US Bank Mortgage Review for 2024

US Bank is the 5th largest bank and 10th largest mortgage lender in the U.S. But is it the right choice for you? Find out here.

Lending flexibility5.0
Customer service4.8
Ease of application5.0
Online experience4.3
Our Score
US Bank
Minimum down payment3%
Minimum credit score620
Loan Products Offered

Conventional mortgages
New construction loans
Investment property loans
HELOCs and home equity loans

Best Features

  • Wide range of mortgage products offered
  • First-time home buyer loan with down payment assistance
  • Offers home equity loans and HELOCs


  • Higher mortgage rates on average
  • Smaller branch network than some other large banks


The Mortgage Reports may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.

With a history going back more than 150 years, Minnesota-based US Bank is a major player in financial services.

Indeed, it claims to be the fifth-largest bank in the country.

However, the fact that lots of borrowers choose US Bank doesn't automatically mean it's the best mortgage company for you. That choice comes down to who can offer you the lowest rate and best terms on your home loan.

Read up on the pros and cons and check rates to see whether US Bank is the right lender for your mortgage.

US Bank mortgage rates

Below, you can see how US Bank mortgage rates compare to other top lenders. Its rates seem a bit higher on average, but origination fees appear to be competitive.

Note that the averages shown in this table are from 2021, the latest data available. Today’s mortgage rates have increased, so these do not reflect current mortgage and refinance rates. It’s simply a tool to compare lenders side by side.

Average mortgage rates at major lenders

US BankRocket MortgageWells FargoFreedom Mortgage
Avg 30-Yr Interest Rate, 202113.28%3.00%3.14%2.66%
Median Total Loan Costs, 20211$4,183$4,670$3,600$3,880
Median Origination Fee, 20211$1,175$2,430$1,330$0

Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Find your lowest mortgage rate. Start here

US Bank mortgage review for 2024

US Bank’s original charter was approved by the Lincoln Administration back in 1863. Today, this Minneapolis-based lender is approved to underwrite mortgages in all 50 states and Washington D.C.

US Bank offers a wide range of loan types and plenty of options for how you apply. And there are a few special features that set it apart from many other mortgage lenders:

  • UA Bank offers construction loans for people that want to build their homes instead of buying one. Not all lenders do
  • It will partner with down payment assistance programs to help approve first-time home buyers who have a hard time saving a big down payment
  • It offers a no-closing-cost refinance called the “Smart Refinance” with loan terms up to 20 years

The biggest drawback we saw with US Bank is that its mortgage rates appear to be somewhat higher than other major lenders on average. However, rates vary widely from one borrower to the next. If US Bank likes the look of your credit score, down payment, and application, it may well offer you the lowest rate of any lender you apply to.

You never know who can offer you the lowest rate until you’ve checked with a few lenders. That’s why it’s so important to compare rates before you buy.

Working with US Bank mortgage

US Bank’s website provides a good deal of information about mortgage loan options. It also publishes current average rates, which is helpful for those who are comparison shopping mortgage interest rates.

You can also experiment with a selection of mortgage calculators that help you understand how much house you can afford, and what your monthly payments will look like with property taxes and homeowners insurance included. The online portal lets you begin a home loan application on your laptop or mobile device, save it part way through, and pick back up on any device when you have a moment. You can also upload documents securely.

Those who prefer working with a human can apply at a local branch across the desk from a mortgage loan officer. Or you can talk to an advisor through US Bank’s call center. If you opt to make a face-to-face application, you need to be sure you have a local branch. US Bank’s network is smaller than many of its competitors. That said, US Bank has a leg up in the Midwest, where its physical presence is stronger than other major lenders like Chase and PNC.

US Bank credit score requirements

While borrowers won’t need excellent FICO scores to be eligible for a home purchase loan, US Bank says buyers can “qualify for a U.S. Bank mortgage loan with a credit score as low as 620.”

It’s unclear what FICO scores US Bank requires for its government-backed mortgages, but its website does claim that you may be able to qualify for one “without having a long credit history or good credit score.” Your best bet is to reach out to the lender directly to find out about your eligibility.

Online prequalification

Rather than loan preapproval, US Bank offers online prequalification “in just a few minutes.” Prequalifying relies on self-reported financial information that allows lenders to estimate your home buying budget. You can typically prequalify via a quick online questionnaire, though this process will not give you a verified preapproval, which is needed to make an offer on a home.

US Bank customer service reviews

US Bank receives fewer than one complaint for every 1,000 mortgage loans it underwrites, according to data from the Consumer Finance Protection Bureau (CFPB). On the other hand, US Bank scored below-average marks in J.D. Power’s 2021 Mortgage Origination Satisfaction Survey.

