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About US Bank Mortgages
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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.
- Fast pre-qualification
- Posts mortgage rates by location
- Available in all 50 states
- Home equity loans and HELOCs
- No branches in some states
US Bank Mortgages Details
Rates
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
| Year | Difference 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
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
| Features | Availability |
|---|---|
| Online application | Available |
| Mobile document upload | Available |
| Physical branches | 28 states |
| Publishes minimum rate on website | Available |
| Rate lock | 45 days |
| Pre-qualification (no hard credit pull) | Available |
| Certified approval letter | Available |
Loan types
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 66,132 | 65,987 | 59,624 |
| Home purchase loans closed | 47,211 | 46,139 | 42,840 |
| Home purchase applications denied | 8,750 | 8,223 | 8,534 |
| Home purchase preapprovals denied | 0 | 0 | 0 |
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 25.95% | 26.44% | 30.67% |
| Refinance loans | 42.19% | 43.59% | 26.36% |
| Cash-out refinance | 13.37% | 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
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 score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
| USDA | Set by lender (often 640) | 0% | USDA lenders |
Cost and fees
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.
US Bank Mortgages Reviews
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- 4,625,379 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed Jan. 27, 2025
If I could rate US Bank with zero (0) stars, I would do that. Their insurance Loss Claim department, and those in the home office who make the regulations for their policies must be the weakest link in the US Bank chain. Local branches cannot deposit insurance checks which are in an amount of an arbitrary amount, but these checks endorsed by the home owners must be sent to the Loss Claim Department. The Loss Claims department then endorses the very same check and mails it back to the homeowners, via USPS. The opportunity for theft is huge, and US Bank maintains no responsibility for this at all.
Reviewed March 8, 2024
If I could give negative stars, US Bank Loss Draft Department would be the winner. Absolutely horrible experience dealing with them after a house fire. They hold the money that insurance gives you to rebuild captive until you meet their inspection standards. When you finally meet their standards, it takes weeks to actually get the money they hold captive. The absolute worst part is the fact that local US Bank branches can not process and loss claims to everything has to be snail mailed to Arizona, making the process even longer. I would not recommend US Bank to anyone ever! My experience with US Bank has been worse than the actual fire.
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Reviewed Jan. 26, 2024
This bank committing fraud by luring you to open an account to create a relationship in order to give you loans. It’s a big scam. Do not even try to ask for a loan. They will lure you in and change their ways last minute when you don’t have any more time to close the purchase that you are making. Very disappointed, disorganized people and horrible customer service. Never do business with this crooks. They should be ashamed of themselves.
Reviewed Jan. 10, 2024
Us Bank ruined my credit by kicking me when I was down in regard to my mortgage and destroyed my credit it score. Consumers beware, stay away from us bank. I called and called to make sure I communicated every step of the way. I was given assurance my credit would not be in danger. At the end of the day my score dropped over 200 points.
Reviewed Oct. 12, 2023
US Bank basically robbed me blind they had me pay for all these fees and waited into the final closing and denied my loan. They are not answering the phone and neither returning my phone calls. With being a first time buyer I'm loss.
Reviewed Aug. 14, 2023
I spoke with Mr. ** concerning a home equity loan. I went into express details how I intended the money to be used. I spent many hours gathering and sending in the financial documentation that they requested. During this time, I was notified by Credit Karma that a hard credit inquiry had been made. I was a little surprised since the actual loan process had yet to begin, but I didn't think any more of it. A short while later, I got a call from US BANK telling me that they considered this a "bridge" loan, and they did not "do" these types of loans.
Needless to say, I was shocked and upset. WHY had Mr. ** allowed me to go through all of the documentation process, and WHY did USBANK do a hard inquiry if they DON'T do the loans? Now my credit has taken a hit for no reason whatsoever. I immediately contacted Mr. ** and told him to halt the loan process and the inquiry removed....which he agreed to do. To date, nothing has been done about it. It's been a week.
Reviewed Aug. 10, 2023
Working on a home loan with U.S. Bank for 6 months. Getting hung up in Underwriting every time I get close to the finish line. Their request for supplemental information are beyond judicious and a definitive breach of privacy. Their goal it seems is to torment customers by making unreasonable and unobtainable demands. Once you provide the amplification they requested, they hit you up again for the same information as if you are the impediment to the approval of the loan. NOT FUN. NOT ETHICAL.
Reviewed Dec. 7, 2022
HOMELESS. Picture this if you will... an elderly obviously dementia suffering man, over 85 elderly, walks into US Bank... after visiting 4 other banks... This elderly man was denied a loan for 80 grand by all 4. US Bank was able to approve the loan... to this elderly man. A little over 20% was spent paying off debt. He took the check for the remaining amount to his own bank and they refused to cash the check. The teller said they felt the man was being scammed. This money was then returned to US Bank. Within a year... the elderly man passed away... leaving the 20% of the aforementioned the loan, to be paid off by his children. It's been 2 years since he passed away, and despite his family as well as their lawyer contacting the bank, multiple times to get the amount of loan payoff for this loan... no one has gotten back to them.
They were served with foreclosure on his home recently as a way to pay off the debt which has now grown three times the original amount. Who gave this man the loan in the first place... this man could not remember his name or address but US Bank loaned him money?!?!?! No one has a problem paying the original owed debt... it has been offered more than I can count. US Bank continues to ignore countless attempts to contact and pay the loan... they have put his house up for auction instead. WHO THE HELL WOULD GIVE AN 85 YEAR OLD A LOAN FOR 80 GRAND? Who does that? Greedy Mother Truckers... W T F THE BANK DOESN'T WANT JUST THE AMOUNT OWED? Is been offered and fallen on deaf ears... now his child whom is now living in this home HOMELESS.
Sources
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 28, 2022.
- 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
