* The minimum credit score and down payment are for compliant mortgages
Overall rating of the lender
Advantages and disadvantages
US bank mortgage rates
The US bank posts mortgage rates for fixed rate, variable rate, FHA, VA, and jumbo home loans on its website. The rates shown assume that you have a credit score of at least 740 and that you are purchasing a single family home.
Some lenders will customize your mortgage rates online by asking for your zip code, down payment amount, or credit score. The US Bank does not allow you to customize the rates, however, you will need to apply for prequalification to get a general idea of what you would pay.
On the positive side, the US bank’s online rates are comparable to national average rates on the Federal Reserve website. So, you could get a low rate with this lender.
How US Bank Mortgages Compare
We compared US Bank to two other major lenders that offer mortgages in all 50 states: Bank of America and Chase.
American Bank Mortgage vs. Bank of America Mortgage
US Bank offers more types of home loans than Bank of America. It’s the obvious choice whether you need a construction loan or a home equity loan. You will also like US Bank if you are in need of a VA loan but your credit score is rather low. Bank of America requires a credit score of 620 for VA loans, while the US Bank only requires a rating of 600.
Bank of America has homeownership assistance programs which vary by state. Depending on where you live, you may be eligible for a grant or loan for your down payment / closing costs.
American Bank Mortgage vs. Chase Mortgage
You will want to go with US Bank for construction loans or home equity loans. But Chase has a one-time mortgage called Chase DreaMaker.
Chase DreaMaker is a program for low-income borrowers that includes up to $ 3,000 in grants for a down payment or closing costs. Chase recently expanded this program to offer $ 5,500 to people who live in eligible neighborhoods and take an educational course. If you qualify for this mortgage, you may prefer Chase.
How US Bank Mortgages Work
US Bank has branches in 26 US states and offers loans in all 50 states. The lender offers the following types of home loans:
If you are refinancing, you can choose between interest rate and term refinancing or cash flow refinancing. You can refinance your FHA loan with US Bank, but to perform easy refinancing – which doesn’t require a credit check or home appraisal – your original FHA loan must be with US Bank.
Is the US Bank Trustworthy?
Better Business Bureau gives US Bank a Note A +. The BBB examines responses to customer complaints, transparency of business practices, and honesty in advertising.
The US bank has a recent controversy, however. In 2020, the lender paid $ 200 million to the US government for approving FHA loans for mortgage insurance even though a) borrowers did not qualify for FHA loans, or b) the US bank did not verify their credit scores.
This lawsuit was not settled until 2020, but dishonest lending practices took place from 2006 to 2011.
Mortgage and refinancing rates by state
Compare the US bank’s rates to your state’s mortgage rates:
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