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by Chris Thompson Updated
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Contrary to some lenders, U.S. Bank is extremely open about where its interest rates currently stand. This could prove to be invaluable, as it will allow you to compare the full range of its many loan options with those of competitors, making the decision process much more concise. However, you may find that U.S. Bank’s interest rates don’t stack up all that well with industry leaders like Rocket Mortgageand Bank of America.
There’s not shortage of mortgage choices at U.S. Bank, though, with everything from fixed-rate and adjustable-rate loans to VA and home construction loans. What perhaps makes these options even more desirable are the multiple term lengths you can choose from for each, such as 30-, 20-, 15- and 10-year fixed-rate conventional loans.
| Mortgage | Interest Rate | Apply |
| 30-Year Fixed-Rate | 5.875% | Compare Rates |
| 15-Year Fixed-Rate | 5.132% | Compare Rates |
| 30-Year Jumbo Fixed-Rate | 5.0% | Compare Rates |
| 5/1 ARM | 4.375% | Compare Rates |
Overview of U.S. Bank Mortgages
At U.S. Bank, there are seven conventional loans available, including four fixed-rate and three adjustable-rate mortgages (ARMs). These fixed-rate loans come in 30-, 20-, 15- and 10-year terms, along with 10/1, 5/1 and 3/1 ARMs. This gives you ample control in deciding exactly how you want your mortgage to play out. U.S. Bank even releases its interest rates and APRs associated with these loans so you know what you’re getting into.
Should you require a loan of at least $647,200, you’ll almost definitely need a jumbo mortgage, though this may vary depending on where your new home is located. While you won’t find jumbo ARMs at U.S. Bank, there are 30-, 20- and 15-year fixed-rate loans to choose from. In general, you’ll likely need a debt-to-income ratio of no more than 45% and a FICO® credit score of 740 or higher.
Federal Housing Administration (FHA) and VA loans can also be had through U.S. Bank, though they are technically backed by the federal government at some level. VA loans almost always avoid a down payment, but are reserved for current and former members of the military. On the other hand, FHA loans boast down payments around 3.5% of the property’s value, as well as simpler loan qualification requirements.
What Your Monthly Mortgage Payments Could Be With U.S. Bank
The monthly mortgage payments below are approximate and principally based on each loan’s interest rate. However, also taken into account for these payments are a standard down payment of 20% of your home’s value, along with a presumed $200,000 loan to cover the leftover price of your new home.
One important distinction to make is that VA loans do not require a down payment. So although the interest rate drop between a regular fixed rate loan and a VA loan might not seem very significant in the case of U.S. Bank, the lack of a need for a down payment is obviously extremely beneficial.
| These payment calculations do not include homeowners insurance, property taxes or closing costs. | |||
| Mortgage | Interest Rate | Loan Size | Your Payments |
| 30-Year Fixed | 5.875% | $200,000 | $1182/month for 30 years |
| 15-Year Fixed | 5.132% | $200,000 | $1,595/month for 15 years |
| 30-Year Fixed Jumbo | 5.0% | $600,000 | $3,321/month for 30 years |
| 5/1 ARM | 4.375% | $200,000 | $1,517/month for 5 years, then variable |
How U.S. Bank Compares to Other Lenders
In general, U.S. Bank’s fixed-rate conventional mortgage rates are above average when compared to the market overall. This applies to both its 30-year and 15-year loan variations, which is a relatively rare occurence.
| Mortgage | U.S. Bank | Rocket Mortgage | Chase | Bank of America |
| 30-Year Fixed | 5.875% | 5.5% | 5.625% | 5.625% |
| 15-Year Fixed | 5.132% | 5.25% | 4.875% | 4.625% |
Refinancing With U.S. Bank
If your mortgage is causing you more financial stress than you intially anticipated it would, then a refinance should be on your short list. Unfortunately, though, making this move too earlycould leave you liable to pay for private mortgage insurance (PMI) if you haven't already. Those who own at least 20% of their home's equity will bypass this. But even if you do need PMI, refinancing can provide many perks.
Like typical mortgage interest rates, refinancing rates are based on two overarching factors: your personal financial situation and the prospective lender. So elements like your credit score, loan-to-value (LTV) ratio, mortgage point total, current level of equity, loan amount and whether the home is a primary residence or not will all factor into what rates you are offered.
