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US Bank – About The Lender
US Bank started in 1963 as First National Bank of Cincinnati. After several mergers throughout the years, they officially took the name US Bank and set up home base in Minnesota. They have since become the fifth largest bank in the nation. They are a full-service traditional bank with over 3,000 branches in 26 states mainly in the mid-west and western United States.
US Bank offers a wide variety of products from checking and savings accounts to mortgages and refinances options. Although they only have branches in some states, US Bank offers mortgages in all 50 states. One feature that sets US Bank apart is offering no application or loan origination fee. However, if you do not live near a branch location, getting a mortgage or construction loan may be challenging.
Although US Bank started as a traditional brick and mortar bank, today they offer mobile and online banking as well. You can get pre-qualified and even start your mortgage application online.
US Bank Mortgage Pros & Cons
US Bank Mortgage Products, Fees, and Conditions
US Bank offers loan terms of 30, 20, 15 and 10 years. Conventional loans are typically the most popular loan and require a down payment of at least 5 percent. Fixed rate mortgages are a good option for buyers planning on staying in the home for a long period of time and who do not want their interest rate to change.
requires a high credit score of 620 or higher. US Bank offers adjustable rate mortgages in 10, 5, and 3 year loan terms. ARM’s are best for those who only plan on being in the home for a short period of time or investors looking for a quick turnaround. This type of loan has a fixed interest rate for the initial period, but then changes annually each year over the life of the loan. Since the rates for the initial fixed period are often lower, those who end up staying in the home can refinance to a fixed mortgage.
Available in 15 or 30 year terms. VA loans are for eligible military service members and certain family members. They help current and former military members afford a home even with lower credit scores and no down payment.
US bank typically requires a 700 credit score to qualify for a Jumbo loan. You can get a jumbo loan in 15, 20, and 30 year terms. Jumbo loans are for homes with a higher value that don’t meet that standard conforming loan limits.
Also available for conventional, FHA, and VA loans. Cash out refinancing options are also available as well as streamline refinances if you are an existing US bank mortgage customer.
Available in 5,10,15,20, and 30 year terms. Home equity and HELOCs are often an attractive offer because the interest rates can be lower than other forms of credit like credit cards. Funds can be used for a variety of things such as home repairs, school, or other large purchases and may even be tax deductible. You can borrow anywhere between $15,000 to $750,000 and in California even up to one million. Things like credit history, debt, and value of your home will affect home much you are able to a borrower. Loan origination fees may apply, but there are no closing costs for HE and HELOC’s.