US Bank is one of the largest banks in America that’s committed to serving the communities in which they live and work. In October 2012 and October 2013, they were ranked as one of the World’s Safest Banks by Global Finance. This company offers mortgage services, which will be the focus of this review. We will cover the process of taking out a US Bank home mortgage and the PROs and CONs of US Bank’s mortgage services, so you can make an informed decision on where to obtain a mortgage.
US Bank Home Mortgage – Details and Overview
US Bank has earned multifarious accolades for their customer experience, trustworthiness, and military-friendliness. They scored as the the #1 most trusted bank in consumer protection by Ponemon Institute in 2013. From 2012 to 2014, U.S. Veterans magazine recognized US Bank as a top veteran-friendly company. The bank has banking offices in 25 states, including California, Arizona, Idaho, Minnesota, and Tennessee. It also has locations in Canada and Europe. US Bank offers a variety of home mortgage loans, such as conventional fixed rate loans, VA loans, FHA loans, and jumbo loans.
US Bank Home Mortgage Loan Process Explained
The current interest rates on a US Bank home mortgage conventional loan are 4.25% on a 30-year fixed, 4% on a 20-year fixed, 3.625% on a 15-year fixed, and 3.625% on a 10-year fixed. A conventional fixed rate mortgage comes with an interest rate that doesn’t change and adjusts to your financial situation and size of the loan.
VA loans at US Bank are available as 30-year fixed and 15-year fixed at respective rates of 4.125% and 3.75%. If you’re a veteran or spouse of a deceased veteran, you’re encouraged to choose a VA loan because it provides lower monthly payments, little to no down payment, and a simpler approval process.
As stated on their website, “Not all loan programs are available in all states for all loan amounts” and “Interest rates and program terms are subject to change without notice”. These two things are important to keep in mind. You may be given a different rate or loan term than listed on their website. US Bank will, of course, outline the terms before you commit to anything. Your geographic location, occupancy, credit profile, and other factors influence your loan terms as well.
To apply for a mortgage loan through US Bank, you should go to their prequalification to find an estimate of which loans you may qualify for. The prequalification form is fairly simple and straightforward to fill out. You’ll be asked your contact information, debt information, and details about the loan you want. When you’re ready to apply for a loan, you can schedule a meeting in person, call the bank at 877-303-1637, or request a call.
PROs and CONs of US Bank Home Mortgage
- Offers VA loans for veterans and surviving spouses;
- Recognized by multiple military magazines and organizations for being military-friendly;
- Simplified approval process for VA loans;
- Was acknowledged as one of the World’s Safest Banks by Global Finance;
- Offers a variety of home mortgage loans;
- Conventional fixed rate loans are available;
- You can prequalify for a loan on their website;
- The prequalification form on their website is easy to fill out;
- You are given a US Bank mortgage online account to easily monitor and make payments on your mortgage.
- Not available in all 50 states;
- No online application form for a home mortgage. You must call the bank, request a call, or meet in person;
- Not all of their loan programs are available in each state;
- Interest rates and loan program terms can be changed without notice;
- You can only email US Bank once you have an online mortgage account.
US Bank Home Mortgage Customer Service Review
US Bank has a mixture of positive and negative reviews. A customer review on Credit Karma praised the bank for breaking down the mortgage process in an easy-to-understand way for them. The customer was also happy that US Bank never sold their mortgage to another company like some banks do.
One customer from Maryland posted a review on Consumer Affairs stating that US Bank’s customer service was poor. The customer service representatives didn’t solve the problem she had with the bank charging late fees when she sent her payments on time for an FHA mortgage with a CDA.
- Phone number: There are two different numbers you can call. For the mortgage customer service number, call 800-365-7772. If you wish to apply for a US Bank mortgage loan, the number you should call is 877-303-1637.
- Webpage: https://www.usbank.com/home-loans/mortgage/
- Email: If you want to send US Bank an email pertaining to your mortgage, you must first sign into your US Bank home mortgage online account.
- Social media pages: US Bank has two Twitter accounts, one of which is for handling customer questions. If you have any questions, send it to @askUSBank. Their main Twitter account that provides updates and news about the bank is @USBank.
You could also get into contact with US Bank on their Facebook page. They normally respond to messages within an hour.
US Bank offers a variety of mortgage loans, including conventional fixed rate loans that adjust to an individual’s financial situation and loan amount. The bank is known for being veteran-friendly, safe, and trustworthy. Their VA loans are easy to apply for and are provided with great loan terms. US Bank also offers reasonable mortgages for those who either aren’t veterans or didn’t qualify for a VA loan.
Would US Bank be a good company to obtain a home mortgage from? Let us know what you think in the comments, especially if you have ever had a US Bank home mortgage.