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  3. U.S. Bank Review

U.S. Bank Mortgage Rates Review


ConsumersAdvocate.org Rating: 3.7 / 5 (Very good)
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U.S. Bank is one of the nation’s largest banks and a leading provider of consumer banking services, including traditional, online and mobile banking, mortgage, and refinance services.

U.S. Bank offers mortgages in all 50 states and its many different mortgage products cater to homeowners across the entire United States.

U.S. Bank was founded in 1968 and is headquartered in Minnesota.
 
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How is U.S. Bank rated?

Breakdown

4.0/5
Lender Types
4.5/5
Available Mortgage Types
4.5/5
Customer Experience
2.5/5
Reputation & Transparency

Overall Rating: 3.7 / 5 (Very good)

Founded in 1863, U.S. Bancorp is the seventh-largest bank in the United States and the parent company of U.S. Bank.

The bank offers multiple types of mortgage loans under a variety of term lengths for customers, as well as loan pre-qualification and pre-approval online.

U.S. bank also has numerous online tools to help customers better understand the mortgage loan process and financing options including a full digital application and mobile app.

The company has a B+ rating from the Better Business Bureau (BBB) and a user-friendly website design that makes it easy for customers to navigate resources.

Overall, although U.S. Bank offers several low-down payment options, it won’t necessarily deliver the best deal on mortgage rates.

That said, it’s full menu of purchase loan options can help borrowers—especially low-to-moderate-income—explore the many different options there are for purchasing a home or refinancing their loan.

U.S. Bank Loan Specifics

Available Mortgage Types - 4.5 / 5

U.S. Bank’s mortgage products come in many different forms, making it an excellent place to shop for a home loan.

The bank offers fixed rate and adjustable rate options, as well as a full line of conventional and government loan products for a wide range of term lengths (10- and 20-year terms in addition to the typical 15- and 30-year options.)

In addition to the provided list below, borrowers can also get new-construction mortgages and investment property loans, but only in the states where U.S. Bank has physical locations.

Mortgage rates for many U.S. Bank loan products are shown on its website.

These are national rates, based on general assumptions not on a borrower’s credit score or property details.

Types of Mortgage Loans Offered

  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 3/1 ARM
  • 5/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate
  • VA Fixed Rate
  • FHA Fixed Rate

U.S. Bank Customer Experience

Customer Experience - 4.5 / 5

U.S. Bank provides an interactive, comprehensive experience for its customers seeking mortgage loans.

Borrowers who have U.S. Bank Gold, Silver, or Platinum checking accounts may qualify for up to $1,000 discount on mortgage fees.

The bank's website enables both an online pre-qualification and pre-approval process, as well as provides multiple tools and resources that teach on mortgage financing.

There are step-by-step guides to the home buying process, a glossary of terms and an explanation of fees, along with information for every type of loan offered by the company.

U.S. Bank offers mortgages in all 50 states, but not all states have a brick and mortar branch.

Borrowers can use a loan officer locator on the company’s website to find their nearest representative.

Additionally, U.S. Bank rated seventh in J.D. Power’s 2017 customer satisfaction survey and it has a lower ration of Consumer Financial Bureau Complaints than many of its competitors.

However, a bank as large as U.S. Bank it’s not without its legal battles.

In 2014, the bank had to pay $200 million to resolve alleged FHA mortgage lending violations.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles
Videos
Document Checklist
SSN Required for Quote
Yes

U.S. Bank Qualification Requirements

Qualification Requirements - 3.5 / 5

Customers can complete an online pre-qualification through U.S. Bank's website to help determine how much they'll be able to spend on their future home.

The application factors in the debt-to-income ratio to estimate how much the customer can borrow.

Credit score minimum isn't required, but highly recommended to be at least 740.

Borrowers also need to consider their down payment savings.

Twenty percent of the cost of the home is the usual percentage for conventional loans.

Key Requirements at a Glance

Minimum FICO Score
740

Additional Qualification Requirements

Customers must be age 18 or older, show proof of employment of at least 24 months, be a legal resident, know their annual household income, and know their annual household debt.

U.S. Bank Lender Reputation

Reputation & Transparency - 2.5 / 5

U.S. Bank is the fifth-largest bank in the United States.

The company operates 3,133 banking offices in 25 states and more than 4,000 ATMS.

