U.S. Bank Mortgage Review 2022

At a glance

4.9

Rating: 4.9 stars out of 5

Bankrate Score

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; interest-only

Nationwide Availability

Available in all U.S. states

Min. credit score required

620 for conventional loans; 740 for jumbo loans

Pros and cons

U.S. Bank overview

U.S. Bank is good for

Borrowers looking to work with a traditional bank with nationwide lending capabilities

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.

Methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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