U.S. Bank Mortgage Review 2023
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Our Take
4.5
The bottom line:
U.S. Bank gets high marks for its loan offerings, online customer convenience and available general rate information. However, borrowers will need to contact the lender for personalized rates.
Full Review
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
Min. credit score580 | Min. credit score620 |
Min. down payment5% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity |
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Full Review
What borrowers say about U.S. Bank mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.
U.S. Bank receives an 685 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.)
U.S. Bank receives a 635 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)
U.S. Bank receives a customer rating of 4.99 out of 5 on Zillow, as of the date of publication. The score reflects more than 12,030 customer reviews.
U.S. Bank mortgage variety of loan types
5 of 5 stars
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 physician loans are also available.
U.S. Bank HELOC and home equity loans
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 also offers borrowers a fixed-rate option, which allows them to lock in their rate when they make a withdrawal.
U.S. Bank mortgage ease of application
5 of 5 stars
U.S. Bank offers online pre-qualification and preapproval, a fully digital loan application and a mobile app.
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.
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
3 of 5 stars
U.S. Bank earns 3 of 5 stars for average origination fee.
U.S. Bank earns 3 of 5 stars for average mortgage rates.
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.
U.S. Bank mortgage rate transparency
4 of 5 stars
U.S. Bank provides mortgage rates for many loan products on its website, allowing borrowers to view rates and APRs by state. However, you’ll need to contact a loan officer to get a customized rate and learn more about details like fees and points.
Alternatives to U.S. Bank mortgage
Here are some comparable lenders we review that borrowers can consider.
Wells Fargo is another national lender that offers construction loans, and like U.S. Bank, Bank of America also offers HELOC borrowers a fixed-rate option.
» MORE: Best HELOC lenders
More from NerdWallet
Methodology
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
