
Ally Bank
4.9 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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U.S. Bank is good for borrowers looking to work with a traditional bank with nationwide lending capabilities.
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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; investment property; interest-only
Min. credit score required
620 for conventional loans, 740 for jumbo loans
Nationwide availability
Available in all U.S. states
Min. down payment
5% for conventional loans, 3.5% for FHA loans, none for VA loans, 10% for jumbo loans, 10% for ARM loans
4.9
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
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.
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.
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.
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.
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.
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.
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:
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.
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