Skip to Main Content

U.S. Bank: 2024 Home Equity Review

Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Bankrate Score
Info Icon
4.2
Rating: 4.2 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

Bankrate Score

Customer Rating
Info Icon
4.0
Rating: 3.96 stars out of 5

27 ratings

Money Bag Icon

Loan amount

$15,000-$750,000 (or $1 million in California)

Credit Good Icon

Min. credit score required

Undisclosed

Rates Icon

Repayment terms

10-year draw period for HELOC; up to 30 years for home equity loan

Funds available in

Undisclosed

Benefits

  • U.S. Bank covers all closing costs for borrowers of home equity loans or HELOCs, and you could be eligible for discounts if you set up auto-payment or are a banking customer.
  • 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.

Drawbacks

  • If you pay off your HELOC within 30 months, you’ll pay a fee equaling 1 percent of your original line amount (up to $500). You might also be charged a $90 annual fee after the first year.
  • With most HELOCs, you pay only interest during the draw period. With U.S. Bank, you might be required to pay 1 percent or 2 percent of the balance amount with each payment. (You might be able to pay only the interest if you have a qualifying credit score.)

Home equity loan products offered

U.S. Bank offers two home equity products: a line of credit and a loan. The HELOC has a 10-year draw period and a variable rate, but the bank also offers a fixed-rate option so you can convert any or all of your line into a loan with fixed monthly payments. You can have up to three fixed-rate plans in place at any given time.

With a U.S. Bank HELOC, you’ll choose to 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 might be able to make interest-only payments, but that will depend on your credit score.

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 instead. 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 ratio. Loan terms can go up to 30 years.

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 up to $75 on all HELOCs, though you can waive it if you have a U.S. Bank Platinum Checking Package or enroll in the Smart Rewards Program.

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 apply with U.S. Bank

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 might 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 scored U.S. Bank

Affordability 9.6/10
Availability 9.2/10
Borrower experience 6.6/10

US Bank customer ratings and reviews

logo

4.0

Rating: 3.96 stars out of 5

27 ratings

Info Icon

This lender has 27 recent reviews.

Knowledge
Rating: 4.2 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4.2 stars out of 5
Responsiveness
Rating: 4.1 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
48%
22%
19%
0%
11%

81% of customers would recommend this lender.

of 27 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

Search Icon
Caret Down Icon