Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
U.S. Bank is one of America’s largest banks and its six-largest mortgage lender, offering mortgage lending in all 50 states. If you’re an existing U.S. Bank customer, you may even be eligible for a discount on your closing costs.
The financial institution also offers robust digital tools to help you apply for your loan online. You can request a pre-approval, apply for your mortgage, submit your documents, and connect with your mortgage loan officer through the U.S. Bank Loan Portal.
At a glance: U.S. Bank lets you prequalify and apply for your home loan online, and you’ll have access to a variety of different loan products, including its unique Smart Refinance option.
In this review:
- U.S. Bank mortgage purchase review
- U.S. Bank mortgage refinancing review
- How does U.S. Bank stack up?
U.S. Bank mortgage purchase review
Best for:
- Existing U.S. Bank checking account customers
- Borrowers seeking a construction loan
- First-time homebuyers
Standout feature: U.S. Bank offers a range of mortgage loan programs at competitive interest rates, plus discounts for existing customers and down-payment assistance for eligible first-time homebuyers.
U.S. Bank offers a variety of mortgage products, including fixed- and adjustable-rate loans, jumbo loans, VA loans, and FHA loans. If you have or open a Personal Checking package, U.S. Bank will deduct 0.25% of your loan amount — up to $1,000 — from your closing costs.
The lender also provides investment property loans, lot loans, and financing for new construction. In many cases, the construction loan converts to a regular mortgage at closing, after construction is complete.
First-time homebuyers can get down payment assistance through U.S. Bank’s partnership with state Housing Finance Agencies, local governments and nonprofits.
Buyers with low or moderate income can purchase affordable homes under the bank’s American Dream program, which provides low-down-payment and rehabilitation loans.
| Mortgage programs | Conventional, jumbo, FHA, VA, construction |
| Fixed-rate loan terms | 10, 15, 20, 30 years |
| Adjustable-rate loan terms | 3/1, 5/1, 10/1 |
| Rates and fees | 0.862% finance charge; ask your mortgage representative about origination fees |
| Min. credit score |
|
| Min. down payment |
|
Learn More: Mortgage Application Guide: How to Apply for a Mortgage
Pros and cons of buying a home through U.S. Bank
U.S. Bank can be a good fit overall, especially if you’re a first-time homebuyer or looking to build a house. But there are a few drawbacks to consider as well.
Pros
- Down payment assistance for first-time buyers
- New construction and lot loans available
- Competitive rates
- Closing cost discount for existing customers
Cons
- Loan program availability varies by state
- Finance charge in addition to origination fees
- Stringent credit requirements
Credible can be a big help when trying to find a great interest rate. You can easily compare our partner lenders and see prequalified rates in as little as three minutes — all without leaving our platform.
U.S. Bank mortgage refinancing review
Best for:
- Homeowners with a current U.S. Bank mortgage loan
- Homeowners who want to tap into their equity
- Homeowners with a good credit score
Standout feature: In addition to cash-out and rate-and-term refinance loans, U.S. Bank offers home-equity loans with terms of up to 20 years.
U.S. Bank’s refinance options are similar to its home purchase options, with one exception: the Smart Refinance, a no-closing-cost refinance that allows you to tap into your home equity and get cash out.
This unique option could be a good choice if you need cash for a one-time expense, like a home renovation.
Conventional, VA, and FHA refinance loans all let you take cash out if you qualify. And, if you have your first mortgage with U.S. Bank, you might be eligible for a closing-cost credit of 0.25% of your loan amount when you refinance into a new first mortgage. You can also refinance a jumbo loan with U.S. Bank.
| Mortgage programs | Conventional, jumbo, FHA, VA, Smart Refinance |
| Fixed-rate loan terms | Conventional: 10, 15, 20, 30 years VA: 15 or 30 years FHA: 15 or 30 years Smart Refinance: Up to 20 years |
| Adjustable-rate loan terms | 3/1, 5/1, 10/1 |
| Rates and fees | 0.862% finance charge; ask your mortgage representative about origination fees |
| Min. credit score |
|
Pros and cons of refinancing through U.S. Bank
Before refinancing with U.S. Bank, consider some of the lender’s major advantages and drawbacks.
Pros
- A unique Smart Refinance option
- Online application and loan processing
- Jumbo refinancing available
- Discount for existing customers
Cons
- High credit score needed for Smart Refinance
- Finance charge
- Home equity lines of credit (HELOCs) not available
Keep Reading: Piggyback Loan: How to Save on Your Mortgage with an 80-10-10 Loan
How does U.S. Bank stack up?
If the idea of taking out a home loan through a bank vs. a non-bank lender appeals to you, Flagstar Bank is another lender worth a close look. Like U.S. Bank, Flagstar has physical branches in select areas, and it also works with Home Financing Authorities to assist first-time buyers with their purchase.
Where digital platforms are concerned, Rocket Mortgage is another worthy contender. This Credible partner is the nation’s highest-rated mortgage lender, according to J.D. Power, and has a completely online application process.
Credible lets you compare personalized rates from several different lenders so you can decide which purchase or refinance loan offers the most value. It only takes a few minutes to start saving money on your next home loan, and it won’t impact your credit score. We even offer transparency into lender fees that other mortgage brokers typically don’t.
