Business Insider's personal finance team reviewed U.S. Bank and found it to be one of the best mortgage lenders for first-time buyers— particularly student loan borrowers looking to get a mortgage, since the lender says it will work with those on income-driven repayment plans on some of their affordable mortgage offerings.
U.S. Bank earns a 4.13 out of 5-star rating from Business Insider based on its loan options, affordability, customer satisfaction, and trustworthiness.
U.S. Bank Mortgage has many positive customer reviews, a variety of different types of mortgages, and some valuable benefits like down payment and closing cost assistance for eligible borrowers and a discount for bank customers. Its average fees are also on the low end.
U.S. Bank Mortgages Pros and Cons
Pros
- Offers a wide range of loan types, including construction loans and home equity options
- Has affordable mortgages with down payment assistance, including its American Dream mortgage and the Access Home Loan. Borrowers can get up to $10,000 in assistance with the American Dream program and up to $17,500 in assistance and lender credits with the Access Home Loan.
- U.S. Bank customers could get a discount of up to $1,000 on their mortgage or refinance if they have a U.S. Bank mortgage, a U.S. Bank Smartly Checking account, or an existing Gold or Platinum Checking Package
- Low average fees compared to other lenders
Cons
- Minimum down payment on conforming loans is 5%, while many mortgage lenders allow down payments of just 3% on these mortgages
- FHA loans require a credit score of at least 640. Many FHA lenders accept credit as low as 580. Some even allow scores down to 500 with a large down payment.
- Can't explore personalized mortgage rates online. To see customized mortgage rates with U.S. Bank, you'll need to talk to a loan officer or apply for prequalification. However, it does show some sample rates based on the state you're in.
Get Mortgage Rates
Overview of U.S. Bank Mortgages
Nationwide Presence
U.S. Bank lends mortgages in all 50 states and has branches throughout the U.S. Additionally, the bank has local loan officers in 42 states who you can get started with directly. You can search on the bank's website to locate a mortgage pro near you.
Apply Online or In-Person
You can get prequalified or start an application on U.S. Bank's website or over the phone. If you prefer to start with someone local, you can search for loan officers in your state on the bank's website. Then you can give them a call, start an application online, or potentially get started with them in person.
Mortgage Options
U.S. Bank offers the following types of mortgages:
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- Construction loan
- Investment property loans
- Home equity line of credit (HELOC)
- Home equity loan
Affordable Mortgage Options and Down Payment Assistance
U.S. Bank also has a couple of mortgage programs to help first-time and low-income buyers achieve homeownership.
The American Dream mortgage lets borrowers put just 3% down without paying for mortgage insurance. It also comes with up to $10,000 in assistance. It's available in Arizona, Arkansas, California, Colorado, Connecticut, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Virginia, Washington, Wisconsin, and Wyoming.
The Access Home Loan is a similar program, allowing 3% down with lender-paid mortgage insurance. This program also offers assistance up to $12,500 and a $5,000 lender credit. This loan is only available in certain census tracts in Fresno, Los Angeles, Las Vegas, Little Rock, Milwaukee, Minneapolis, St. Paul, Oakland, Riverside, Sacramento, San Diego, and St. Louis.
Both of these mortgages allow borrowers to apply using non-traditional credit, such as rent or utility payment history, if they don't have a credit score. Otherwise, you'll need a minimum score of 640.
U.S. Bank Mortgage Interest Rates and Fees
In our review of the latest Home Mortgage Disclosure Act data, we found that U.S. Bank's rates were around average compared to other lenders.
U.S. Bank displays sample mortgage rates based on the state you're in for fixed-rate, adjustable-rate, FHA, VA, and jumbo home loans on its website.
Some lenders will customize your mortgage rates online by asking for your ZIP code, down payment amount, or credit score. U.S. Bank doesn't allow you to personalize rates, though — you'll need to apply for prequalification to get a better idea of what you'd pay.
In 2023, the average borrower getting a conventional loan from U.S. Bank paid $2,532 in origination charges, according to HMDA data. This is low compared to other mortgage lenders.
Is U.S. Bank a Trustworthy Mortgage Lender?
Overall, we think U.S. Bank is a trustworthy bank to get a mortgage from. However, it does have one recent controversy.