Customer service reviews at major lenders

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
US Bank1290.33823/1,000
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000
Freedom Mortgage2620.35829/1,000

Mortgage loan products at US Bank

US Bank’s website provides plenty of information about the mortgages it offers. These include:

  • Conventional mortgages: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. First-time home buyers have to make a 5% down payment, which is higher than most lenders. Any conventional loan with a loan-to-value ratio of less than 80% will require private mortgage insurance (PMI)
  • American Dream loan: A first-time buyer mortgage with a lower 3% down payment and FICO score minimum of 640. US Bank covers mortgage insurance costs and will provide assistance funds up to either $5,500 or 3% of the purchase price up to $10,000 (whichever is greater). Borrowers can use these funds for down payment, closing costs, or home improvements. However, the American Dream loan is only available in 25 states. Learn more here
  • FHA loans: You can make a down payment as low as 3.5% and have less-than-pristine credit with these loans, which are backed by the Federal Housing Administration. Keep in mind that you’ll have to pay mortgage insurance premiums (MIP) for the life of the loan
  • VA loans: Qualifying veterans and active-duty service members can borrow with zero down payment and no continuing mortgage insurance payments
  • USDA loans: These loans are meant for low-to-moderate incomes in qualified rural areas. Eligible buyers can get a USDA loan with a 0% down payment
  • Jumbo loans: When you want to borrow more than the cap for conventional loans, which is $ in most areas
  • Investment property loans: Real estate investors can secure financing for residential rental properties with 1-4 units
  • Fixed-rate mortgages: Besides the usual 30-year term, with a fixed-rate loan you can opt to borrow for 10, 15, or 20 years, letting you become mortgage-free earlier
  • Adjustable-rate mortgages: You can choose to fix your rate for an initial period of three, five, or 10 years, after which your rate floats with the market

US Bank also advertises investment property loans and new construction and lot loans for those that plan to rent out their property or build an entirely new one.

US Bank new construction loans

US Bank offers construction loans for those who want to build their new home instead of buying it. These are different from traditional mortgage loans.

  • A US Bank construction loan is a “short-term, interim loan” that pays the builder in installments as the house is being built
  • During that time, the borrower pays only interest on the loan (also known as an “interest-only payment”)
  • Once construction is finished, the borrower has to either pay off the loan in cash or use a traditional mortgage to cover the cost of the home

US Bank offers a few types of construction loans to fit different budgeting needs. However, there’s little information about these available. US Bank prefers you speak directly with one of its loan officers about construction loan options.

In addition, interest rates on construction loans are higher than interest rates on mortgages, because there’s no property for the loan to be secured against.

US Bank mortgage refinance loans

Homeowners who are looking to lower their mortgage payments, pay off their balance sooner, or tap their equity can choose between several refinancing options.

  • Rate-and-term refinance: Exchange your original mortgage with a new one that offers more favorable loan terms or a lower interest rate
  • Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash
  • US Bank Smart Refinance: The US Bank Smart Refinance is a type of no-closing-cost refinance. It’s available with fixed rates and a loan term of up to 20 years. You can apply for the US Bank Smart Refinance refinance online, over the phone, or at a US Bank branch

Remember, “no-closing-cost" does not mean there are no costs associated with your refinance. It either means the fees and closing costs are rolled into the loan amount or the interest rate is increased to pay for costs. Either way, you pay them over time instead of upfront.


Homeowners who want to tap their home equity without refinancing their mortgages are in luck. US Bank offers home equity loans and home equity lines of credit (HELOCs), both of which allow you to borrow against the value of your home.

Home equity loans are installment loans that offer an upfront lump sum. These are generally preferred for larger expenses, such as a new kitchen or bathroom.

HELOCs, on the other hand, are revolving lines of credit that let you borrow as often and as much as you want, up to the maximum loan amount. This loan type can be ideal for borrowers who need access to funds over an extended period of time, such as the ongoing and unknown costs of a home remodel.

US Bank’s standard HELOC comes with a 10-year draw period that is followed by a repayment period of either 10, 15, or 20 years.

US Bank HELOC requirements

  • Loan amounts between $15,000 and $750,000 ($1 million for properties in California)
  • Minimum credit score requirement of 680
  • $90 annual fee that is waived for those with the US Bank Platinum Checking Package

US Bank doesn’t publish much about its requirements for approval, but it does state that an ideal home equity borrower has a “credit limit below $100,000, a loan-to-value (LTV) above 70%, and/or a credit score less than 730.” You can apply online or speak directly with a loan officer to learn more about your options.

Where can you get a mortgage with US Bank?

NMLS license number: 402761 

US Bank is licensed to lend in all 50 states and the District of Columbia. If you like what you’ve read in this US Bank mortgage review, you’ll want to know how to move forward. Here are your options:

  • Use the online application process via US Bank’s fully-functional web portal, available on desktop and mobile
  • Call a US Bank mortgage loan officer and apply over the phone
  • Meet with a loan officer in person at one of US Bank’s 2,000+ branch locations

Note, US Bank does not have physical branches in every state. At the time of publishing this review, it has more than 2,000 branches in 26 states, primarily concentrated in the West and Midwest. You can use the branch locator tool to find out if one is near you.

Is US Bank the best mortgage lender for you?

If you already have a relationship with US Bank via savings or checking accounts, or even have a prior relationship with a US bank loan officer, this bank could be a great option for your mortgage.

However, US Bank mortgage rates appear to be on the higher end, at least on average. So make sure you compare personalized rates from a few other lenders before choosing. That’s the best way to find a low rate and big savings on your home loan.


The Mortgage Reports considers multiple factors when reviewing lenders. These factors include credit and down payment requirements, loan types offered, customer service indicators, and availability of online tools. We then use these factors to rank lenders in four categories:

  • Lending flexibility: Includes the number of loan types offered, special programs offered, minimum down payment requirements, and minimum credit score requirements
  • Customer service: Includes CFPB complaints per 1,000 loans and average rating from other top rating services
  • Ease of application: Includes the availability of an online pre-approval or pre-qualification process
  • Online experience: Includes the robustness of the lender’s online offerings, including online chat availability, phone number availability, and learning center/help center availability
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  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings