U.S. BANK

Overview

Our history dates back to 1863 when First National Bank of Cincinnati opened for business. As regional banks proliferated across the country in the years that followed, a number of other predecessors were born. After a series of mergers at the turn of the 21st century, we formally took on the U.S. Bank name and established our headquarters in Minnesota. Today, U.S. Bank is the fifth-largest bank in the country, with 73,000 employees and $462 billion in assets as of December 31, 2017.

Our businesses
Our diverse business mix is fundamental in delivering a consistent, predictable and repeatable financial performance year after year. Our core businesses include Consumer & Business Banking, Corporate & Commercial Banking, Payment Services and Wealth Management & Investment Services. Through our “One U.S. Bank” philosophy, we are able to bring the power of the whole bank to every customer, every single day.

Loan Features

Home Loans
Homes are where possibilities live. Unlock yours. U.S. Bank offers a variety of mortgage, refinance and home equity options with competitive rates.

Home Mortgage Loans
Bring your dreams home. Buying a home is a process. We can help. Mortgage options for any need. A dedicated mortgage loan officer can help you with virtually any type of mortgage.

Fixed-rate loans – a “fixed-rate” mortgage comes with an interest rate that won’t change for the life of your home loan. A “conventional” (conforming) mortgage is a loan that conforms to established guidelines for the size of the loan and your financial situation. Conventional loans may feature lower interest rates than jumbo loans, FHA loans or VA loans. Terms of these conventional loans typically range from 10 to 30 years.

Adjustable-rate loans – an adjustable-rate mortgage (ARM) is a loan in which the interest rate may change periodically, usually based upon a pre-determined index. The ARM loan may include an initial fixed-rate period that is typically 3 to 10 years. The interest rate then may change (adjust) each year thereafter once the initial fixed period ends. For example, with a 5/1 ARM loan for a 30-year term, your interest rate would be fixed for the initial 5 years and could fluctuate up or down each subsequent year for the next 25 years.

Jumbo loans – Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you. The limit on conforming loans is $453,100 in most areas of the country, but jumbo mortgages can exceed these limits. Even so, if you’re considering a home in a high-cost area, you may still be able to obtain a conforming fixed-rate mortgage or adjustable-rate mortgage for up to $679,650. FHA loans have limits up to $721,050. Contact a mortgage loan officer to learn more.

New construction loans – many people dream about building a new home to their exact specifications. If you’ve been thinking about building a new home, it could be one of the most exciting and rewarding projects you’ll ever undertake. If you’re currently a homeowner, an alternative to a construction loan is to use the equity in your home to finance building a house. We offer a number of construction loans designed to help you finance the building of your new home. For information on construction loans, including the benefits of closing before construction begins, talk with a mortgage loan officer.

FHA loans – an FHA mortgage is a government-backed home loan with more flexible lending requirements than those for conventional loans. Because of this, interest rates for FHA mortgages may be somewhat higher, and the buyer may need to pay monthly mortgage insurance premiums along with their monthly loan payments.

VA loans – VA loans are home mortgages backed by the Department of Veterans Affairs (VA). With a VA loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.

Investment property loans – U.S. Bank offers investment property loans for those interested in buying second homes and investment properties, including one- to four-unit residential properties and vacation properties. As an option, you may be able to use your current home equity to finance buying additional property. To learn more, contact a mortgage loan officer.

Mortgage Refinancing
Ready for a mortgage refinance? We’re ready to help. If you want to make your mortgage payments more comfortable and your home value is steady or has increased, you may be able to refinance your mortgage with a traditional refinance loan. Traditional loans are backed by Fannie Mae or Freddie Mac, and they are generally the lowest-cost refinance loans. You may be able to get a traditional refinance home loan from U.S. Bank even if your current mortgage is with another lender.

Benefits of a traditional refinance
Lower your monthly payment
Refinancing into a lower interest rate could reduce your payment, leaving more money in your monthly budget. Traditional refinancing is also available with adjustable rates for even lower payments during the initial rate period than comparable fixed-rate loans.

Change the term of your loan
If your current mortgage is a 30-year loan, you could shorten your loan term with the goal of building equity faster or paying off your home more quickly. U.S. Bank offers traditional refinancing loans with terms of 10, 15 and 20 years, as well as the 30-year option.

Pay less in costs and fees
Conventional refinance loans may cost less than FHA and VA loans, which typically have higher closing costs and monthly fees. And if your existing mortgage is with U.S. Bank, you may be able to save even more through our Streamline Refinance program.

Home Equity Loans & Lines of Credit
New home feeling, no moving required. With access to available funds as you need them, competitive rates and flexible payment options, a home equity line of credit could be just what you need for your next major project.

Auto Loans
Branch and Online Rates as low as 3.49% APR. For a limited time, we’re offering reduced rates on Auto Loans during our sales event – Apply today.

Buy a new car
Dealer rates for new car loans are as low as 3.56% APR (rate based on, 800 FICO, 90% loan-to-value, 36 month term) and branch/online rates are as low as 3.49% APR (rate based on, 100% loan-to-value, 36 month term, $10,000 and higher financed). Either way, there’s no down payment required.

