How do US Bank mortgage rates compare to the best mortgage lenders like Navy Federal Credit Union and Amerisave? Do low US Bank mortgage rates come at the expense of unnecessary discount points and fees? Remember that the fees you pay when buying your home or mortgage refinancing make or break the deal you’re getting. Here’s my unbiased review of US Bank mortgage rates, services and closing costs.
US Bank is the 5th largest bank in the United States and offers a full range of mortgage products.
Should you trust US Bank mortgage rates or are their home loans laced with unnecessary fees and markup?
US Bank Profile
The parent company of US Bank is U.S. Bancorp, traded on the New York Stock Exchange as USB, is the fifth largest bank in the United States. With 321 billion dollars in assets, they are a full service bank with 3,086 branches, 5,086 ATM locations, a full line of brokerage, investment, insurance, and mortgage services tailored to institutions, consumers and businesses.
Founded in 1858 the bank is headquartered in Minneapolis, Minnesota. US Bancorp was recently ranked 121 on the Fortune 500 list of companies. Accounts are available in 25 States including Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
US Bank Contact Information
Cincinnati: (513) 632-4141
Denver: (303) 585-8585
Milwaukee: (414) 765-4636
Minneapolis/St. Paul: (612) 872-2657
Portland: (503) 872-2657
St. Louis (314) 425-2000
Everywhere: (800) 872-2657
800 Nicollet Mall
Minneapolis, MN 55402
US Bank Mortgage Rates Review
I’ve written about the problem with bank mortgage rates in the past, namely bank service release premium. The Real Estate Settlement Procedures Act doesn’t apply to banks and broker banks thanks to the Banking Lobby which means banks can charge whatever they want without disclosing what they’re doing. This doesn’t mean US bank mortgage rates are going to price themselves out of the market; they have to stay competitive to make money. The problem is subtle markup and junk fees can wind up costing you thousands of dollars for no reason if you neglect to shop around.
With that being said, here’s my take on US Bank mortgage rates.
The website is friendly and professional as you would expect from any major lender and there are extensive educational resources available. US Bank Mortgage Rates are published on the site with varying options for discount points. Overall the rates published were slightly higher than what I’ve seen available from the best community based credit unions.
While the purchase and mortgage refinance rates quoted had options that included discount points, they all quoted a 0% origination fee. The mortgage loan origination fee can reasonably cost you up to one percent of your loan amount. Rates quoted include a 90-day lock period.
The Annual Percentage Rate (APR) is quoted side-by-side US Bank Mortgage Rates; however, basing your decision on APR alone does not give you enough information on lender fees as the APR calculation is flawed.
Conforming fixed-rate, adjustable rate, jumbo, FHA, and VA loans are available. The website indicates that US Bank participates in the Home Affordable Refinance Program but the extent of participation in HARP 2.0 is not clear. I was unable to find a fee disclosure aside from the APR anywhere on the website which is the problem with banks. Because they’re exempt from the Real Estate Settlement Procedures Act, the bank isn’t required to give anything more than the Annual Percentage Rate.
Do you have an experience or an opinion of US Bank mortgage rates that you’d like to share? Please leave a comment below
Should you trust US Bank mortgage rates for your next home loan? I would recommend shopping around from a variety of the best mortgage companies comparing both refinance rates and fees. Doing your homework is the best way to avoid common mortgage mistakes and save yourself some cash in the process.
You can learn more about getting the best deal for your next home loan without paying unnecessary discount points or lender junk fees by checking out my free Underground Mortgage Videos.