U.S. Bank Home Equity Loan Review 2024

Good for: U.S. Bank customers who can benefit from a rate discount and other homeowners seeking flexible terms without closing costs.
Phil Metzger
Last updated on April 12, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take


Home equity loans
NerdWallet rating
The Nerdy headline:

U.S. Bank’s home equity loan stands out for flexible terms and no closing costs, though the 80% loan-to-value borrowing limit isn't as generous as competitors’. Sample rates are easy to find and customizable by state and county, but home equity loans aren't available in all 50 states.

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US Bank
US Bank: NMLS#402761

Min. credit score
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA


  • Sample rates customizable by location are posted online.
  • Flexible terms from five to 30 years.
  • No application fee or closing costs.


  • Maximum loan amount is 80% of home equity.
  • Not available in all 50 states.
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Full Review

U.S. Bank home equity loan rates and discounts

Most home equity loan interest rates are indexed to a base rate called the prime rate. Your offered rate will include a margin the lender has added to the prime rate. Offered margins depend largely on factors like your credit score, your existing debt, your income and the amount you wish to borrow. 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





U.S. Bank publishes sample home equity loan rates on its website, and you can customize them by state and county. On the day we checked, the APR for a 15-year home equity loan in Los Angeles County, California, was 8.40%. Keep in mind that these published rates assume a relatively low loan-to-value ratio and a credit score of at least 730. The interest rate you qualify for could vary. The lender also offers a home equity loan rate discount of 0.5% for borrowers who make automatic payments from a U.S. Bank account.

Applying for a U.S. Bank home equity loan

Homeowners can apply for a home equity loan online, in person or by phone, and a number is easy to find on the lender’s website. On the day we called, it took less than a minute to reach a representative who could answer some questions. A chatbot, the U.S. Bank Smart Assistant, accessed in the search bar of the lender’s website helps to answer questions and directs customers to pages with pertinent information, but it isn't a live chat.

U.S. Bank says the time it takes from application to funding a home equity loan varies depending on a consumer’s situation. Many lenders we surveyed were more specific: responses ranged from five to 48 days. Borrowers can track the progress of their loans online. U.S. Bank doesn't charge an application or origination fee for home equity loans.

The lender says homeowners should expect to provide an estimate of their home’s value, which in some cases could include a formal appraisal. Lender representatives weren’t specific on which homeowners would be asked to provide appraisals or how much one would cost. Not all lenders we surveyed require an in-person appraisal before a home equity loan.

What you should know about U.S. Bank home equity loans

U.S. Bank typically allows qualified homeowners to borrow up to 80% of the equity in their homes, a modest percentage compared with its competitors. Homeowners can borrow a minimum of $15,000, a maximum of $750,000 in most states and up to $1 million in California with a U.S. Bank home equity loan. The lender says it charges no closing costs. It also doesn't charge a fee for early repayment of the loan.

U.S. Bank offers its lump-sum home equity loans with a notable range of repayment term options from five to 30 years.

U.S. Bank home equity loans aren't available for properties in Delaware, South Carolina or Texas. A borrower seeking a U.S. Bank home equity loan will need a credit score of at least 660, the lender says.

Alternatives to a U.S. Bank home equity loan

Pennymac says it can fund a home equity loan within 30 days of application, and Rocket Mortgage offers a home equity loan with a higher loan-to-value borrowing limit.

Home equity loans let homeowners access a lump sum by converting equity into debt. You’ll repay the loan at a fixed interest rate over an agreed period of time. Alternatives to a home equity loan include a home equity line of credit (HELOC) or a cash-out refinance. HELOCs offer greater flexibility to withdraw funds, up to the credit limit, as needed, but often have adjustable interest rates. A cash-out refinance replaces your existing mortgage with a larger loan. It will be most appealing if mortgage rates are lower than your current rate, and closing costs will apply.

U.S. Bank offers a home equity line of credit and a cash-out refinance option.

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NerdWallet’s home equity loan star ratings are awarded by the editorial team based on the following evaluated factors: available terms, maximum combined loan-to-value ratio, closing costs and other fees, whether a prepayment penalty applies, ease of rate shopping and ease of application.

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