Aylea Wilkins has been at Bankrate since 2019, editing content in student, personal and home equity loans and auto, home and life insurance before taking on editing content in a variety of other categories. She has nearly a decade of editorial experience with a primary focus on helping people confidently make financial and purchasing decisions by providing clear and unbiased information.
Troy Segal is a senior editor for Bankrate. She edits stories about mortgages and home equity, along with the finer financial points of owning and maintaining a home.
All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
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At a glance
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
10-year draw period for HELOC; up to 30 years for home equity loan
Funds available in
Undisclosed
Recent customer reviews
The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the
Privacy Policy, or the Terms of Use.
Rating: 5 stars out of 5
Easy and Amazing
Have had equity mortgage w USBank in previous years, and now, again. Absolutely 💯 customer service and smooth transaction. 👌
CJ
Colorado (Apr 6, 2024)
Rating: 1 stars out of 5
run around
Horrible customer service and gave me a complete run around...... waste of time and effort.
U.S. Bank covers all closing costs for borrowers of home equity loans or HELOCs, and you could be eligible for discounts if you set up auto-payment or are a banking customer.
You can convert all or any part of your HELOC to a fixed-rate loan and have up to three fixed-rate loans at any time.
Drawbacks
If you pay off your HELOC within 30 months, you’ll pay a fee equaling 1 percent of your original line amount (up to $500). You might also be charged a $90 annual fee after the first year.
With most HELOCs, you pay only interest during the draw period. With U.S. Bank, you might be required to pay 1 percent or 2 percent of the balance amount with each payment. (You might be able to pay only the interest if you have a qualifying credit score.)
Home equity loan products offered
U.S. Bank offers two home equity products: a line of credit and a loan. The HELOC has a 10-year draw period and a variable rate, but the bank also offers a fixed-rate option so you can convert any or all of your line into a loan with fixed monthly payments. You can have up to three fixed-rate plans in place at any given time.
With a U.S. Bank HELOC, you’ll choose to pay a minimum of either 1 percent or 2 percent of the balance each month, applied to interest and principal, during the draw period. You might be able to make interest-only payments, but that will depend on your credit score.
If you’re looking to borrow one lump sum and want predictable monthly payments, you might want to consider U.S. Bank’s fixed-rate home equity loan instead. You can borrow between $15,000 and $750,000 (or up to $1 million in California) depending on your credit history, available equity and current DTI ratio. Loan terms can go up to 30 years.
Types of fees charged
There are no closing costs on U.S. Bank’s home equity products. However, there is an early termination fee of 1 percent (up to $500) on HELOCs if the account is closed within 30 months.
After the first year, there is an annual fee of up to $75 on all HELOCs, though you can waive it if you have a U.S. Bank Platinum Checking Package or enroll in the Smart Rewards Program.
How to qualify for a home equity loan with U.S. Bank
All loans are subject to approval, and your APR will depend on credit history, loan amount, property value and property location. U.S. Bank does not disclose credit score requirements, but in order to get the best rate, you’ll have to have a credit score of at least 730.
How to apply with U.S. Bank
You can apply for any of the U.S. Bank home equity products online, by phone or at a branch. You can also apply through the mobile app. After an initial review, a U.S. Bank branch officer will contact you for any additional documentation necessary to underwrite your loan.
Next, you will have your property appraised, and then your application will go through a final approval. Depending on the product, you might have to visit a branch to close. Funding will be available three days after closing.
For more information about U.S. Bank’s HELOC, visit the bank’s website or call 800-642-3547. You can also schedule a phone call or chat online with a personal banker.
How Bankrate scored U.S. Bank
Affordability
9.6/10
Availability
9.2/10
Borrower experience
6.6/10
To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
This lender has 2 recent reviews.
Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 3 stars out of 5
Responsiveness
Rating: 3 stars out of 5
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50% of customers would recommend this lender.
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reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.