Should You Get a Mortgage from U.S. Bank?
Anyone who’s interested in an ARM should definitely have U.S. Bank in the mix for consideration. There’s not much sets U.S. Bank apart from the massive pack of lenders you can choose from, though it still remains a decent option nonetheless. It has absolutely become a lender that caters to the modern borrower, so if you prefer to have access to a strong website and mobile app, U.S. Bank can provide that.
Tips forHandling a Mortgage
- The SmartAsset financial advisor matchingtool sets you up with as many as three financial advisors who serve your area that can be there to help make the mortgage process as simple and stress-free as possible. Take a few minutes to answer some questions about your personal financial situation and you’ll be immediately paired with the matches best suited for you.
- Being knowledgeable about your credit score and past lending history can help you determine what type of interest rate you'll likely receive from a lender. This is not only an intelligent thing to do in general, it will also allow you to project what your monthly mortgage payments could be. In other words, the more you plan, the better.
Mortgage Type Options
Based on a mortgage
Home Value Points Location Credit Score
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- 30 yr Fixed 30yr Fixed
- 15 yr Fixed 15yr Fixed
- 5/1 ARM 5/1ARM
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'' : '') + ''; } // Convert the JSON mortgage data into objects on the page function populateMortgages(product, mortgages, featuredListings) { mortgages = smartasset.mortgage.filterResults(mortgages); miniMortgageRatesTables[product].updateRatesTable(mortgages, renderMortgage, featuredListings); // SA-12556 -- Implement new RLP-Featured Listing API smartasset.mortgage.displayFeaturedListings(miniMortgageRatesTables[product].bodyTableSel, featuredListings, featuredListingToRow); // Hide featured listings when we have BR results if (smartasset.mortgage.getSources(mortgages).indexOf('Bankrate') !== -1) { // Only hide featured listings for the product type tab that contains the Bankrate-sourced rates. var $miniMortgageBlock = $('.js-mini-mortgage-block[data-product=' + product + ']'); $miniMortgageBlock.find('.sa-table-featured').addClass('js-hidden'); } updateDisclosures(mortgages, product); smartasset.hooks.call("onMiniMortgageRatesTableUpdated"); smartasset.inputs.resizeInteraction(); } // Set hook to be called after table is rendered// smartasset.hooks.register("onRatesTableUpdated", function(args){// if (args.tableId === 'miniMortgageRatesTable') {// var hasResults = args.hasResults;// if (!hasResults) {// showNotFound();// }// }// }); // Update the bottom disclosure to show the correct source function updateDisclosures(mortgages, product) { var $miniMortgageBlock = $('.js-mini-mortgage-block[data-product=' + product + ']'); smartasset.mortgage.updateDisclaimer(mortgages, $miniMortgageBlock.find('.js-mr-disclosure')); smartasset.mortgage.updateAttribution(mortgages, $miniMortgageBlock.find('.js-mr-attribution')); } // key of the last mortgages requested var key = ""; // generate key for key function getKey() { var location = smartasset.inputs.getValue("ud-current-location"); var homevalue = smartasset.inputs.getValue("cs-home-value"); var downpayment = smartasset.inputs.getValue("cs-down-payment"); // generate the key if (location == null || homevalue == null || downpayment == null) { return ""; } return location + "." + homevalue + "." + downpayment; } function hasKeyChanged() { var newkey = getKey(); if (newkey != key && newkey != "") { return true; } return false; } // Returns the currently selected mortgage product tab function getSelectedProduct() { return $('.js-mini-mortgage-block.active').first().data('product'); } // Set titles for mortgage block function updateTitle(loanProduct) { var mortgageBlockTitle = { 'Fixed30Y': '30 Year Fixed Mortgage Rates', 'Fixed15Y': '15 Year Fixed Mortgage Rates', 'Arm5Y1': '5/1 Adjustable Rate Mortgage Rates', 'Arm7Y1': '7/1 Adjustable Rate Mortgage Rates' }; $('#mtg-block-title').html('Today\'s Best ' + mortgageBlockTitle[loanProduct]); } // Redirect the user to the selected mortgage offer function rowClick(url, id, source, lender, logoUrl) { // on mobile only handle clickthrough if user doesn't cancel via