U.S. Bank mortgage review 2025

Core Insights - U.S. Bank is recognized as a leading mortgage lender, particularly for its commitment to assist underserved borrowers and its diverse range of home loan products [1][5][9] Mortgage Products - U.S. Bank offers various home loan types, including conventional loans, FHA loans, VA loans, and home equity loans, with specific assistance programs for down payments and closing costs [5][9][10] - The bank provides up to $12,500 in down payment assistance and an additional $5,000 in lender fee credits for underserved families [5] - Existing customers may receive a closing costs credit of up to $1,000 [5] Loan Qualification and Rates - The prequalification process is free and quick, taking about five minutes without affecting the credit score [5][22] - U.S. Bank's advertised mortgage rates are primarily aimed at well-qualified buyers, requiring a 25% down payment and a FICO score of 740 or higher, which is above the national average of 715 [5][21] - The bank's mortgage rates scored 3 out of 5 stars, with a near-median interest rate of 6.5% and total loan costs of $4,864.87 [20][21] Home Equity Options - U.S. Bank offers home equity lines of credit (HELOCs) with adjustable rates and the option to convert to a fixed rate for up to 20 years [13] - Home equity loans are available with a fixed-rate payback option, and potential borrowers can receive a Loan Estimate without a full application [14][15] Online Resources and Support - U.S. Bank provides extensive online resources, including educational materials and calculators, earning a 5-star rating in the Online Features category [27] - The bank's Learning Center includes articles on mortgage underwriting, insurance, and first-time homebuyer loans [24] Comparison with Competitors - U.S. Bank's mortgage offerings are competitive with other lenders like Truist and Chase, particularly in terms of down payment assistance and government-backed loans [30][29] - While both U.S. Bank and Truist show rates with one discount point, Truist allows for zero points pricing, giving it a slight advantage in transparency [29]