U.S. Bank Mortgage Review

#16 in Mortgage Rates

 

U.S. Bank is one of the nation’s largest banks and is a leading provider of consumer banking services. This includes traditional, online and mobile banking, loans, investment and wealth products and mortgage and refinance services. Its mortgage services offers a wide variety of mortgage solutions that cater to individual homebuyer needs and requirements.

 

Housing Types

  • Single Home
  • Townhome
  • Condo
  • Multifamily dwelling
  • Manufactured
  • Investment properties

 

Types of Mortgages

  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages
  • Jumbo Mortgages
  • FHA Mortgages
  • VA Mortgages
  • Construction Loans
  • Investment Property Loans

 

Qualifying

To get the best rates, a 20 percent down payment is recommended. However, the bank can still extend mortgages to those with less than ideal down payments albeit a better than credit score is required. It also offers specialized mortgage services to military personnel, FHA and VA mortgages.

Prequalification

This establishes your income to debt ratio.

  • Legal citizen of the United States
  • Must be 18 years or older
  • Annual household income before taxes
  • Monthly household debt

 

Credit Score

700

Down payment (ideal)

20%

Minimum employment

24 months

 

Mortgage Rates

 

 

30 Year FRM

15 Year FRM

10 Year ARM

5 Year ARM

Interest rates

3.950%

3.250%

3.625%

2.875%

APR

4.021%

3.374%

3.404%

3.024%

Monthly payments

$1,140.00

$1,687.20

$1,094.40

$996.00

 

Rates are based for a $300,000 single-family home purchase and the homebuyer has a 740+ credit score and a 20% down payment. Monthly payments for Adjustable Rate Mortgages are subject to change after a specified number of years.

Please visit this link, for US Bank’s complete list of mortgage calculators or check the latest mortgage rates.

 

Financial Rating

 

Moody’s

A1

Standard and Poor’s

A+

Fitch

AA-

 

Mortgage Rates at U.S. Bank

U.S. Bank’s mortgage rates faired reasonable well against its competitors. To enjoy this however, homebuyers should at least have a better than average credit score. Getting approved for a mortgage with less than 20% down payment is possible but this will certainly affect interest rates so be sure to check how this could affect your interest rates. Overall, a solid buy for homebuyers with good credit ratings searching for low interest rates.

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