U.S. Bank Mortgage Review 2023

Breakdown of U.S. Bank overall score

• Affordability: U.S. Bank’s rates are comparable to Bankrate’s averages. Note that the rates you see on the bank’s website assume you’re making a 25 percent down payment and have a credit score of 740 or higher, among other factors. If that doesn’t describe your situation, you’ll likely get a higher rate quote than what’s advertised.

• Availability: U.S. Bank provides mortgages to borrowers nationwide for a range of needs, including purchases, refinances and new-construction.

• Borrower experience: U.S. Bank stands out for its app, which features some e-closing capabilities.

Affordability: 5/5

U.S. Bank publishes mortgage rates on its website and updates them regularly. Generally, its loan offers are in line with Bankrate’s averages. The bank’s mortgage fees vary by loan type, but eligible existing customers can get a discount of up to $1,000 on closing costs.

Availability: 5/5

One of U.S. Bank’s strengths is its loan offerings, which include financing for home purchases and refinancing, but also loans for different circumstances, such as brand-new build or investment property. The bank operates across the U.S.

Borrower experience: 4.7/5

U.S. Bank is one of the biggest depositories in the nation and has been in business for more than 150 years. The bank is accredited by the Better Business Bureau and has an B+ rating from the organization (as of the date of this review). On Trustpilot, it scores 1.3 out of five stars, but many of the complaints there aren’t mortgage-related. It ranked below average, however, in J.D. Power’s 2022 report on mortgage customer satisfaction.

If you’re interested in working with U.S. Bank for your loan, you can apply for a mortgage online, in person or over the phone. The bank offers both prequalifications and preapprovals to applicants. On the U.S. Bank app, you can shop for financing options, track your application progress, complete some e-closing steps and make payments. 

Refinancing with U.S. Bank

U.S. Bank offers refinances, and its rates are generally competitive compared to the national average. Your costs will vary based on loan type and amount, and whether you’re an existing U.S. Bank customer. The process for applying for a refi is similar to that for a purchase loan. 

Alternatives to U.S. Bank

• Rocket Mortgage review – For an online process with many educational tools available
• Wells Fargo Home Mortgage review – For another big brick-and-mortar option
• Lower mortgage review – For more online rate transparency

Methodology

Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

• Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
• Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
• Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

Bankrate’s methodology page spells out our rating process in greater detail.