U.S. Bank may be an ideal bank to borrow money for a home if you want to do business with a big bank whose digital presence, mortgage assistance program, and customer service ratings are generally good. But the lack of upfront details about lending requirements and fees might deter some consumers from shopping for a U.S. Ba🀅nk mortgage.

Pros Explained

• Quick online pre-qualification: U.S. Bank says online pre-qualification for one of its mortgages takes just a few minutes. Pre-qualification speeds up the lending process and supplies an estimate of how much you can afford to spend on a home. About two-thirds of the bank’s loans are handled digitally.
• Reduction in closing costs for certain existing customers: If you have an existing U.S. Bank first mortgage, U.S. Smartly Checking account, or U.S. Bank Gold or Platinum Checking package, you might qualify for a mortgage credit. The maximum mortgage credit for a home purchase is $1,000, which is applied to closing costs.
• Assistance with down payments and closing costs: Down payments and closing costs can be hurdles for some homebuyers. U.S. Bank’s American Dream loan program—available in 26 states—can help clear those hurdles with a 3% down payment. In addition, assistance funds up to $5,500 or 3% of the purchase price up to $10,000 (whichever is greater) can be put toward the closing costs, the down payment, or required repairs or improvements.
• Respectable customer satisfaction ratings: U.S. Bank earns an average score in the J.D. Power 2023 U.S. Mortgage Origination Satisfaction Study and an above-average score in the J.D. Power 2024 U.S. Mortgage Servicer Satisfaction Study.
• About 2,000 brick-and-mortar branches: If you prefer to do mortgage business in person, you’re in luck with U.S. Bank. The bank operates about 2,000 brick-and-mortar locations around the country.

Cons Explained

• Lack of transparency about some loan details: Unfortunately, U.S. Bank doesn’t reveal many of the specifics about its mortgage lending process. This includes a lack of information regarding requirements for minimum down payments and lending fees.
• No interest-only loans: U.S. Bank does not offer interest-only loans. These mortgages allow a borrower to pay only the interest (not the principal) for a certain period.
• No online chat for customer service: If you enjoy the convenience of online chat for customer service, U.S. Bank may disappoint you. An online chat feature isn’t available to U.S. Bank customers.

Types of Mortgage Loans Offered by U.S. Bank

Here’s a rundown of the types of mortgage loans offered by U.S. Bank🌳.

• Fixed-rate: The APR (annual percentage rate) for a 澳洲幸运5官方开奖结果体彩网:fixed-rate mortgage doesn’t change during the life of the loan. This provides peace of mind, as the monthly mortgage payments remain relatively consistent. U.S. Bank provides fixed-rate loans with 10-, 15-, 20- and 30-year payoff periods.
• Adjustable rate: With a traditional U.S. Bank 澳洲幸运5官方开奖结果体彩网:adjustable-rate mortgage (ARM), the rate stays the same for either 7 or 10 years. After that, the rate adjusts every six months. The bank’s jumbo ARMs lock in a rate for 10, 7, or 5 years, with the rate adjusting every year once the rate lock ends.
• FHA: With a 30-year mortgage guaranteed by the Federal Housing Administration (FHA), you may be able to qualify with a FICO score as low as 640 and make a down payment as low as 3.5%.
• VA: Mortgages backed by the U.S. Department of Veterans Affairs (VA) offer several perks for servicemembers, veterans, and certain surviving spouses. These benefits include low or no down payment, no requirement for mortgage insurance, and fixed-rate and ARM options.
• USDA: These are mortgages backed by the Uꦬ.S. Department of Agricultur🎃e and meant to help people purchase homes in rural areas. There are two types, and they both feature no down payments and relaxed underwriting requirements.
• Jumbo: U.S. Bank’s 15-, 20- and 30-year 澳洲幸运5官方开奖结果体彩网:jumbo loans enable someone to buy a home priced at more than $766,550. In certain high-cost areas, the borrowing limit is $1,149,825.
• Investment property: This type of loan from U.S. Bank allows you to finance the purchase of a one- to four-unit residential rental property or a second home.
• New construction and lots: With this kind of loan, U.S. Bank lets you borrow money to build a new home or buy a lot for a future home.
• Refinance loans: U.S. Bank offers traditional and cash-out refinance loans for homes.

U.S. Bank Mortgage Loan Features

Features of U.S. 🎐Bank🧸’s mortgage offerings include:

• Down payment assistance: U.S. Bank’s American Dream loan program features a 3% down payment.
• Help with closing costs: Homebuyer assistance funds of up to $5,500 or 3% of the purchase price up to $10,000 (whichever is greater) can be put toward closing costs or the down payment.
• Calculators: U.S. Bank provides calculators that let you compute mortgage payments, figure out home affordability, and compare 15- and 30-year loans.
• Mobile app: U.S. Bank’s mobile app earns 4.7 out of 5 stars on Google Play and 4.8 out of 5 stars on the App Store.
• Loan officers: If you want hands-on help with your mortgage application, U.S. Bank employs more than 14,000 loan officers.

How to Apply for a U.S. Bank Mortgage

The process for applying for a mortgage with🐎 U.S. Bank is similar to applying for a home loan with most lenders. U.S. Bank ou🥂tlines these steps you should take to apply for a mortgage.