Additionally, the bank has a satisfactory rating from the BBB and an average rating from TrustPilot.

U.S. Bank has a significant amount of online reviews from previous and current customers.

Many complaints regard issues with the bank's mortgage payment process and lack of communication regarding the policy and fees with the customers.

For more options, check out our review of the Top 8 Best Mortgage Rates of 2019.

Key Facts

Lender Type
Bank
Year Founded
1968
BBB Rating
B+
BBB Positive Reviews
1
BBB Negative Reviews
138
Collection Date
2018-11-16

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
402761
Consumer Financial Protection Bureau Complaints
5,360

Company Profile

Full Name
U.S. Bank Mortgage Rates
Company Website
https://www.usbank.com/
Headquarters
800 Nicollet Mall, Minneapolis, MN

Disclosure

U.S. Bank's mortgage loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice.

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Customer Comments & Reviews

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Amy B
8/30/2021
A few years back, I filed bankruptcy to better myself and my situation. I protected my home and the loan with USBank, and did not include it in that filing. What do I get in the end, I lost the right to make my payments online, and just recently found out, that they have not, and will not report to the three credit bureaus as a result of that filing. It's like this mortgage doesn't exist. This makes no sense to me. I am a good customer, and I am losing out, when USBank didn't lose a damn thing. WORST MORTGAGE COMPANY EVER!!!!!

P
Patricia E
4/12/2020
I AM LEAVING THIS COMMENT BECAUSE TIFFANY WILLIAMS IS SUPPOSE TO BE MY ACCOUNT SPECIALIST AND I HAVE YET TO RECEIVE A CALL OR EMAIL FROM HER ALTHOUGH I HAVE REACHED OUT TO HER ON SEVERAL OCCASIONS CONCERNING MY HOME AND IT GOING INTO FORECLOSURE!!! THE PREVIOUS COMMENTS ARE SO TRUE, US BANK DOES NOT CARE!!! THEY CLAIM THEY ARE HERE FOR THEIR CUSTOMERS, UNTIL WE NEED THEM!!! TALK IS CHEAP, I NEED SOMEONE TO CALL ME BACK CONCERNING THE LOSS MITIGATION APP AND CONCERNING MY REINSTATEMENT LETTER, I DON'T UNDERSTAND HOW YOU ALL CANNOT ACCEPT MY MONEY WHEN I AM TRYING TO PAY TO KEEP MY HOME!111 YOU ARE WORRIED THAT IT WASN'T PAID ON A CERTAIN DATE, WHEN I WAS TRYINGTO PAY THE ENTIRE AMOUNT ONLY... Read More

Steve S
1/8/2020
We have banked with US Bank for over 32 years, and had our house with U. S. Bank Mortgage, on December 5th , 2019 our home burned it was a complete loss , we only made it out with the clothes on our backs, not even shoes. We were devastated. Our insurance company worked extra hours processing our claim and within 2 weeks we received our check from the insurance company . The check was made out to my husband and I and also to U.S. Bank. We immediately took it to our local U.S. Bank branch, the same location 23 years ago that we opened our Home Mortgage with, the directions from the bank employee were that we had to surrender the check to them after endorsing it, they said that the... Read More

rbwhang
1/3/2020
This comment is to provide feedback regarding a recent mortgage refinance application process. Taylor Hoffer and Rose Smith (?) were the ones handling my application and it was perhaps the most disheartening experience I have had in a long time. Taylor's customer service skills were non-existent; I had to initiate 95% of the communications to find out what was required for the application process and for updates on the status of the application. Along with those communications, there were significant delays in response time (average 2 days at a time), and required me to follow up just to hear back. I understand my application was not the easiest to work through, but there was no courtesy... Read More

Barbara W
10/9/2018
They claim they will do everything they can to assist hurricane victims. First you have to fight with insurance for your claim, and settle for a quarter of what is needed to repair your damaged home. So little is the settlement you will have to do most of the work yourself. Then comes the next nightmare. US bank has the money as the check is made out to both. They require licensed contractors to do the repairs, not enough money for that and tell them so. In order to repair anything you have to choose, whats more important. A roof, floors, electric, inside plumbing, mold removal. THe best part is you have to pay for it and then get reimbursed. Since they have your money you... Read More

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