U.S. Bank Home Mortgage Review 2022

Good for borrowers who prefer a traditional bank with a wide variety of loan products, including some specialty offerings, like 80-10-10 mortgages.
Phil MetzgerJan 4, 2022

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Our Take

4.5

NerdWallet rating 

The bottom line:

U.S. Bank gets high marks for its loan offerings and online customer convenience — and has competitive fees and mortgage rates.

US Bank

US Bank: NMLS#402761

Min. Credit Score

620

Min. down payment

3%

Loan types and products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • Offers a full line of conventional and government loan products.
  • Provides home equity loans and lines of credit.
  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.
  • Published mortgage rates assume an above-average credit score.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

U.S. Bank at a glance

Although it's been in business for over a century, U.S. Bank is positioned as a modern mortgage lender, with excellent loan offerings and tech-forward convenience. It offers online pre-qualification and preapproval, a fully digital loan application and a mobile app, all aimed at closing loans on time and with less stress.

Here's a breakdown of U.S. Bank's overall score:

  • Variety of loan types: 5 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 4 of 5 stars

U.S. Bank mortgage loan types

U.S. Bank offers fixed- and adjustable-rate mortgages, government-backed FHA and VA loans, jumbo loans and mortgages for low-to-moderate-income borrowers.

Construction, home renovation and vacant lot loans also are available.

U.S. Bank has a few products that may not be available from some smaller lenders, though you won't find them mentioned on its website. One such product is the simultaneous second mortgage. Also known as a "piggyback” or 80-10-10 mortgage, the loan is typically used in areas with high real estate prices by borrowers with strong credit who can't come up with a traditional 20% down payment.

U.S. Bank also provides expanded mortgage financing for physicians who are in residencies. The program offers home loans with higher loan-to-value guidelines and some leeway on debt-to-income ratios. Again, this loan isn't advertised on the U.S. Bank website, so if you're a medical professional, contacting a loan officer is the best way to learn more about this option.

The bank also assists borrowers in locating down payment assistance programs where they live.

U.S Bank HELOC: The lender also offers home equity loans and a home equity line of credit, or HELOC. These second mortgages are one way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. U.S. Bank’s HELOC features an introductory interest rate that resets higher after six months. The lender offers several options for HELOC and home equity loan rate discounts, including a credit score of at least 730 and a U.S. Bank personal checking account.

U.S. Bank ease of application

U.S. Bank offers a basic mortgage pre-qualification process online, but be aware that it's just a first step toward determining how much house you can afford. It also won't affect your credit score. You’ll have to go ahead and apply for a mortgage if you plan to make an offer on a home.

A mortgage preapproval requires a full mortgage loan application, which you can complete at your leisure online by clicking “Start your application” on U.S. Bank's home page and using its online portal.

During the application process, U.S. Bank may be able to electronically verify your income and assets using information from third-party sources like other banks, tax preparers and payroll services.

The digital application system reduces the time it takes to get documentation from the borrower and into the underwriter's hands, so loans can close faster, according to U.S. Bank.

If you prefer a face-to-face experience, the lender has over 3,000 branches with mortgage loan officers available.

U.S. Bank mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. To provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

  • U.S. Bank earns 3 of 5 stars for average origination fee.

  • U.S. Bank earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate. Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

U.S. Bank mortgage rate transparency

U.S. Bank provides mortgage rates for many loan products on its website. These are sample rates based on general assumptions (displayed alongside the rates), so you're only getting an idea of the lender's rates. You'll also want to note that these rates are based on an above-average FICO score.

When it's time to get serious, customized rate information based on your credit score and property details will require contacting a mortgage loan officer.

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