U.S. Bank Mortgage Review 2024

U.S. Bank overview

Founded in 1863 in Minneapolis, U.S. Bank is one of the biggest banking institutions in the U.S., with branch locations in more than 25 states, plus loan officers in the majority of states and home loans available to borrowers in all 50. The bank was the seventh-largest mortgage lender in 2022, according to federal data. Among the benefits of working with U.S. Bank for your mortgage, you can get prequalified on the same day as your application, and the typical closing takes 30 days for a purchase (45 days for a refinance).

Pros and cons of U.S. Bank

How Bankrate scored U.S. Bank

• Affordability: U.S. Bank’s mortgage rates are comparable to Bankrate’s averages (as of this review). Note that the rates you see on the bank’s website assume you’re making a 25 percent down payment and have a credit score of 740 or higher, among other factors. If those aren’t your circumstances, you’ll likely get a higher rate quote than what’s advertised.
• Availability: U.S. Bank provides mortgages to borrowers nationwide for a range of needs, including purchases, refinances and new construction.
• Borrower experience: U.S. Bank’s mobile app features some mortgage e-closing capabilities, but it’s somewhat lacking in positive customer feedback.

Affordability: 10/10

U.S. Bank displays mortgage rates on its website and updates them regularly. Generally, its loan offers are in line with Bankrate’s averages. The bank’s mortgage fees vary by loan type, but eligible existing customers can get a discount of up to $1,000 on closing costs.

Availability: 10/10

One of U.S. Bank’s strengths is its loan offerings, which include financing for home purchases and refinancing, but also loans for different circumstances, such as brand-new build or investment property. The bank operates across the U.S.

Borrower experience: 8.5/10

U.S. Bank is one of the biggest depositories in the nation and has been in business for more than 150 years. The bank is accredited by the Better Business Bureau and has an A- rating from the organization (as of this review). On Trustpilot, it scores 1.3 out of five stars, but many of the complaints there aren’t mortgage-related. It ranked slightly above average in J.D. Power’s 2023 report on mortgage customer satisfaction. The bank offers both prequalifications and preapprovals to applicants. On the U.S. Bank app, you can shop for financing options, track your application progress, complete some e-closing steps and make payments.

How to apply for a mortgage with U.S. Bank

You can apply for a mortgage with U.S. Bank in person at a branch location, online or by phone at 877-664-5505. You can also request a call from the bank. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with U.S. Bank

U.S. Bank offers both rate-and-term and cash-out refinancing options.

• Methodology

  To determine a mortgage 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:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.