U.S. Bank Home Mortgage Review 2020

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

Hal M. Bundrick, CFPAugust 4, 2020
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Our Take

5.0

NerdWallet rating 

The bottom line: U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates.

US Bank

US Bank: NMLS#402761

Min. Credit Score

620

Jumbo:

N/A

USDA:

N/A

VA:

N/A

FHA:

N/A

Conventional:

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 
Min. Credit Score

620

Jumbo:

N/A

VA:

620

FHA:

580

Conventional:

620

Min. Credit Score

620

Jumbo:

N/A

Conventional:

620

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

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

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable

Get more smart money moves — straight to your inbox

Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.

Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest 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 well 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

  • Variety of loan products: 5 of 5 stars

  • Online convenience: 5 of 5 stars

  • Rates and fees: 4 of 5 stars

  • Rate transparency: 4 of 5 stars

U.S. Bank mortgage loan types and products

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

Construction, home renovation and vacant lot loans also are available, but only in the states where U.S. Bank has physical locations.

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 by borrowers with strong credit in areas with high real estate prices 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 online convenience

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. With a pre-qualification, there is no formal commitment from the bank to issue a loan, and you're not committing to anything, either. It also won't impact your credit score.

A mortgage preapproval requires a full mortgage loan application, which you can complete at your leisure online by clicking "Apply for a mortgage" on the 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 a mortgage loan officer 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:

  • A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. U.S. Bank earns 4 out of 5 stars on this factor.

  • A lender's offered mortgage rates compared with the best available on comparable loans. U.S. Bank earns 4 out of 5 stars on this factor.

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 national rates, based on general assumptions, 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.

NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.