
Ally Bank
4.9 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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 .
U.S. Bank is good for borrowers looking to work with a traditional bank with nationwide lending capabilities. However, it ranks below average in customer satisfaction.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing; home equity line of credit (HELOC), home equity loan; construction loans
Min. credit score required
620 for conventional loans, 740 for jumbo loans
Nationwide availability
Available in all U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans, none for USDA loans
4.9
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing; home equity line of credit (HELOC), home equity loan; construction loans
Nationwide Availability
Available in all U.S. states
Min. credit score required
620 for conventional loans, 740 for jumbo loans
Founded in 1863 in Minneapolis, U.S. Bank is one of the biggest banking institutions in the U.S., with branch locations in more than 25 states, plus loan officers in the majority of states and home loans available to borrowers in all 50. The bank was the seventh-largest mortgage lender in 2022, according to federal data.
Among the benefits of working with U.S. Bank for your mortgage, you can get prequalified on the same day as your application, and the typical closing takes 30 days for a purchase (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.
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
Requires a higher credit score to qualify
Refinance timeline can be lengthy
U.S. Bank is good for borrowers looking to work with a traditional bank with nationwide lending capabilities. However, it ranks below average in customer satisfaction.
To determine U.S. Bank’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors:
Affordability differs from lender to lender, so comparing costs is key. U.S. Bank displays 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.
This factor can make the overall mortgage application process smoother or more challenging. 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.
Know what to expect when you work with a specific lender. 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.
You can apply for a purchase loan or a refinance in person at one of U.S. Bank’s branch locations, via the bank’s website or by calling 877-664-5505. You can also request a call from the bank.
Here are some tips to prepare for the process:
U.S. Bank can help you refinance your existing mortgage. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the bank’s website, at a branch location or via its call center.
![]()
Rating: 4.9 stars out of 5
4.9
Bankrate Score
|
||
---|---|---|
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing; home equity line of credit (HELOC), home equity loan; construction loans |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term |
Min. credit score required 620 for conventional loans, 740 for jumbo loans |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans, none for USDA loans |
Down payment 3.5% for FHA loans |
Down payment 3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states |
Nationwide availability All U.S. states |
This lender has 0 reviews.
Be the first to write a review of your experience with U.S. Bank.