Are you thinking of getting a US Bank loan and would like to weigh the advantages and disadvantages beforehand? You don’t have to search any longer, as we are delighted to provide a detailed review of US Bank Mortgage to help you make the right decision.
US Bank Mortgage, which is a division of US Bank, has offered quality mortgage services to its customers for more than 150 years. Founded in 1863, US Bank is one of the largest and most reliable financial institutions in the United States.
The main objective of this review will be to highlight the important features, such as advantages and disadvantages, as well as, provide an email and phone number for further consultations if necessary.
How to Apply for US Bank Mortgage
The application process is simple and can be done through the Internet, telephone, or by visiting in person. Steps to take:
Log into your U.S. Bank account. No online banking account yet? Choose Start as Guest to continue, and type in your e-mail address and password to open the application.
Create an account and import or upload your required documents. You may begin your application process independently or work with a loan mortgage officer for assistance.
It will take a lender three days to make a loan estimate (LE) that contains your estimated documentation fee.
Pros and Cons of Using US Bank Mortgage
Pros:
- Wide range of mortgage products: US Bank has a wide range of mortgage loan options, which are fixed-rate loans, adjustable-rate loans, jumbo loans, VA loans, FHA loans, and others. This enables customers to select the loan they feel most comfortable with.
- Competitive interest rates: US Bank provides mortgages with competitive rates that people would look for, which makes it a good choice for those who want to reduce the mortgage interest rate.
- Online application process: US Bank always makes the online application process user-friendly so that customers can conveniently try getting a mortgage from their homes.
- Customer service: The Bank has a powerful reputation for quality customer service, with experts available who would help customers with the loan process.
Cons:
- Limited branch locations: The US Bank has fewer branch locations compared to some other banks. Therefore, the fact that US Bank does not have many branches can be considered a disadvantage by customers who prefer one-on-one assistance.
- Closing costs: Some customers have complained about the additional closing costs with US Bank compared to other banks servicing their loans. In this case, the consumer is advised to compare prices before making a choice.
The pre-qualification process:
- Fast: it lasts for just 5 minutes.
- Is free—free all the time
- It will not have an impact on your credit record at all.
How to get Started
You talk to a lender in person or on the phone about these things: your debt, income, and financial assets.
You should be ready to provide the following:
- Your full name and that of the other applicants.
- Your current address
- Estimated household income
- The expected household debt.
Rates
Getting pre-approved, the lenders will access your current finances (which can take a while), and if they find that you meet their requirements, you will be able to borrow up to a certain amount from that institution.
This certification has one type of validity (mostly 90 days) and is often renewable.
Types of Mortgage Loan
The bank provides different loan types to meet the requirements of each borrower, from 10-year fixed to 30-year Conventional loans, FHA, and VA loans to jumbo loans. See below the rates:
Conventional Loan Rates
The monthly principal and interest payment won’t change for the life of the loan. So, you get a consistent monthly payment. The down payment can be little as 3%, and the term of the loan typically ranges from 10 to 30 years.
Conventional loan rate for 30-YEAR TERM
- FICO® Score of 740+
- 6.875%Rate
- 7.020%APR
20—YEAR TERM
- 375%Rate
- 6.608%APR
15-Year Term
6.375%Rate
6.645%APR
10 YEAR TERM
6.375% Rate
6.755%APR
FHA LOANS
FICO® Score of 740+
Lower credit score requirements
FHA 30-YEAR TERM
- 7.000%Rate
- 7.920%APR
Property Requirements
The property must be appraised by an FHA-accepted appraiser. In addition, FHA loans are available only for homes that: In addition, FHA loans are available only for homes that:
- The buyer intends to reside on this property.
- Guarantee the safety and well-being of the occupants.
- Keep the property secure.
- Have no physical disability or condition that affects the structure.
VA LOANS
The rates and monthly payments shown are based on a loan amount of $270,019 and a down payment of at least 3.5%.
Option to make $0 down payments for military members.
VA 30-YEAR TERM
- 6.625%Rate
- 7.009%APR
US Bank Mortgage: Documents Needed
- ID and Social Security number.
- Pay stubs day: 30.
- W-2 or I-9 statements from the past two years.
- Proof of any other sources of income.
- Federal tax returns
- Recent bank statements
- Details on long-term debts such as car or student loans.
- Real estate property information
US BANK Contact Information
For further inquiries or to apply for a mortgage with US Bank, you can reach out using the following contact information:
Email: service@usbank.com
Phone Number: 1-800-365-7772
Conclusion
US Bank Mortgage provides a variety of loan options for potential homebuyers, and its terms and rates are one of the best in the market. Their online platform is designed to enable you to apply for a loan and manage mortgage payments.
Their various loan categories, including those with favorable terms, give them an advantage in serving not only first-time homebuyers but also those looking for loans to refinance.
With their user-friendly online platform, easy-to-use app, and helpful customer support, anybody can start the home buying process even without their representative. For more information to begin the process, create an account here or contact the customer care office via mail or mobile number, disclosed above.
Disclosures:
Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts.
Interest rates and program terms are subject to change without notice. Mortgage, home equity, and credit products are offered by the U.S. Bank National Association. Deposit products are offered by the U.S. Bank’s National Association. Member FDIC.
