U.S. Bank Mortgage Review

U.S. Bank mortgage loans are available for as little as a 3.5% down payment for FHA loans and 5% for conventional and jumbo loans. Borrowers need a minimum credit score of 620, and the interest rate varies depending on the loan product selected. MoneyGeek’s U.S. Bank mortgage loan review highlights all the information you need to know before submitting your loan application.

Mortgage loan requirements vary depending on the lending company and the specific loan product. Our U.S. Bank mortgage loan review outlines the loan types, rates and fees associated with the lender’s product offerings.

• Conventional
• Jumbo
• FHA
• VA
• Investment property
• New construction and lot
• Refinancing

However, U.S. Bank does not provide USDA loans.

U.S. Bank determines its loan rates depending on various factors, including the purpose of the mortgage and whether the loan has a fixed or adjustable rate. Other considerations include the monthly payment rate, credit score, down payment and monthly payment amount. That’s why rates may vary across borrowers.

Although it is not clear how much U.S. Bank charges for origination, underwriting, processing or application fees, you may need to pay various other costs, as follows:

• Prepayment penalty fee: For qualified mortgage loans, U.S. Bank may charge 1% of the amount as a prepayment penalty to a maximum of $500.
• Loan modification fee: This is applicable to adjustable-rate mortgage (ARM) loans converted to fixed-rate loans. The fee amount varies depending on what is outlined in the original mortgage note.
• Check by phone fee: The lender charges this fee when borrowers make payment by telephone, through a loan officer or in the company’s self-service interactive voice response system. The amount varies from $0–$11.
• Late payment fee: If you do not make your payment within the time specified in your loan agreement, you will get fined depending on the percentage of the overdue amount. The rates vary from state to state.

Most mortgage products from U.S. Bank need a minimum credit score of 620. Conventional loans are generally limited to $647,200 per home, with a down payment of at least 5% and a minimum APR of 4.50%. However, individuals who live in a high-cost area may receive up to $970,800 as a mortgage.

Jumbo loans offer higher purchase limits, although customers need a debt-to-income ratio that’s less than 45% to qualify and the property cost supported by an appraisal. These loans feature an APR of at least 5.07%, and they require a credit score of at least 740.

FHA loans allow a down payment of 3.5% and may be ideal for customers with lower credit scores who need an option with lower down payments.

Customers will need to respond to simple application questions and upload the documents as requested.

Securing the best mortgage loan depends on your unique circumstance and the terms of the lending company. MoneyGeek’s U.S. Bank mortgage review can help you determine whether the lender suits your needs.

According to MoneyGeek’s research, U.S. Bank provides excellent mortgage loans to a wide array of borrowers, especially those with an established credit history.

Customers can determine whether they prequalify for a select mortgage product within five minutes and have their application completed as soon as their credit rating is verified.

The bank is also ideal for clients who need increased purchase limits and may wish to refinance their loans in the future. If you are looking for a low-cost down payment, you may also consider U.S. Bank, with rates as low as 3.5% on some of its mortgage loans.

Borrowers who need USDA loans may need to get alternative lenders to U.S. Bank. Those with a credit score that’s lower than 620 may also need to consider other companies unless they are only interested in FHA and VA mortgage loans. Furthermore, if you need a jumbo mortgage, you’ll need a credit score of at least 740 to qualify with U.S. Bank.

You may also not find U.S. Bank appealing if you need a lender that doesn’t charge prepayment or late fees.

Completing the prequalification process does not guarantee that your loan will get approved. The lender may cancel your application for various reasons, including a low credit score, lack of proof of income or submitting incomplete application documents.

Should this happen, MoneyGeek recommends that you first establish the cause of rejection. Find out if it’s possible to revise your application and resubmit it to U.S. Bank or another lender. However, you should never apply for another loan until you are sure what caused the previous application to be declined.

You may talk to your loan officer, a financial advisor or any representative from the bank to obtain additional resources about your preferred mortgage loan.

You may also consider alternative options that suit your needs, especially if your application failed to go through due to credit score or income issues.

The best mortgage loan depends on the borrower’s needs and the lender’s requirements. MoneyGeek’s U.S. Bank mortgage review can help you determine if this bank is the best option for your unique situation.