U.S. Bank offers more options for fixed-rate conventional mortgage terms than many other lenders, with 10- and 20-year terms in addition to the typical 15- and 30-year options. It offers three-, five- and 10-year adjustable-rate mortgages as well as jumbo mortgages with 10-, 15- and 30-year fixed-rate terms. Borrowers can get FHA and VA mortgages with U.S. Bank. It also has options for new-construction mortgages and investment property loans.
If you have great credit but not enough cash to put 20 percent down, you can consider a piggyback loan, which is a second mortgage for 10 percent of the purchase price, allowing you to put only 10 percent down without having to pay for private mortgage insurance.
U.S. Bank also offers home equity loans, home equity lines of credit and cash-out refinancing, in addition to a traditional refinancing mortgage.
Rates and Fees
The advertised interest rates for U.S. Bank are slightly lower than those of Wells Fargo and CitiMortgage, and its APRs are less than 0.1 percent higher than its interest rates, indicating low fees.
Borrowers with U.S. Bank checking accounts may be eligible for a credit of 0.25 percent of the loan amount, up to a maximum of $1,000.
The Smart Refinance mortgage has zero closing costs for a 20-year fixed-rate term – a great deal if you don’t plan to stay in your home for many years after refinancing. (U.S. Bank does not advertise its rates for this loan, but typically no-cost loans have higher interest rates.)
U.S. Bank ranked seventh in J.D. Power’s 2017 customer satisfaction survey, and it has a lower ratio of Consumer Financial Protection Bureau complaints to loans originated than many of its competitors. As the fifth-largest bank in the country, it’s not without its legal battles, but the only mortgage-related controversy was that it was too lax with requirements for FHA loans from 2006-2011, leading to foreclosures across the country.
Today, the bank has branches in 29 states and services loans in all 50. If you prefer to do everything online, the bank website’s relatively new Loan Portal lets you go through the entire process without picking up the phone (unless you want to).