US Bank Mortgage Review 2020

Rating:
3.5/5
3.5 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

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

Pros

Pros

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 FHA loans are geared towards those with lower credit scores and little down payment.

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.

You can use our extensive set of calculators determine which of the loans are better for you, whether to get a 15 or 30-year loanwhether to refinancehow much home you can afford, whether to make extra payments and more.

US Bank Loan Process

To get your mortgage started with US Bank you can prequalify and apply online.  You can also call, request a call, or meet with a mortgage officer in person if one is near your location. To pre-qualify you need a credit score of 620 and two years proof on employment. You will also need to provide some basic information like name and home address.

The application cannot be fully completed online. At some point you will need to meet face to face with a loan officer. You will need to provide certain personal and financial documents throughout the loan process.  Additional documents may be required to provide things like tax returns, W2’s, paystubs, and credit card statements. US Bank will also pull your credit report and order the appraisal for the home you are refinancing or the home you are interested in buying.

The length of time it takes to close depends on how quickly you can provide the requested documentation. If you would like more information you will have to contact a loan officer at US Bank or fill out a request for information online.

Should You Consider US Bank Mortgage?

Since US Bank has such a wide variety of mortgage products, anyone can find the right loan. There are even options for refinancing or tapping into your homes equity. However, if you do not live near a branch location, getting a mortgage or construction loan may be challenging. Check out their website and use the location finder to see if there is a US Bank location near you.

For those that like all their finances in one place, US Bank might be the right option for you. They are a full service bank, meaning you can have your checking and savings account there as well as your mortgage. They also offer online and mobile banking, adding further to the convenience of US Bank as a whole.