U.S. Bank Mortgage Review 2024
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- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
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Our Take
5.0
U.S. Bank stands out for online convenience and impressive mortgage options, from government-backed loans to boutique mortgages for doctors and self-employed borrowers. Home improvement loans are a focus. Rates and fees are average, according to the latest federal data. Most likely to appeal to low-income borrowers who qualify for assistance through the American Dream or Access Home loans.
Pros
- Offers up to $17,500 in down payment and closing cost assistance.
- Wide variety of mortgage types.
- Experienced with construction-to-permanent and renovation loans.
Cons
- Assistance programs limited to select cities and states.
- Online rate tool doesn’t customize by credit score.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC | |
620 | 3% | Visit Lenderat GO Mortgage at GO Mortgage | |
620 | 3% | Visit Lenderat Veterans United at Veterans United |
Full Review
U.S. Bank is a large national bank based in Minneapolis. Loans are available nationwide.
🏠 Popular loan types include: Fixed or adjustable rate; conventional; FHA; VA; USDA; jumbo; rate and term or cash-out refinance
🔑 Specialty loan options include: Renovation loans; interest-only mortgages; co-op financing; doctor loans; construction-to-permanent; loans for second homes; loans for self-employed borrowers; conventional loans for manufactured homes
💵 Home equity borrowing options: Home equity loans; HELOCs
U.S. Bank stands out for two assistance programs that help make homebuying more affordable. Home buyers must meet income and location requirements to qualify. Options include:
U.S. Bank Access Home Loan: Available in 11 majority-minority census tracts, this 3% down payment mortgage includes lender-paid mortgage insurance; a closing costs credit up to $5,000; and assistance funds up to $12,500 (as a deferred loan) to use for a down payment, closing costs or required repairs.
U.S. Bank American Dream loan: Available in 26 states, this 3% down payment mortgage offers up to $10,000 in assistance funds and lender-paid mortgage insurance.
Borrowers without a FICO score can qualify using alternative credit data, such as on-time rent payments. Each loan can be combined with other assistance programs.
» MORE: How to apply for a mortgage
How we score U.S. Bank mortgages
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
U.S. Bank has a NerdWallet home loans rating of five stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
U.S. Bank earned bonus points for offering conventional loans for manufactured homes and offering assistance for first-time home buyers.
What borrowers say about U.S. Bank mortgages
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow. We also contacted U.S. Bank customer support.
→ Average score in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. Mortgage origination covers the initial application through closing day.
Score: 730 out of 1,000. Industry average for origination is 730.
→ Above-average score in J.D. Power’s 2024 U.S. Mortgage Servicer Satisfaction Study. A mortgage servicer handles loan payments.
Score: 630 out of 1,000. Industry average for servicing is 606.
→ Excellent customer rating on Zillow.
Customer rating: 4.98 out of 5, as of the date of publication. Rating reflects more than 18,340 customer reviews.
🤓 Our Nerds say...
We had to dig a little to find U.S. Bank’s options for live online chat, but it is available in the logged in experience. Other mortgage lenders offer chat to all website visitors — not just customers with online accounts. When you’re just browsing and want a quick answer, it’s easier to have the option to chat with just one click.
Alternatives to a home loan from U.S. Bank
We recommend comparing mortgage rate offers from three or more lenders.
Bank of America offers multiple grant assistance programs, providing up to $10,000 to buyers who qualify.
For borrowers seeking a jumbo loan, PNC Bank is worth considering. PNC also offers grant assistance up to $5,000 to borrowers who qualify, and its Community Loan has no private mortgage insurance.
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