Find a used car
Most used cars qualify for the same rates as new and are currently as low 3.49% APR (rate based on, 100% loan-to-value, 36 month term, $10,000 and higher financed), even with no down payment – and you’ll get a timely credit decision, too.

Car Refinance Loans
Looking to save money or pay off your auto loan sooner? Get in gear and refinance your auto loan today at U.S. Bank, at a rate as low as 3.49% APR (rate based on, 100% loan-to-value, 36 month term, $10,000 and higher financed)

Boat Loans & Boat Financing
Are you ready to make some waves? If you’re interested in purchasing a new or used boat to compliment your active lifestyle, U.S. Bank offers loans up to $150,000 to help you get off dry land and on the water. U.S. Bank provides flexible financing to purchase or refinance new or used boats.1 You’ll also enjoy U.S. Bank’s competitive boat loan interest rates as well as flexible repayment terms and low monthly payment options. Tired of waiting to find out what you qualify for? U.S. Bank makes same-day credit decisions so you can get on the water faster.

Our Boat Loans range from $5,000 to $150,000. We finance:
All types of new and used sailboats, motorboats and yachts
Large U.S. Coast Guard documented vessels
Boat trailers

Recreational Vehicle (RV) Loans
Whether you’re interested in purchasing a RV or motorhome for road trips or would like to change your lifestyle, U.S. Bank offers loans up to $150,000 to help you start your adventure. U.S. Bank provides flexible financing to purchase or refinance new or used recreational vehicles.1 You’ll also enjoy U.S. Bank’s competitive RV loan interest rates as well as flexible repayment terms and low monthly payment options. Tired of waiting to find out what you qualify for? U.S. Bank makes same-day credit decisions so you can quit waiting and start exploring.

Our RV loans range from $5,000 up to $150,000. We finance:
All classes of motor homes
Travel trailers, including large fifth wheels
Pop-up campers and truck campers

Unsecured Personal Loans & Lines of Credit
U.S. Bank customers can enjoy instant, ready access to funds with the U.S. Bank Premier Line Unsecured Line of Credit. With a fixed interest rate and fixed monthly payments, our Premier Loan is a great choice for one-time financing needs. Get more from your U.S. Bank checking account with overdraft protection from a U.S. Bank Reserve Line of Credit.

Application Process

The U.S. Bank Loan Portal is a convenient way for you to apply for a mortgage eligibility letter or a home loan online in one secure place. From uploading personal documents to submitting electronic signatures, the U.S. Bank Loan Portal makes the mortgage process fast and easy on any device. Here’s a look at what to expect in the portal.

Sign up
You’ll use a unique email address and password to set up your personal profile in the U.S. Bank Loan Portal. Once this step is complete, you’re ready to begin applying for a mortgage eligibility letter or a home loan.

Don’t have an address yet?
If you’re still on the hunt for the perfect home, a mortgage eligibility letter will come in handy while you shop. A buyer with a mortgage eligibility letter may be more attractive to a seller than someone who says they can buy a house but have nothing to back up their offer.

Start the loan application
Once you’ve found the home you want to buy and have a signed purchase agreement, you’ll start a mortgage application. You may be asked to submit some personal documents after we receive your application and provide you with a Loan Estimate. If you have questions, contact your mortgage loan officer.

Upload and submit
During the underwriting process, underwriters will review your mortgage application and may request additional documentation. They may also share documents with you for your review and approval. In the U.S. Bank Loan Portal, you can safely upload and view documents from multiple devices in one convenient place.

Sign and close
Closing is the last step in the mortgage application process. Closing happens in a meeting between a combination of the buyer, the buyer’s agent, the seller, the seller’s agent and a closing agent. The closing agent is either an attorney or a representative from the title company which manages the home’s ownership documents.

Move in
Congratulations! After closing is complete, you can collect your keys and move into your home.

Repayment Terms

These mortgage rates assume a few things about you – for example, you have very good credit (a FICO credit score of 740+) and you’re buying a single-family home as your primary residence. If you decide to purchase mortgage discount points at closing, your interest rate may be lower than the rates shown here.

Conventional fixed-rate mortgages
30-year fixed 4.500% (4.574% APR)
20-year fixed 4.375% (4.476% APR)
15-year fixed 4.000% (4.127% APR)
10-year fixed 4.250% (4.433% APR)

Adjustable-rate mortgages
10-year ARM 4.125% (4.380% APR)
5-year ARM 3.750% (4.454% APR)
3-year ARM 3.625% (4.555% APR)

FHA mortgages
30-year fixed – FHA 4.500% (5.568% APR)
15-year fixed – FHA 4.375% (5.453% APR)

VA mortgages
30-year fixed – VA 4.500% (4.853% APR)
15-year fixed – VA 4.500% (5.116% APR)

Jumbo mortgages
30-year fixed – jumbo 4.625% (4.647% APR)
20-year fixed – jumbo 4.500% (4.530% APR)
15-year fixed – jumbo 4.250% (4.288% APR)

Customer Support

+1 800-872-2657

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