Top perks
Reputation
U.S. Bank scores well above average in the J.D. Power 2023 U.S. Primary Mortgage Servicer Satisfaction Study, with 623 points versus the industry average of 601. This indicates customers tend to have a good experience when U.S. Bank services a loan. U.S. Bank also scores well in J.D. Power's mortgage origination study (730, which is the industry average). It's a great score; the competition is stiffer when it comes to making new loans.
Customer discount
U.S. Bank offers a relationship bonus to its current customers. If you hold a Bank Smartly® Checking account or an existing Gold or Platinum Checking Package, or you have an existing U.S. Bank first mortgage, you may be eligible for a discount on closing costs. The discount is 0.25% of the new loan amount, up to a maximum of $1,000. For example, if your loan is for $200,000, you can save $500.
Five-minute prequalification
You can enter your personal information on U.S. Bank's website and get a basic home loan estimate. It takes about five minutes, and the response is instant. This isn't a full application and won't affect your credit score. It's also not a commitment to lend, but it can let you know where you stand.
Loan variety
U.S. Bank offers most popular mortgage loans, as well as some that can be harder to find:
Physical branches
Sometimes you might prefer to do business in person. That's understandable when we're talking about a home, possibly the biggest purchase you'll ever make. Not everyone is comfortable handling major financial conversations and transactions remotely. U.S. Bank has branches in 26 states, so there might be one near you.
Down payment assistance
Most down payment assistance programs are offered by your state, county, or city. It can be difficult to learn where to find and apply for help. U.S. Bank says its loan officers can guide you through the process.
What could be improved
U.S. Bank Mortgage doesn't publish details about what it looks for in an applicant on its website. Also, U.S. Bank Mortgage says it works with various agencies to help borrowers get down payment assistance, but there's no specific information about this. For example, a borrower will have to speak to a loan officer to find out how to qualify and what the minimum down payment might be. Not everyone wants to start their mortgage loan research with a call from a loan officer (and their name on a marketing list). Admittedly, U.S. Bank is not unusual in this.
Published rates won't apply to most borrowers
All lenders keep their best rates for the most qualified applicants, and in general, consumers with excellent credit scores will get the lowest mortgage rates. Each lender sets its own cutoff between "good" and "excellent." U.S. Bank Mortgage says that 740 is an excellent credit score.
As such, you'll likely need a credit score of at least 720, perhaps even 740, to land in that low mortgage rate sweet spot. Since the average credit score in the U.S. is 711, the published rates on U.S. Bank's website won't apply to most people.
