U.S. Bank Mortgage Review 2025

U.S. Bank overview

U.S. Bank has been in business since 1863 and is one of the largest lenders in the country. Today, the bank operates more than 2,000 branches in 26 states. For mortgage applicants, the bank offers a variety of loan options, as well as online prequalifications in five minutes. Besides purchase loans, you can also refinance your current mortgage with the lender.

Pros and cons of U.S. Bank

How Bankrate scored U.S. Bank

Affordability: 5/5

Because of its down payment assistance program and credits for qualifying customers, U.S. Bank earned a perfect 5 out of 5 stars for affordability.

• Interest rates: U.S. Bank’s reported mortgage rates are lower than Bankrate’s national average at the time of this writing. One caveat to consider is that U.S. Bank’s displayed rates for conventional loans reflect a 25 percent down payment, which is more than many buyers can afford to make.
• Down payment: U.S. Bank accepts a minimum down payment of 3.5 percent for FHA loan borrowers. Additionally, the bank offers the American Dream program, which helps low-income buyers in 26 states get up to $10,000 in down payment assistance.
• Fees: U.S. Bank does not share its full fee structure online. If you’re considering working with the bank for your mortgage, ask your loan officer for an origination fee estimate.
• Closing costs: Closing costs vary, but certain customers — those with a U.S. Bank Smartly Checking account or a Gold or Platinum Checking Package — are eligible for a credit worth up to $1,000 on their closing costs.

Availability: 5/5

Because of U.S. Bank’s variety of loan options and the ability to discuss your homebuying needs at a physical branch if desired, the lender received 5 out of 5 stars for availability.

• Home loans offered: U.S. Bank offers the most common mortgage programs — conventional, FHA, VA and jumbo loans. In addition, the bank also offers new construction and investment property loans. For conventional loan borrowers, the bank offers 10- and 20-year repayment terms (along with the standard 15- and 30-year options).
• Footprint: The bank is licensed to lend in all 50 states.
• Where to find: In addition to its online application portal, you can schedule an appointment to talk with a loan officer at over 2,000 branch locations.

Borrower experience: 4.4/5

While the U.S. Bank website displays rates and offers helpful information for prospective buyers, the lender isn't upfront about fees, awarding it 4.4 out of 5 stars for borrower experience. 

• Application and preapproval process: You can use the U.S. Bank website to get prequalified in about five minutes, but prequalification doesn't hold as much weight as preapproval when house-hunting. To get preapproved, you’ll need to start an official application and upload documents to the bank’s loan portal.
• Transparency: Unlike some of its competitors, U.S. Bank displays rates online so you can estimate your borrowing costs. However, it’s tough to get an idea of typical fee costs.
• Customer service: You can call 888-918-3166 to connect with a loan officer and get started on your mortgage journey. If you live near a branch, you can easily schedule an appointment online to get face-to-face assistance. 

U.S. Bank reputation

U.S. Bank scored nearly 20 points below the industry average in the most recent J.D. Power mortgage origination satisfaction study for 2024. However, U.S. Bank fares better when it comes to customer sentiment after the application process ends: The bank scored more than 20 points above the industry average in J.D. Power’s 2024 mortgage servicing satisfaction study. The company holds accreditation from the Better Business Bureau and has a B+ rating from the organization. 

U.S. Bank in the news

Outside of home loans, in 2022, the Consumer Financial Protection Bureau fined U.S. Bank $37.5 million for encouraging employees to open fake accounts without customers' permission.

American Dream loan

If your income is at or below the median income in the area you wish to buy, you might qualify for U.S. Bank’s American Dream program. Notably, if you don't have a FICO score, the program can leverage non-traditional data such as your rent payments, utility payments, income and employment information to generate a credit score. If you’re approved, you may receive up to $10,000 of assistance to cover your down payment, closing costs and required home repairs or improvements. Another key selling point: no private mortgage insurance. The program is only available in 26 states.

Refinancing with U.S. Bank

U.S. Bank offers rate-and-term and cash-out refinancing options. The bank posts regularly updated refinance rates online.

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 888-918-3166. 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 U.S. Bank 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.
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 a home appraisal.