U.S. Bank Mortgage Review 2023

How Bankrate scored U.S. Bank

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: U.S. Bank’s mortgage rates are comparable to Bankrate’s averages. Note that the rates you see on the bank’s website, however, assume you’re making a 25 percent down payment and have a credit score of 740 or higher, among other factors. If those aren’t your circumstances, 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

  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.

Affordability: 5/5

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.

Availability: 5/5

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.

Borrower experience: 4.7/5

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.

How to apply for a mortgage with U.S. Bank

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:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with U.S. Bank

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.