Minimum credit 620
Minimum down payment 3.5%
Origination fee Depends on the type of loan.
Other fees N/A
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.

What makes U.S. Bank unique?

U.S. Bank offers a selection of mortgage options, including fixed-rate mortgages and adjustable-rate mortgages, as well as loans with lower interest rates specially designed for purchasers of high-value property.

Other loans from U.S. Bank include construction loans, mortgages for veterans and active duty military, and loans insured by the Federal Housing Administration. U.S. Bank also offers a handy online prequalification feature, allowing borrowers to prequalify for a loan within minutes.

Some highlights you can expect include:

  • Mortgage points. Buy points to lower your interest rate. Doing so can save you money in the long run if you intend to live in your house for many years.
  • Prequalification and preapproval. Begin with prequalification to find out if your debt-to-income ratio qualifies you for a home loan with U.S. Bank, and get an estimate of how much you can borrow. Once you find out if you qualify for a loan, you can begin the preapproval process. When you’re preapproved, you’ll be given a conditional commitment by the bank for a loan amount.
  • Maximum loans. Jumbo loans offer amounts that exceed the conforming loan limit of $484,350.

Do I qualify for a loan with U.S. Bank?

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 length of credit history.

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.

Compare to other lenders

Name Product Min. down payment Origination fee
3.5%
Depends
Connect with vetted home loan lenders quickly through this online marketplace.
3%
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

Compare up to 4 providers

Pros and cons

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.

How do I apply?

If you’ve weighed your options and you think a U.S. Bank mortgage could be right for you, apply by one of the following methods:

  • Find a branch to meet with a mortgage specialist in person.
  • Call U.S. Bank to discuss your borrowing needs.
  • Request a call back on the U.S. Bank website.
  • Fill out an online prequalification form by providing your name, address, annual household income and monthly household debt expenses.

Eligibility requirements

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

Required documentation

  • 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.

I got the loan. Now what?

  • Contact customer service at 800-365-7772 with any questions.
  • Sign up for an online account, where you can pay your monthly mortgage payment and get up-to-date info on your loan.

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 your options before committing to a lender.


Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site