The Better Business Bureau gives U.S. Bank an A- rating (rather than an A+) due to government action against the bank. In 2022, U.S. Bank paid $37.5 million to settle allegations from the Consumer Financial Protection Bureau that the bank illegally pulled customers' credit reports and opened accounts in their names without permission.
The bank said that the alleged illegal activity affected a small number of accounts going back to 2010, and that it made changes to address the issue in 2016.
What Borrowers Are Saying About U.S. Bank Mortgages
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about U.S. Bank mortgages.
Quick Closings, Communicative Loan Officers
We saw many positive reviews from previous U.S. Bank borrowers who talked about how smoothly the process went, and some even said they were able to close relatively quickly. Customers also had many positive things to say about the mortgage pros they worked with, and we saw frequent mentions of how their loan officers were regularly in touch with them throughout the process.
How U.S. Bank Mortgage Compares
U.S. Bank vs. Bank of America Mortgages
Bank of America is one of the best mortgage lenders available.
U.S. Bank is a similar lender to Bank of America, though U.S. Bank has slightly more mortgage options. However, Bank of America allows 3% down payments on its conforming loans, while you'll need 5% down to qualify with U.S. Bank.
Bank of America has a mortgage called the Community Affordable Loan Solution that requires no down payment, no closing costs, and no minimum credit score. But it's only available in a few cities in the U.S. If you're looking for an affordable mortgage program, you might want to compare Bank of America's program with U.S. Bank's programs to see what you're eligible for.
Bank of America Mortgage Review
U.S. Bank vs. Chase Mortgages
Chase is another good lender if you're looking for affordable mortgage options. The Chase DreaMaker mortgage is a program for lower-income borrowers that allows 3% down with reduced mortgage insurance. Plus, the Chase Homebuyer Grant offers up to $5,000 in down payment or closing cost assistance.
But Chase has relatively limited mortgage offerings, and no home equity loan or HELOC options. So depending on what kind of mortgage you're looking for, U.S. Bank could be the better choice.
Why You Should Trust Us: How We Reviewed U.S. Bank Mortgages
For our review of U.S. Bank, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Our Overall Lender Rating
Loan Types: 5 out of 5
This mortgage lender offers a range of loan types that should meet most borrowers' needs. It has standard mortgage options, including conforming and government-backed loans, as well as home equity loans and HELOCs and more niche types of mortgages.
Affordability: 4 out of 5
U.S. Bank earns points in affordability for its American Dream and Access Home Loan options, which make homeownership more accessible to first-time and low-income buyers. Plus, its average fees are on the low end. But the minimum down payment on its regular conforming loans is 5%, while many lenders accept just 3% down. It also requires a minimum credit score of 640 on its FHA loans, while the typical minimum for these loans is just 580.
Customer Satisfaction: 3.50 out of 5
U.S. Bank ranked below average in J.D. Power's 2024 Mortgage Origination Satisfaction Study. But on its Zillow lender page, the bank has a 4.99 out of 5-star rating, based on over 19,000 customer reviews.
Trustworthiness: 4 out of 5
The BBB gives U.S. Bank an A- rating due to government action against the bank.
In 2022, U.S. Bank settled allegations from the CFPB that the bank illegally pulled customers' credit reports and opened accounts in their names without permission. According to the bank, the issue was corrected in 2016 and only affected a small number of accounts.
U.S. Bank Mortgage FAQs
Does U.S. Bank have good mortgage rates?
U.S. Bank's mortgage rates are around average, based on our review of the latest HMDA data.
What's the customer service like for U.S. Bank mortgages?
In general, previous customers seem very pleased with the customer service they received while working with U.S. Bank. In reviews, many said their loan officers were communicative and made the process go smoothly.
How long does it take to close a mortgage with U.S. Bank?
It may take between one and two months to close on a mortgage, though we did see some reviewers say their U.S. Bank mortgages closed surprisingly quick.
Are there special programs offered by U.S. Bank?
U.S. Bank has two special mortgage programs, the American Dream mortgage and the Home Access Loan, that come with down payment/closing cost assistance and lender credits.
What are some alternatives to U.S. Bank mortgages?
If you're considering getting a mortgage with U.S. Bank, you also should get approved with other lenders so you can compare offers and be sure you're getting the best deal. Consider reaching out to local lenders or credit unions, or other big banks like Bank of America or Chase.
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