U.S. Bank HELOC Review 2024

Last updated on November 15, 2024
Written by 
Abby Badach Doyle
Lead Writer
Dawnielle Robinson-Walker
Edited by 
Dawnielle Robinson-Walker
Assistant Assigning Editor
Fact Checked
Abby Badach Doyle
Written by 
Lead Writer
Dawnielle Robinson-Walker
Edited by 
Assistant Assigning Editor
Fact Checked

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners and here's how we make money.

  • 50+ mortgage lenders reviewed and rated by our team of experts.
  • 40+ years of combined experience covering mortgages and financial topics.
  • Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
  • Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's mortgage content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in home lending. Their work has appeared in The Associated Press, USA Today, The Washington Post, MarketWatch, Newsweek and many other national, regional and local publications. They have been cited in publications including The Wall Street Journal, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Our Take

5.0

HELOCs
NerdWallet rating
The Nerdy headline:

U.S. Bank’s HELOC stands out for a preferred rate discount and an option to convert to a fixed rate, which can help keep payments predictable. It has a maximum draw of $750,000 in most states, which is generous compared to some other lenders. However, the lender charges an annual fee and early repayment penalty.

Jump to:Full Review
US Bank
US Bank: NMLS#402761

National / regional
National
Max LTV
90%
Min. credit score
620
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros

  • Online tool lets you customize sample rate by location.
  • Offers a fixed-rate payment option.
  • High maximum loan amount compared with other lenders.

Cons

  • Charges a fee for early repayment.
  • Annual fee up to $75 (waived for certain banking customers).
Compare great home equity lenders
Lender
Max. loan amount
Max LTV
Min. credit score
Figure
4.0
Visit Lenderat Figure
at Figure
$400,000
85%
640
$750,000
80%
580
Bethpage Federal Credit Union
Visit Lenderat Bethpage Federal Credit Union
at Bethpage Federal Credit Union
$1,000,000
85%
670
Visit Lenderat Bethpage Federal Credit Union
at Bethpage Federal Credit Union
Get more smart money moves — straight to your inboxBecome a NerdWallet member, and we’ll send you tailored articles we think you’ll love.

Full Review

U.S. Bank HELOC rates

Most home equity line of credit, or HELOC, interest rates are indexed to a base rate called the prime rate. The annual percentage rate, or APR, that you’re offered will include a margin that the lender has added to the prime rate. These margins depend largely on factors like your credit score, your existing debt and the amount you wish to borrow, but they will vary by lender.

Current prime rate

Prime rate last week

Prime rate in the past year — low

Prime rate in the past year — high

7.75%

8%

7.75%

8.50%

U.S. Bank publishes a sample HELOC rate based on location on its website. On the day we checked, the lender’s advertised rate was 8.55% for a borrower with this profile:

  • Located in Los Angeles

  • Credit limit of $50,000 or more

  • Loan-to-value of ratio of 60%

  • Credit score of 730 or higher

The lender offers a rate discount for borrowers who have or open a checking account with U.S. Bank, though customers in some states can potentially get the lowest rate without a checking account. U.S. Bank allows borrowers to convert some or all of their HELOC balance from a variable rate to a fixed rate, which can help keep payments predictable.

Applying for a U.S. Bank HELOC

U.S. Bank allows borrowers to apply for a HELOC online, in person at a branch office or by phone. To apply for a HELOC, you’ll need to supply some personal information as well as income data and financial and tax details about your home. For existing customers, U.S. Bank offers live customer service chat to those logged in on the website or in the mobile app.

Opening and using a U.S. Bank HELOC

No matter how you apply for a HELOC from U.S. Bank, you’ll close the line of credit in person at a bank branch. Once approved, funds are available after three business days — a requirement to consider if you are in a rush to secure funds.

The lender offers a HELOC draw period of 10 years, with a repayment period of 10, 15 or 20 years. In most states, homeowners can borrow a minimum of $25,000 and up to $750,000. In California, the maximum draw is $1 million. Customers can access HELOC funds in several ways:

  • Via transfer to a U.S. Bank checking account

  • By withdrawing cash from an ATM

  • In person at a branch

  • With bank-issued convenience checks

  • From a Visa access card that can be used at points of sale

U.S. Bank does not publish a maximum combined loan-to-value ratio on its website but reports to NerdWallet that its HELOC maximum CLTV is 90%. CLTV, or combined loan-to-value ratio, is the balance of all mortgage debt divided by the home value and is used to determine how much a homeowner can expect to borrow with a HELOC.

U.S. Bank does not charge origination or transaction fees. However, it does charge an application fee of up to $75. This fee is waived for customers with U.S. Bank Platinum checking accounts, or those enrolled in the lender’s Smart Rewards Program.

Alternatives to a U.S. Bank HELOC

PNC Bank offers a HELOC with no origination fee and a repayment term up to 30 years, but it does charge transaction fees. TD Bank also offers a fixed-rate repayment option.

HELOCs offer a flexible way to access home equity over a period of time and pay interest only on the funds you withdraw. However, rising interest rates can bump up your monthly payment, and, as with credit cards, it takes discipline to avoid overspending.

Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate or a cash-out refinance, which replaces your existing mortgage with a larger loan.

U.S. Bank offers both a home equity loan and a cash-out refinance option.

Find the best lender

Best mortgage lendersBest lenders for first-timersFind the best mortgage rateHow much house can I afford?
Methodology

NerdWallet’s HELOC star ratings are awarded by the editorial team based on the following evaluated factors: HELOC volume, combined loan-to-value ratio, whether a fixed-rate option is available, lender fees, initial draw requirements, flexibility of draw and repayment terms, digital application availability,  customer support options and transparency to consumers on key factors. A recent regulatory action against a lender may affect its HELOC star rating.

NerdWallet Pixel