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Pros / U.S. Bank offers construction loans.

Cons / It only has branches in 28 states and does not service loans for Washington, DC.

 Verdict / U.S. Bank offers mortgages and construction loans, often at lower-than-average interest rates. Its fees can be steep, but it has good customer service, making it a bank worth considering, especially if you are building your home.

U.S. Bank offers the usual choices of fixed- and adjustable-rate mortgages and refinancing options. It is also one of the few mortgage lenders to offer construction loans. Construction loans are more difficult to obtain because they lack the usual equity – the house itself. 

U.S. Bank's posted interest rates are among the lowest of those we found online, lower than Wells Fargo and Quicken Loans. While this is good for a rough comparison, each bank picks its ideal loan situation and posts rates for that loan, which means yours may vary.

We found this lender's rates to be very competitive with the industry average. Some U.S. Bank members can get lower rates with specific checking accounts. This service charges bank fees with home mortgages and refinancing, though these are average for the industry. These fees are paid during closing along with the appraisal and title fees from other institutions. U.S. Bank does not charge application fees.

Like most of the best refinance companies, U.S. Bank requires a 5 percent down payment but prefers 20 percent. At 20 percent, you may likely no longer have to pay private mortgage insurance. However, for most military members, this home mortgage lender can waive the down payment. It looks for an above-average credit score, but may work with borrowers who have lower scores. Also, you have to be employed for at least two years.

U.S. Bank earns top marks in customer service for its customer service. We were able to reach an operator quickly who connected us to a loan officer. In one case, we had a long hold time. This isn't unusual for a large institution, but we were impressed that the operator personally checked in to make sure we were still on the line.

Loan officers explained things with the right amount of detail and asked good questions to get the information needed to make applicable answers. There is a live chat, but it's not always available, and the email form simply requests that a loan officer contact you.

While it can service mortgages for all 50 states, U.S. Bank only has branches in 28 states. If you prefer to work with a loan officer in person, you'll need to check online to see if a branch is in your state. It does not handle loans for Washington, DC.

U.S. Bank Visit Site
  • Rates & Fees
  • Eligibility
  • Customer Support
  1. This score is based on the types of rates and fees companies offer associated with mortgage refinancing.
    Higher is Better.
  2. 5  U.S. Bank
    40.0 %
  3. 100.0 %
  4. 80.0 %
  5. 60.0 %
  6. Category Average
    64.0 %


If you prefer to work with a lender in person, you'll need to check whether U.S. Bank has a loan officer in your area. However, it can process loans for all 50 states, offers very competitive interest rates and reasonable processing fees. It's a good bank to consider for a mortgage, especially if you are planning on building a home.

U.S. Bank Visit Site

Specifications and Benchmarks

Rates & Fees

Rates & Fees

Eligibility & Requirements

Second Home

Loan Types Offered

Fixed-Rate Mortgage
Hybrid Mortgage
FHA Loans
Cash-Out Refinance
Traditional Home Equity Loan
Construction Loan

Customer Experience

Customer Service
Application Process
Customer Support