Skip to Main Content

U.S. Bank Mortgage Review 2023

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

U.S. Bank
Editor's take

U.S. Bank is good for borrowers looking to work with a traditional bank with nationwide lending capabilities.

Bankrate Score
Info
4.9
Rating: 4.9 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Customer Rating
Info
This lender has 0 reviews.
Mortgage Percent

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

Credit Good

Min. credit score required

620 for conventional loans, 740 for jumbo loans

Location

Nationwide availability

Available in all U.S. states

Dollar Coin

Min. down payment

5% for conventional loans, 3.5% for FHA loans, none for VA loans, 10% for jumbo loans, 10% for ARM loans

At a glance

U.S. Bank

4.9

Rating: 4.9 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Mortgage Percent

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

Location

Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 740 for jumbo loans

U.S. Bank overview

Founded in 1863 in Minneapolis, U.S. Bank is one of the biggest lending institutions in the country and has brick-and-mortar locations in more than 25 states, plus loan officers in the majority of states and the ability to lend in all 50. You can get prequalified on the same day as your application, and the typical closing takes 30 days for a purchase or 45 days for a refinance. U.S. Bank also offers eligible customers with an existing first mortgage or personal checking package a discount of up to $1,000 on closing costs.

Pros and cons of U.S. Bank

Pros
  • Checkmark

    Gives eligible existing customers a closing cost credit up to $1,000

  • Checkmark

    Borrowers can apply online, in person or over the phone, depending on their preference

Cons
  • Close X

    Requires a higher credit score to qualify

  • Close X

    Refinance timeline can be lengthy

Our Editor’s Take on U.S. Bank

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.

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

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.

U.S. Bank customer ratings and reviews

logo

This lender has 0 reviews.

Be the first to write a review of your experience with U.S. Bank.