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U.S. Bank: 2021 Home Equity Review

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Founded in 1863 as the First National Bank of Cincinnati, today U.S. Bank is the fifth-largest commercial bank in the country. Based in Minnesota, it has nearly 3,000 branch locations and 4,700 ATMs.

In addition to mortgages and refinances, U.S. Bank offers home equity lines of credit (HELOCs) and home equity loans, which are competitively priced, especially during the introductory period.

U.S. Bank snapshot

Loan types offered Home equity loan, HELOC
APR range Home equity loan: Starting at 3.80% (with autopay)
HELOC: 3.65% to 8.80%
Loan amount range $15,000 to $750,000
Minimum credit score required Not specified
Repayment terms Home equity loan: Up to 30 years
HELOC: 10-year draw period, unspecified repayment period
Average time to approval Not specified


There are many benefits to choosing U.S. Bank for your home equity loan or HELOC, including:

  • No closing costs: U.S. Bank covers all closing costs for borrowers looking for a home equity loan or HELOC.
  • Fixed-rate options: You can convert all or any part of your HELOC to a fixed-rate loan and have up to three fixed-rate loans at any time.
  • Decent range of borrowing amounts: Depending on your credit history, available equity and current DTI, you may be eligible to borrow anywhere from $15,000 to $750,000 (or up to $1 million for California properties).
  • Discount for having a checking account: If you have a U.S. Bank checking account, you are eligible for the lowest APRs available.


U.S. Bank is not the right choice for everyone. Before signing up, consider these drawbacks:

  • Fees: If you pay off your home equity loan within 30 months, you will pay a fee equaling 1 percent of your original line amount (up to $500). You may also be charged a $90 annual fee after the first year on HELOCs.
  • Pay more than just interest during HELOC draw period: With most HELOCs, you pay only interest during the draw period. With U.S. Bank, you will pay 1 percent or 2 percent of the balance amount with each payment. You may be able to pay only the interest if you have a qualifying credit score.

Types of fees charged

There are no closing costs on U.S. Bank’s home equity products. However, there is an early termination fee of 1 percent (up to $500) on HELOCs if the account is closed within 30 months.

After the first year, there is an annual fee of $90 on all HELOCs, though you can waive this if you have a U.S. Bank Platinum Checking Package.

Loan products offered

In addition to mortgage refinancing, U.S. Bank offers two home equity products: a line of credit and a loan.

Home equity line of credit (HELOC)

U.S. Bank’s HELOC has a 10-year draw period. Like most HELOCs, it has a variable rate, but U.S. Bank also offers a fixed-rate option so you can convert any or all of your line into a loan that comes with a fixed rate and fixed monthly payments. You can have up to three fixed-rate plans in place at any given time.

The current advertised introductory APR starts at .99 percent for six months. This is based on a loan-to-value ratio (LTV) of 70 percent or less. Post-introductory APRs vary and depend on the prime rate, your credit score and history, your LTV and the amount borrowed.

With a U.S. Bank HELOC, you can pay a minimum of either 1 percent or 2 percent of the balance each month, applied to interest and principal, during the draw period. You may be able to secure interest-only payments, but that will depend on your credit score.

Home equity loan

If you’re looking to borrow one lump sum and want predictable monthly payments, you might want to consider U.S. Bank’s fixed-rate home equity loan. You can borrow between $15,000 and $750,000 (or up to $1 million in California) depending on your credit history, available equity and current DTI. Loan terms can go up to 30 years.

The current rates start at 3.8 percent APR for both a 10-year term and a 15-year term. These rates assume a loan amount ranging from $50,000 to $99,999, an LTV of 70 percent or less and a credit score of 730 or higher. This APR also includes a discount for automatic payments from a U.S. Bank checking or savings account.

How to qualify for a home equity loan with U.S. Bank

All loans are subject to approval, and your APR will depend on credit history, loan amount, property value and property location. U.S. Bank does not disclose credit score requirements, but in order to get the best rate, you’ll have to have a credit score of at least 730.

How to get started

You can apply for any of the U.S. Bank home equity products online, by phone or at a branch. You can also apply through the mobile app. After an initial review, a U.S. Bank branch officer will contact you for any additional documentation necessary to underwrite your loan.

Next, you will have your property appraised, and then your application will go through a final approval. Depending on the product, you may have to visit a branch to close. Funding will be available three days after closing.

For more information about U.S. Bank’s HELOC, visit the bank’s website or call 800-642-3547. You can also schedule a phone call or chat online with a personal banker.

How Bankrate rates U.S. Bank

Overall Score 4.0
Availability 3.4
Affordability 4.6
Customer Experience 4.0

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Aylea Wilkins
Loans Editor, Former Insurance Editor
Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information.