U.S. Bank Home Mortgage services the whole militia when it comes to fixed & adjustable-rate mortgages as well as refinancing, home equity and line of credits. You can also expect government-backed loan products – FHA, VA, and USDA loans as well. U.S. Bank serves in all 50 states, with offices in 25 states making it so much easier for me to say that they have the loan to suit your lifestyle. In some cases, the bank also considers alternative credit sources. If you’re interested in banking with the 5th largest financing company and mortgage lender in the states, then read on!
| BONUS LINK | OFFER | REVIEW |
U.S. Bank Mortgage Breakdown |
|
| Advantages | Disadvantages |
| Wide Range of Loan Options | Not necessarily tech-savvy |
| Relationship bonus for platinum checking accountholders | Could improve customer-service |
| Competitive transparent rates | Underwriting is inconsistent |
| No Origination Fees or Application Fees | |
| Nationwide; 25 states have offices | |
U.S. Bank Mortgage Summary:
- Apply Now
- Account Type: Mortgage Loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Origination Fees: No origination or application fees, however, you should expect third party fees to be applicable; credit report charge, appraisal fee and other common closing fees
U.S. Bank Mortgage Basic Requirements:
U.S. Bank basic mortgage pre-qualification process online includes:
- Your name (and any other buyers’ names).
- Current address.
- Estimated annual household income.
- Estimated monthly household debt expenses.
Note that with a Pre-qualification, there’s no commitment to your loan. You should expect commitment after pre-qualifications though, so it’s best to fish for other options prior to.
Income Documents:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Asset Documents:
- Two most recent months’ bank statements. All of the pages.
Conclusion:
Now, word of advise, to get the flow going smoother after pre-qualifications is to have the necessary documents and validation information ready. U.S. Bank Home Mortgage offers a wide variety of loans suited towards your specific lifestyle and they want to reach your expectations as much as possible, however, it seems that with the plentiful amount of branches open, they aren’t necessarily the most technology-savvy bank and underwriting may be inconsistent.
Aside from that, there’s no origination fees and no application fees, however there will be closing fees attached. I honestly prefer doing everything online nowadays, so U.S. Bank’s mortgages are off the table for me, however that should not dissuade you from picking up any of U.S. Bank’s Banking Products/Credit Card Promotions. Be sure to check out our Best Mortgage Rates as well!
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