confirmation modal if (smartasset.page.isMobile()) { smartasset.mortgage.confirmClick(lender, logoUrl, function(){ smartasset.mortgage.click(url, id, undefined, source, '_self'); }); } else { smartasset.mortgage.click(url, id, undefined, source); } } // Redirect to the mortgage rates table function ratesTableRedirect() { var widget = ''; var queryString = '?loanProduct=' + getSelectedProduct() + '&utm_medium=organic&utm_source=captivate&utm_campaign=' + widget + '&utm_term=view_more_mortgages'; var url = '/mortgage/mortgage-rates'; smartasset.analytics.track("click-viewmoremortgages"); smartasset.page.facebookTrack("SAClick", {eventtype: "click-viewmoremortgages", category: "mortgage"}); window.location = url + queryString; } function setShowMoreListener($toggle_component) { var $trigger = $toggle_component.find('.js-toggle-trigger'); var $content = $toggle_component.find('.js-toggle-content').slideUp(); $toggle_component.removeClass('js-hidden'); $trigger.click(function() { $content.slideToggle(); if ($trigger.find('.fa-angle-up').hasClass('js-hidden')) { smartasset.page.eventTrack('mortgageminimoreinfoexpand'); } setTimeout(function() { $trigger.find('.js-angle').toggleClass('js-hidden'); }, 100); }); return $toggle_component; } function populateShowMoreComponent($toggle_component) { var mortgage = (window.homeaffordability !== undefined && window.homeaffordability.loan !== undefined) ? homeaffordability.loan : 200000; var home_value = smartasset.inputs.getValue("cs-home-value"); var points = smartasset.inputs.getValue("ud-closing-mtgpoints"); var location = smartasset.inputs.getValue("ud-current-location"); var credit_score = smartasset.inputs.getValue("ud-m-creditscore"); $toggle_component.find('.js-mortgage').text(mortgage).autoNumeric(); $toggle_component.find('.js-home_value').text(home_value).autoNumeric(); $toggle_component.find('.js-points').text(points); if (location !== null && typeof location !== "undefined") $toggle_component.find('.js-location').text(location.replace('CITY|', '').replace('|', ', ')); $toggle_component.find('.js-credit_score').text([ 'Excellent', 'Excellent', 'Very Good', 'Good', 'Above Average', 'Average', 'Fair', 'Needs Improvement', 'Poor', 'Poor' ][credit_score]); return $toggle_component; } function trackFeaturedListings() { var featuredListings = $('#mortgage-block .js-mini-mortgage-block.active .sa-table-featured'); // for each visible listing, fire a Mixpanel event featuredListings.each(function() { var $this = $(this); if ( !$this.hasClass('js-hidden') ) { var eventName = $this.data('event'); if (eventName) { smartasset.analytics.track(eventName); } } }); } function initialize() { $window = $(window); $refreshBtn = $('.refresh-rates-button'); $refreshBtn.on('click', function(){ update(); }); // Create the tables _.each(mortgageProducts, function(product) { miniMortgageRatesTables[product] = smartasset.tables.initializeRatesTable('miniMortgageRatesTable_' + product, undefined, '.js-mini-mortgage-block[data-product="' + product + '"] .mini-mortgage-table', {hideLoadingMessage: true, isMiniRates: true}); }); // Create the tabs $("#mortgage-block .tab-container") .easytabs({ animate: false, updateHash: false }) .bind("easytabs:after", function() { var thisProduct = $(this).find('.js-mini-mortgage-block.active').first().data('product'); // mortgage tab changed $.get('/api/ajax/mortgage/set?type=' + mortgageType + '&product=' + thisProduct + '&' + smartasset.inputs.getWidgetQuery(), function() { // update the inputs -- which will update the page smartasset.inputs.update(!noupdate); smartasset.analytics.track(smartasset.analytics.events.MortgageTypeChange, { page: window.location.pathname, mortgageType: mortgageType }); noupdate = false; // display the title updateTitle(thisProduct); }); }); // Display the table setTimeout(update, 1500); // Display the title updateTitle($(this).find('.js-mini-mortgage-block.active').first().data('product')); // Use this hook to force an update of the Mortgage Block smartasset.hooks.register("triggerMortgageBlockUpdate", function() { initialized = true; }); // Use this hook for when a different mortgage product has been selected (other than in the tabs) smartasset.hooks.register("changeMortgageBlock", function(params) { // params should be // loanProduct:
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