US Bank Mortgage is the mortgage lending arm of the popular and well known US Bank, headquartered in Minneapolis, Minnesota. US Bank is the fifth-largest bank in the United States, and it's an extremely widspread mortgage lender. It has loan officers in 43 different states and can work in all 50 states, plus the District of Columbia. At US Bank, you'll have access to a wide variety of different mortgage loan types. However, USDA loans are noticably absent from the list.
US Bank was founded in 1863, so it's certainly on the more established side. However, that hasn't stopped the mortgage lender from staying on the cutting edge. You can apply for a US Bank mortgage online, in person or over the phone, giving you several different options when it comes to actually getting a mortgage.
Does U.S. Bank Operate in My Area?
U.S. Bank offers mortgages in all 50 states. US Bank has loan officers stationed in every US state, except for Alaska, Hawaii, Maine, Mississippi, Vermont, Louisiana and Delaware.
What Kind of Mortgage Can I Get With U.S. Bank?
As one of the largest banks in America, U.S. Bank has a well-rounded offering of mortgages fit for many types of homebuyers:
Fixed-rate mortgage: The interest rate on this conventional home loan won’t change for the entire life of the loan. This is an especially popular mortgage with buyers who plan to settle into their new homes for the long haul. U.S. Bank offers fixed-rate mortgages in 10, 15, 20 or 30-year terms.
Adjustable-rate mortgage: Also known as ARMs, these mortgages have an initial fixed interest rate for a period of three, five or 10 years. When that period expires, your interest rate is adjustable for the rest of your loan. During the initial period, this loan typically features lower interest rates and monthly payments compared to fixed-rate loans. This could be a good option if you plan to move in a few years or flip the house. For this type of loan, U.S. Bank requires a 740 credit score or better.
Federal Housing Administration (FHA) loan: This is a government-backed loan. Compared to a conventional loan, FHA loans have more flexible lending requirements meaning the interest rates can be higher. You’ll need a monthly mortgage insurance for the duration of this loan. FHA loans are available as a fixed-rate or adjustable-rate mortgage. If you have limited funds available for a down payment or a low credit score, this may be an option for you.
VA loans: These mortgages are backed by the Department of Veterans Affairs. If you are a current or former member of the U.S. Armed Forces or National Guard (or the current or surviving spouse of one), you may be eligible for this mortgage. Some benefits of this loan include little or no down payment, no mortgage insurance premiums required and simplified approval process.
Jumbo loan: In most of the country, the 2022 conforming loan limit is $647,200. In certain high-cost areas, the limit may range up to $970,800. If you're looking to take out a loan bigger than that, you'll need a jumbo loan. US Bank offers jumbo loans to customers, but they typically come with more stringent terms, including a minimum credit score of 740.
Construction loans: If you want to build a new home, this is the loan you’d need to finance the construction.
Investment property loans: Determined to become a landlord? U.S. Bank offers investment loans for second homes and investment properties including one- to four-unit properties and vacation homes. One option offered is to use your current home equity to finance buying an additional property.
Refinance: U.S. Bank has a number of refinance options if you’re hoping to find a better interest rate or a lower monthly payment. Depending on whether you’re refinancing a government-backed loan such as a VA or FHA loan, you have options to “streamline” the process. U.S. Bank has information on every type offered.
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What Can You Do Online With U.S. Bank Home Loans?
U.S. Bank offers a robust website that has the option for you to prequalify online. While you can meet with a mortgage representative in person or call one, the company allows you to apply for pre-qualification via an online application. It’s great for those who prefer digital or who want to save time.
If you’re already a customer of U.S. Bank, you can sign into your existing account and then apply for pre-qualification. New customers will have to create a login through the website.
You can find all sorts of loan information on U.S. Bank’s site. There are step-by-step guides to the home buying process, a glossary of terms and an explanation of fees, as well as information for every type of loan offered by the company. If you want to crunch numbers, you can check out the current interest rates for the type of loan you’re hoping to get. While you can prequalify online, if you want to start an actual loan application, you will have to get in touch with a loan representative either in person or via phone. There’s a location finder and numbers listen on every page of the mortgage site.
