US bank at a glance
Although US Bank has been in business for over a century, it is well positioned as a modern day mortgage lender, with great loan offerings and technically advanced convenience. It offers online pre-qualification and pre-approval, a fully digital loan application and a mobile app – all with the aim of getting loans completed on time and with less stress.
Here is a breakdown of the US Bank’s total score:
Different types of credit: 5 out of 5 stars
Choice of credit products: 5 stars out of 5
Online convenience: 5 out of 5 stars
Prices and fees: 4 out of 5 stars
Price transparency: 4 out of 5 stars
Types and Products of US Bank Mortgage Loans
The US Bank offers fixed and adjustable rate mortgages, federally supported FHA and VA loans, jumbo loans, home loans and lines of credit, and mortgages for low to middle income borrowers.
Construction, home renovation, and vacant lots loans are also available, but only in states where the US bank has physical locations.
The US Bank has some products that may not be available from some smaller lenders, although they are not mentioned on their website. One such product is the simultaneous second mortgage. Also known as a “piggyback” or 80-10-10 mortgage, the loan is typically used by high credit borrowers in areas with high home prices who cannot afford a traditional 20% down payment.
The US Bank also offers advanced mortgage financing for general practitioners. The program offers home loans with higher lending guidelines and some leeway in debt-to-income ratio. Again, this loan is not advertised on the US bank’s website. So if you are a medical professional, your best bet is to contact a loan officer to learn more about this option.
Online convenience of the US bank
US Bank provides a base Mortgage pre-qualification edit online, but be aware that this is just a first step toward determining toward how much house can you afford. In the case of a prequalification, there is no formal commitment from the bank to grant a loan, and you do not make any commitments. It doesn’t affect your creditworthiness either.
A Mortgage pre-approval requires a complete mortgage loan application, which you can fill out online at your leisure by clicking “Apply for a Mortgage” on the US bank’s homepage and using the online portal.
During the application process, the US Bank may be able to electronically verify your income and assets using information from third party sources such as other banks, tax advisors, and payroll services.
The digital application system shortens the time it takes to get the borrower’s documents into the hands of the underwriter, so loans can be completed faster, according to the US Bank.
If you prefer a more personal experience, the lender has over 3,000 branches with a mortgage loan officer available.
US bank mortgage rates and fees
One of the most important considerations in choosing a mortgage lender is knowing what the loan will cost. To give consumers a general sense of what a lender might be asking for, NerdWallet rates lenders based on two factors related to fees and mortgage rates:
The average issuance fee of a lender compared to the median of all lenders reporting under the Home Mortgage Disclosure Act. The US Bank deserves 4 out of 5 stars for this factor.
A lender’s offered mortgage rates compared to the best comparable loans available. The US Bank deserves 4 out of 5 stars for this factor.
Borrowers should find the balance between Lender’s Fees and mortgage rates. While this isn’t always the case, paying upfront fees can lower your mortgage interest rate. Some lenders charge higher upfront fees in order to lower their advertised interest rate and make it more attractive. Some lenders only charge higher upfront fees.
You can choose to buy Discount points – a fee paid with your closing costs – to lower your mortgage rate. When deciding whether to pay higher upfront fees, you need to consider how long you want to live in your home and how much cash to apply for Closing costs when you sign the loan documents.
US Bank Mortgage Interest Transparency
The US Bank offers mortgage rates on many loan products on its website. These are national rates based on general assumptions so you can only get an idea of the lender’s interest rates. Also note that these prices are based on an above-average FICO score.
When the time comes to get serious, tailored rate information based on your creditworthiness and property details, you need to contact a mortgage loan officer.