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U.S. Bank Mortgage Review 2023

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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. However, it ranks below average in customer satisfaction.

Bankrate Score
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4.9
Rating: 4.9 stars out of 5
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Customer Rating
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This lender has 0 reviews.
Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing; home equity line of credit (HELOC), home equity loan; construction loans

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

3% for conventional loans, 3.5% for FHA loans, none for VA loans, none for USDA loans

At a glance

U.S. Bank

4.9

Rating: 4.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing; home equity line of credit (HELOC), home equity loan; construction loans

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 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.

Pros and cons of U.S. Bank

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

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

Cons
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    Requires a higher credit score to qualify

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    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. However, it ranks below average in customer satisfaction.

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.

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.

Compare U.S. Bank to other lenders

U.S. Bank
Rating: 4.9 stars out of 5
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4.9

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

Bankrate Score
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Read full review
Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
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Read full review

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

U.S. Bank customer ratings and reviews

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