U.S. Bank Mortgage Review 2021

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At a glance

U.S. Bank


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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; interest-only; one- to four-unit loans
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Nationwide availability

Available in all U.S. states
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Min. credit score required

620 for conventional loans

Pros and cons


  • Gives eligible existing customers a closing cost credit up to $1,000
  • Borrowers can apply online, in person or over the phone, depending on their preference
  • Competitive rates


  • Does not accept alternatives to traditional credit scores
  • Requires a higher credit score to qualify
  • Refinance timeline can be lengthy

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 more than 25 states, plus loan officers in 43 states and the ability to lend in all 50. Borrowers can be prequalified on the same day as their application, and closing typically occurs in 30 days for a purchase or 45 for a refinance. U.S. Bank also offers eligible customers with an existing first mortgage or personal checking package a discount on closing costs of 0.25 percent of the total loan amount, up to $1,000.

Good for

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

Loan types 

  • 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
  • Interest-only
  • One- to four-unit loans

Lender fees

U.S. Bank’s fees vary by loan type, but eligible existing customers can get a discount of up to $1,000 on closing costs.


U.S. Bank publishes mortgage rates on its website, which are updated daily.


U.S. Bank is accredited by the Better Business Bureau and has an A+ rating from the organization. On Trustpilot, U.S. Bank scores 1.3 out of five stars, but many of the complaints are not mortgage-related. It’s rated fifth out of 17 in J.D. Power’s 2020 U.S. Primary Mortgage Origination Satisfaction Study, and tenth out of 32 in J.D. Power’s 2021 U.S. Primary Mortgage Servicer Satisfaction Study.

Online services 

Borrowers can apply for a mortgage online, in person or over the phone, and U.S. Bank offers both prequalification and preapprovals to applicants. Customer service is available in person or over the phone as well as through email, chat and text, and bank’s website also offers online mortgage education resources. On the U.S. Bank app, borrowers can shop for financing options, track their application progress, participate in eClosing and make payments.  

Minimum borrower requirements

U.S. Bank generally requires a minimum 620 FICO score and a maximum 50 percent debt-to-income (DTI) ratio. However, the bank says exceptions can be made in certain circumstances. U.S. Bank does not accept alternatives to traditional credit scores, like history of rent payment. 

Refinancing with U.S. Bank

U.S. Bank offers refinances, and its rates are generally competitive compared to the national average. Costs vary based on loan type and amount, and whether or not the applicant is an existing U.S. Bank customer. The process for applying for a refi is similar to that for a purchase loan. 

Not sure if U.S. Bank is right for you? Consider these alternatives 

Breakdown of U.S. Bank overall review score 

  • Affordability: 14.75/15
  • Availability: 13/15
  • Borrower experience: 9/10

Review 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.

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U.S. Bank consumer reviews


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Written by
Zach Wichter
Mortgage reporter
Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.
Edited by
Mortgage editor