The company also features a mobile application in addition to the online site, giving you the freedom to check your accounts on the go.
Would You Qualify for a U.S. Bank Home Loans Mortgage?
Your finances will be thoroughly analyzed before you’re offered a loan. For conventional ARM loans, U.S. Bank requires borrowers to have excellent credit, which generally means a FICO score of 740 or higher. Jumbo loans need a credit score of 700 or higher. U.S. Bank doesn’t specify what scores it requires for the rest of its loan offerings. You’ll have to initiate an application or speak to a representative to find out.
If you don’t have a decent credit score, be prepared for higher interest rates, but you probably won’t be completely excluded from loans. Some of the options, like FHA mortgages, are usually available to borrowers with less than stellar credit.
Another element that plays a factor into loan qualification is your down payment savings. Twenty percent of the cost of the home is the normal percentage for conventional loans. If you have less than that amount, you’d likely have to get private mortgage insurance to help insure the cost of the loan.
Your income and debt also determine your lending worthiness. If you have high monthly liabilities, such as a large student loan payment, car loan or credit card debt, and don’t have a high income, you’re less likely to qualify for a loan. You can learn all about debt-to-income ratios with our guide.
What’s the Process for Getting a Mortgage With U.S. Bank Home Loans?
To apply for a mortgage with U.S. Bank, you can call its customer service line, use an online form to request a call from U.S. Bank, or meet with a mortgage loan officer in person at one of the branches. You can jump start the process and apply for pre-qualification on its website.
Like many mortgage lenders, you’ll need at least a 620 credit rating and 24 months of steady employment to be eligible for prequalification. The exception is the jumbo loan where you’ll need a FICO score of 700 or higher with at least a 20% down payment.
During your conversation with the mortgage loan officer, you’ll provide your name and address, an overview of your financial history (i.e. debts, income) and your goals for a monthly payment to get prequalified.
The next step will be gathering your documents for verification to get pre-approval on a mortgage. U.S. Bank will need to see documents in four main areas: residential history, employment and income history, personal assets and personal debt.
You will need to provide your home address for the past two years, as well as your landlord's’ name and address if you rented during that time.
For employment and income verification, you can expect to show pay stubs from the last month which show your year-to-date earnings and W-2 or I-9 tax forms for the past two years.
In terms of your personal assets, you may need to provide the past two months’ worth of bank account statements and any asset statements for stocks, bonds, IRAs or other funds you plan to use toward your down payment. If you already own real estate, you will likely have to provide documentation on that, including addresses, current value, your current mortgage lender’s name and address, as well as information about that home loan.
With regard to your personal debt, you may be asked to disclose any car, student or home loans not listed on your credit report, plus all credit cards.
Your loan originator will let you know if you need to supply additional information. Once your assets have been verified, you may be pre-approved for a loan.
Be aware if you move forward with your application, you may need to provide additional documents at the mortgage closing. Your loan originator and real estate agent will let you know what they need from you.
How U.S. Bank Home Loans Stacks Up
US Bank Mortgage is a large and established lender, and it measures up pretty nicely with the rest of the competition. You get access to online, over the phone and in person options when it comes to apply for a mortgage and learning more, and you won't need to worry about your location since US Bank Mortgage operates in all 50 states. You're also likely to have a loan officer at a physical location somewhere near where you live.
The only place where US Bank Mortgage falls a little short is when it comes to loan options for those with less than stellar credit. You won't be able to get a loan based on history of rent payments alone, though options like VA loans and FHA loans may give you an expanded suite of available loans.
Tips for Buying a House
- Buying a home is undoubtedly one of the biggest purchases you'll make, so you shouldn't take it lightly. A financial advisor may be able to help you make sense of all your options. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Should you rent or should you buy? It's one of the biggest questions when it comes to where you decide to live, and there are a lot of things to consider. SmartAsset has a number of free online resources to help you with your decision. Check out our rent vs. buy calculator today.
- While looking for a mortgage lender, it's important to shop around for the lowest possible interest rate. SmartAsset's rate comparison tool can help you find a lender with a rate that's right for you.
- SmartAsset's free mortgage calculator can help you figure out your monthly mortgage payment with taxes, fees and insurance.
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