US Bank Lender Review | 2024
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The bottom line
For anyone looking to purchase a home, or to refinance one, US Bank offers a range of fixed-rate and adjustable-rate loans.
With a network of branches throughout the country, US Bank has mortgage experts available online and by phone. Interest rates, which vary by state, are clearly posted and updated on the company’s website, along with a number of tools to help current and future homeowners.Ready to buy your dream home? Start here (Dec 4th, 2023)
US Bank overview
Since its founding 1863, US Bank has grown to become the eighth largest bank in the United States. Today, it has more than 70,000 employees and over 2,000 branches in 26 states. This puts US Bank in a good position to serve mortgage borrowers nationwide.
Pros & cons of US Bank
In 2021, US Bank was named one of the Best Banks in the United States by Newsweek.
With US Bank’s streamlined online lending platform, customers can pre-qualify, complete a mortgage application, and track the status of their loan digitally.
Pros of US Bank
- Wide variety of home purchase and refinance programs, including VA, FHA, Jumbo and Conventional loans
Smart Refinance, a unique no-closing-cost refinance option, allows borrowers to lower their rate, with a cash-out option, loan terms of 5, 10 or 20 years, and a streamlined, low-documentation process for loans under $200,000
- Dedicated loan officers available by phone, online or at branches in 26 states to help match each customer with the best mortgage loan
- Eligible borrowers with a new or existing US Bank Personal Checking Package may receive a credit of 0.25% of the loan amount and deduct it from their closing costs, up to a maximum of $1,000
- First-time home buyer programs and refinance programs to help borrowers take advantage of historic low interest rates
- Home buyer resources including mortgage calculators and budgeting guides
- Pre-qualification and pre-approval to help home buyers shop and make competitive offers
Cons of US Bank
- While US Bank offers mortgages in all 50 states, it only has branches in 26 states
- Minimum loan requirements, including minimum credit scores, are not posted for all products on the company website
- No VA construction loans
- Ranks slightly below average on JD Power 2020 Mortgage Origination Satisfaction Study
How to get a mortgage with US Bank
US Bank’s mortgage application can be submitted in person, by phone or online.
Once an application is submitted, a US Bank lending expert will review the borrower’s employment and credit history, as well as income, assets, and existing debts. To assess the value of the home, US Bank will order an appraisal of the property.
After the application is reviewed and approved, US Bank will offer a variety of programs for the borrower to consider – including fixed-rate and adjustable-rate loans.
Approved loan applicants can then select from a variety of interest rates, points, and fees to find the loan structure best suited to their needs.
Customers have access to several online calculators to estimate how much they can afford to borrow, compare mortgage programs and estimate refinance savings.Speak with a VA mortgage specialist today. (Dec 4th, 2023)
Buying a home with US Bank
US Bank offers fixed-rate and adjustable-rate loans with financing options for primary residences, second homes and investment properties.
US Bank’s home buying mortgage products include:
- VA Loans: Designed for U.S. Veterans, active service members and spouses, and offering many benefits including no requirement for a down payment. US Bank offers a variety of VA lending programs, including VA manufactured housing loans. However, unlike some other VA lenders, US Bank does not offer VA financing for new home construction.
- Conventional Loans: A good option for buyers with good credit scores and low levels of personal debt.
- FHA Loans: Popular with first time, lower-income and/or lower-credit home buyers.
- Jumbo Loans: Suited for buyers seeking to borrow more than the amount permitted for conventional loans (greater than $510,400 in most states).
Refinancing a home with US Bank
Refinancing can enable homeowners to lower their monthly payments, convert from an adjustable rate to a fixed rate, or shorten the term of their loan. Many homeowners are able to benefit from their homes’ appreciation, and refinance to take cash out of their equity.
US Bank’s refinance mortgage options include VA, FHA, Jumbo and Conventional loans with a variety of terms (fixed-rate, adjustable-rate, 30 years, 15 years, etc.).
For VA homeowners, US Bank offers a 100% VA cash-out loan — meaning you may be able to cash-out all your home equity, provided you qualify for the new loan.
US Bank also offers VA Interest Rate Reduction Refinance Loans (IRRRL) with no income or asset approval required and no-appraisal options. These programs provide tremendous value for VA-eligible borrowers.
Mortgage loan professionals are available — by phone or in person — to help customers choose the right refinance option.
After a refinance loan application is approved, US Bank will prepare closing documentation and coordinate a date and location for borrowers to close their loan.
Special perks for veterans with US Bank
In addition to VA home loan programs, US Bank has a number of special banking products for active-duty service members and veterans, including:
- Military Checking Benefits: All current and former members of the Armed Forces are eligible to choose a Platinum package checking account for no monthly maintenance fee.
- Altitude® Go Visa Signature® card: A credit card with military-friendly perks, including 2X points at grocery stores and no foreign transaction fees.
US Bank has a history of community investment. The most recent Community Reinvestment Act (CRA) evaluation ranked US Bank as “outstanding,” reflecting the company’s dedication to improving the communities where it operates.
Some of its current initiatives include:
- Providing grants through its US Bank Foundation to fund workforce education, job placement, military financial education and affordable housing for military service members and veterans
- Connecting veterans with free homes and vehicles through the H.O.M.E., R.A.M.P. and Driven to Serve programs
- Donating $67 million in 2020 to strengthen the communities in which it operates
- Promoting sustainable business practices and investing more than $39 billion in environmentally beneficial business opportunities since 2008
- Offering programs to assist with the construction and repair of rental housing for low- and moderate-income individuals and families
Should you use US Bank?
As one of the country’s largest mortgage lenders, US Bank offers a wide range of mortgage programs. While branch offices are not available in all 50 states, the bank does offer mortgage banking services by phone and online throughout the country.Ready to buy your dream home? Start here. (Dec 4th, 2023)