US Bank Mortgages

US Bank Mortgages

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Rates are expected to jump after the next Fed meeting

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Written by Jennifer Schurman
Edited by Cassidy McCants

About US Bank Mortgages

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

U.S. Bank (NMLS #402761), also known as U.S. Bancorp, is a banking and financial services company headquartered in Minneapolis. It’s one of the largest banks in the country, with over $573 billion in assets as of the end of 2021. U.S. Bank offers conventional, FHA, USDA, VA and jumbo loans to borrowers in all states. You can apply for a mortgage online, by phone or in person with a loan officer. The company has mortgage loan officers in 42 states.

Pros

  • Fast pre-qualification
  • Posts mortgage rates by location
  • Available in all 50 states
  • Home equity loans and HELOCs

Cons

  • No branches in some states

Bottom Line

U.S. Bank provides home purchase loans, refinancing loans, home equity loans and HELOCs to borrowers nationwide. You can pre-qualify in five minutes without any effect on your credit. If you’re an existing U.S. Bank customer, make sure you ask about the closing costs discount.

Rates

U.S. Bank publishes rates for most loan types on its website. It goes beyond most lenders by providing state-specific rates. You simply enter the state where you’re buying a home (or where your property is located if you’re refinancing), and it shows interest rates and annual percentage rates (APRs) on conventional and government-backed loans. Keep in mind these rates carry certain assumptions, like a FICO score of at least 740.

U.S. Bank offers both fixed-rate and adjustable-rate mortgages (ARMs). Most borrowers have fixed-rate mortgages because they prefer a monthly payment that won’t change over the loan term. An ARM doesn’t offer the stability of a fixed interest rate, but it may offer cost savings in the short term because of its low introductory rate.

From 2019 to 2021, U.S. Bank had an average home purchase rate below the national average. In 2021, it was 0.18% lower.

U.S. Bank Mortgages average home purchase rate vs. national average

YearDifference from national average
2021-0.18%
2020-0.08%
2019-0.08%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

To begin the application process, you can create an account on the U.S. Bank website. If you’re a current U.S. Bank customer, you can log in to your online banking account.

Once logged in, you’ll answer questions about your loan purpose (home purchase or refinancing), your demographics and assets. Be prepared to list the account balances of your checking, savings and retirement accounts. It may also be helpful to have your prior year’s tax return and a recent pay stub handy for income information.

When you’ve completed the application, you can submit it for loan review. U.S. Bank may require you to upload certain financial documentation to the application portal. A loan officer will reach out to help you finalize the application. You can log in to the portal to check your loan’s status and complete assigned tasks.

U.S. Bank Mortgages application features

FeaturesAvailability
Online application
Mobile document upload
Physical branches28 states
Publishes minimum rate on website
Rate lock45 days
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

U.S. Bank offers a wide range of loan options, including conventional (with a fixed or adjustable rate), FHA, VA, USDA and jumbo loans. The company also has loans for new construction (including construction-to-permanent loans) and investment properties.

U.S. Bank offers a specialized loan program called the “American Dream” for buyers who may need help with homeownership costs. This mortgage allows for a down payment as low as 3%, and U.S. Bank covers the cost of mortgage insurance. American Dream also offers assistance funds up to $10,000, which you can use for a down payment, closing costs or improvements.

In 2021, borrowers submitted 66,132 home purchase applications to U.S. Bank. Over 47,000 resulted in closed home loans. U.S. Bank denied about 13% of these applications.

Loan applications for home purchases only by year

202120202019
Home purchase applications66,13265,98759,624
Home purchase loans closed47,21146,13942,840
Home purchase applications denied8,7508,2238,534
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

U.S. Bank offers traditional rate-and-term refinancing, cash-out refinancing and a “Smart Refinance” program, a no-closing-cost, streamlined option that lets you take cash out and change your loan term to five, 10, 15 or 20 years.

In 2020 and 2021, with rates reaching historic lows, many homeowners chose to refinance their mortgages. According to federal data, a majority of U.S. Bank’s home loans during both those years were refinance loans.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans25.95%26.44%30.67%
Refinance loans42.19%43.59%26.36%
Cash-out refinance13.37%12.71%12.24%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

HELOC and home equity loans

U.S. Bank offers both home equity lines of credit (HELOCs) and home equity loans. The lender does not charge closing costs on either option.

The HELOC has a 10-year draw period and a 20-year repayment period, and the interest rate is variable. U.S. Bank also offers a fixed-rate option that lets you lock in a portion of your balance to a fixed rate during the draw period; there’s a limit of three locks.

There are fees associated with HELOCs, including:

  • Annual fee of up to $90 
  • Early closure fee of 1% of the original line amount (max of $500) if HELOC is paid off and closed within first 30 months

A home equity loan doesn’t have an annual fee. It has a fixed rate with predictable monthly payments. The term is up to  30 years.

Requirements

U.S. Bank does not list specific borrower requirements online. It states that conventional loans are a good option for those with a FICO score of at least 740 and that most conventional loans require a down payment of at least 5%.

Minimum credit scores for government-backed mortgages can vary by lender, so you’ll need to consult with your loan advisor about U.S. Bank’s standards. FHA loans require a minimum down payment of 3.5%, while VA and USDA loans have no down payment requirements.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

Costs and fees

Once you apply for a mortgage from U.S. Bank, it provides a Loan Estimate form that outlines all the estimated fees, including closing costs, that are part of your loan. According to the lender, you can expect closing costs to add up to 2% to 5% of the loan amount.

Note that if you have an existing U.S. Bank mortgage or a checking account with U.S. Bank, you stand to save on closing costs: The lender provides a closing costs credit of 0.25% of the loan amount (up to $1,000). If you choose to close on a loan with U.S. Bank, you’ll get a Closing Disclosure form that shows your final closing costs and other loan details before the closing date.

FAQ

What is U.S. Bank Mortgages?

U.S. Bank offers conventional, FHA, USDA, VA and jumbo loans to borrowers in all 50 states. You can apply for a mortgage loan online, by phone or in person with one of its loan officers.

Is U.S. Bank Mortgages legit?

U.S. Bank is one of the largest commercial banks in the U.S. According to its 2021 annual report, its residential loan mortgage portfolio amounted to over $67.5 billion as of the end of that year. In 2021, U.S. Bank closed on over 47,000 home purchase loans.

Where is U.S. Bank Mortgages available?

U.S. Bank offers home loans in all 50 states. The company has mortgage loan officers in 42 states.

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ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
  1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 28, 2022.
  2. U.S. Bank, “2021 Annual Report.” Accessed Sept. 28, 2022.

US Bank Mortgages Company Information

Company Name:
U.S. Bank Mortgages
Website:
www.usbank.com