1. Gather documentation: Required documentation for a potential borrower includes an ID, Social Security number, pay stubs, W-2 forms, federal tax returns, and recent bank statements.
2. Look into pre-qualification and pre-approval: Mortgage pre-qualification gives you a sense of how much money you can borrow. Pre-approval is more formal, with the lender approving a loan for a specific amount of money as long as you meet certain conditions.
3. Fill out an application: This can be done online or in person.
4. Learn about closing costs: Estimated closing costs will be included in your initial loan estimate within three business days of your application being submitted.
5. Get ready for the appraisal: During the mortgage process, the bank will schedule an appraisal to confirm whether the home’s value matches the purchase price.
6. Avoid new debt: Taking on new debt or making other financial changes during the mortgage process could affect your 澳洲幸运5官方开奖结果体彩网:debt-to-income ratio and may jeopardize mortgage approval.
7. Prepare for closing: Closing wraps up the mortgage process. At this point, you’ll learn the terms and costs of your finalized loan.

U.S. Bank’s Rates and Fees

U.S. Bank publishes mortgage rates on its website, and those rates tend to be about average compared with other mortgage lenders. However, the bank falls short when it comes to supplying information online about fees and ot𒅌her aspects of its mortgages.

Online Experience

In 2019, U.S. Bank rolled out a new digital experience for home mortgages, home equity loans, and HELOCs for American consumers. ♕At the time, U.S. Bank boasted that applications for these loans could be completed within 15 to 30 minutes on a mobile device, tablet, or computer. 

Today, highlights of the experience include various mortgage calculators, quick lಌoan approvals, electronic verification of financial data, simple document uploads, and online application status tracking.

Customer Service

U.S. Bank ༺provides several ways of getti🔯ng in touch.

Customer Satisfaction

According to recent J.D. Power surveys, U.S. Bank offers a decent level of customer service as both a mortgage originator and mort🌜gage servicer. But if you believe reviewers on the Better Business Bureau and Trustpilot websites, then you might have a far less favorable opinion of the bank’s customer service.

Account Management

You can manage your U.S. Bank ✱mortgage account on t🌞he bank’s website or mobile app. This includes making mortgage payments and checking your loan history. You can also make mortgage payments by mail, phone, or at a branch.

The website and highly rated mobile app are generally well-organized and easy to navigate. The bank’s o𒁃nline offerings include a wealth of financial information that can help with mortgages and other monetary matters.

Other Banking Services and ꩵLoans Offered by U.S. Bank

Aside from various home loans, U.S Bank’s 𒁃services and lꦏoans include:

• Checking accounts
• Savings accounts
• Money market accounts
• Certificates of deposit (CDs)
• Credit cards and debit cards
• 澳洲幸运5官方开奖结果体彩网:Robo-advisor and online investing
• Retirement, investment, and wealth planning and management
• 澳洲幸运5官方开奖结果体彩网:Personal loans and lines of credit
• Business loans
• 澳洲幸运5官方开奖结果体彩网:Auto loans
• RV and boat loans
• Life, long-term care, disability, and business insurance

Compare U.S. Ba♚nk With Other M🐼ortgage Loan Lenders

The Bottom Line

Consumers can benefit from a basket of𒆙 mortgage options at U.S. Bank, although USDA and no-i♚nterest loans aren’t among them. Furthermore, they can enjoy the ease of submitting an application online and doing business via the relatively simple-to-use website and mobile app. Meanwhile, buyers who could use some financial assistance can take advantage of U.S. Bank’s American Dream mortgage program.

But for♔ all the positives, there are some negatives about U.S. Bank mortgages. Perhaps the biggest disappointment is the lack of transparency regarding fees. Another disappointment: Poor online reviews overshadow the bank’s fairly strong showing in J.D. Power surveys about mortgage originators and servicers.

Frequently Asked Questions (FAQs)

What Other Loan Types Does U.S. Bank Offer?

In a❀ddition to mortgages, U.S. Bank offꦬers several other types of loans, including auto loans, personal loans, personal lines of credit, and business loans.

What Is a Conventional Fixed-Rate Mortgage?

A conventional fixed-rate mortgage guarantees a fixed interest rate and monthlꦛy payment over the life of the loan, with terms g🍒enerally ranging from 10 to 30 years. This common type of mortgage allows you to plan your monthly budget better than mortgages with rates that can change.

What States Have U.S. Bank Locations? 

U.S. Bank . In total, it has about 2,0ไ00 brick-and-mortar locations that offer in-person banking.

Who Owns U.S. Bank?

The stock of U.S. Bank’s parent company, U.S. Bancorp (USB), is publicly traded, and as a result, stockhol🥃ders own the ban🐭k.

How We Review Mortgage Lenders

In March 2024, we conducted a consumer survey, collecting 500 responses from current or prospective homebuyers and mortgage borrowers to understand what is most important when selectin🔴g a lender. We asked them 41 questions about the home-buying and mortgage-shopping experience and learned what features and services were most important to them. Our team of researchers analyzed the results, and this information fueled our list of 38 mortgage lenders and 55 criteria for our rubric.

We then collected over 2,000 data points, surveying mortgage lenders and collecting data via media contacts, websites, and customer service betw🗹een May 31 and June 28, 2024. To develop our list of the besꦛt mortgage lenders, we weighted 36 of the 55 individual criteria, giving higher weight to those criteria that mean the most to borrowers. The score for each company’s overall star rating is a weighted average of those criteria in the following categories:

• Customer Experience: 48%
• Operational Features: 16% 
• Reputation: 14%
• Loan Types: 11%
• Loan Costs and Requirements: 11%

Read more about our process in our full 澳洲幸运5官方开奖结果体彩网:mortgage lender methodology.