Bills Logo

US Bank Home Equity Loan June 2024

US Bank offers a variety of home equity loans and HELOC products. They combine an online presence with an extensive branch network, however, their approval and application process might be slow.
Get rid of your debt faster with debt relief

Get rid of your debt faster with debt relief

Take the first step towards a debt-free life with personalized debt reduction strategies.

Choose your debt amount

See if you qualify

Or speak to a debt consultant  844-731-0836

Editor’s Note
Advertising Disclosures

At, we strive to help you make financial decisions with confidence. While many of the products reviewed are from our Service Providers, including those with which we are affiliated and those that compensate us, our evaluations are never influenced by them.

Best for wide choice of products

Overall rating
Full Star
Full Star
Full Star
Full Star
Half Star
According to
Home Equity LoanHELOC
Amount$15,000 - $750,000 ($1 million for properties in California)
Term5 to 30 years
Rates5.9% to 7.25%
Min. Credit Scoren/a

Offers both home equity loans and home equity line of credit

Strong online presence


Low satisfaction score from JD Powers

Mixed customer reviews

See US Bank's website for full terms and disclosures.

Does US Bank Offer Home Equity Loans or HELOCs?

US Bank offers home equity loans and HELOCs. HELOCs and home equity loans are both secured by real estate, which means they are types of mortgages. Home equity loans and HELOCs have closing costs, including lender fees, title and escrow charges, and appraisal fees.

US Bank is part of US Bancorp and is headquartered in Minnesota. It has nearly 70,000 employees across 13 countries and more than 2,000 branches in 26 states. 

US Bank’s services are available beyond its branch network through its online banking. According to its website, 65% of US Bank’s loan sales are now completed digitally.

US Bank was granted the 24th national bank charter back in 1863 and today ranks 113th in the Fortune 500. It offers various financial services to individuals and businesses, including home equity loans and home equity lines of credit (HELOCs).  

Comparing HELOCs vs Home Equity Loans

What’s the difference? While both are types of credit secured by equity people own in their homes, they differ in how the borrower accesses and repays the money.


HELOCs function like secured credit cards. The borrower can access credit when needed up to a predetermined limit. Monthly payments depend on the amount of credit used and the interest rate, which is usually variable. 

  • HELOC interest rates are much lower than credit cards because they are less risky for lenders.
  • HELOCs are secured by real estate. If the borrower fails to repay a HELOC, the lender can foreclose on the home.
  • Credit cards are open-ended. A credit-worthy borrower can keep a credit card account open indefinitely and never fully pay off. After a certain number of years, HELOCs reach a point in which the borrower can no longer access credit. This is the repayment phase, and the borrower must repay the entire balance over the remaining loan term.
  • Credit card minimum payments are usually a small percentage of the account balance. Minimum HELOC payments during the drawing phase only need to cover the interest due. That depends on the interest rate and the account balance.HELOC payments increase during the repayment phase so that the balance will be cleared by the end of the loan’s term.

Home equity loans

Home equity loans are installment loans. The borrower receives a lump sum and repays the balance over the loan’s term. Interest rates and payments are usually fixed. Home equity loans are simple products, and their fixed payments and interest rates make budgeting easier. However, they are less flexible than HELOCs.

So when is a home equity loan the better option, and when is it better to use a HELOC? Home equity loans are ideal for borrowers who need a large sum of money all at once. Good uses for a home equity loan include debt consolidation, the down payment for another property, or a home addition.  

HELOCs are suitable for smaller amounts or for expenses that will take place over time. College tuition that comes up twice a year or home improvement project that takes place over time can be good uses for a HELOC. HELOCs can also provide emergency cash for a small business.

US Bank Home Equity Loan

Here are the details for US Bank Home Equity loans:

  • Maximum loan-to-value ratio is 85%; it must be 70% or less to qualify for the most favorable rate.
  • Interest rates range from about 5.9% to 7.25%. These vary according to the length of the loan, the borrower’s credit history and financial situation, and the amount of the loan. Rates are subject to change at any time.
  • Minimum loan amount: $15,000.
  • Maximum loan amount: $750,000, or $1 million for properties in California.
  • Length of loan terms ranges from 5 to 30 years.
  • A rate discount is available if the borrower has a checking account with US Bank.


These are characteristics of US Bank’s HELOCs:

  • Maximum loan-to-value ratio is 85%; it must be 60% or less to qualify for the most favorable rates.
  • Interest rates range from 5.25% to 8.80% after an introductory rate for the first six months ranging from 0.99% to 1.99%.
  • Minimum line of credit amount is $15,000. Maximum depends on the value of the home. 
  • An annual fee of $90, in addition to any interest charges, may apply after the first year. There is also an early closure fee equal to 1% of the original credit line amount, up to a maximum fee of $500, if the line is closed within the first 30 months. 

How to Apply for US Bank Home Equity Loans

US Bank offers a variety of tools to help borrowers weigh their financing options. These include:

  • Estimates of loan interest rates, closing costs, and monthly payments without completing an application. This can be very helpful for comparison shopping among different lenders.
  • An online tool helps borrowers estimate the cost of specific types of home improvement projects in their area to give them an idea of how much they may need to borrow.
  • An online payment calculator that lists various options based on the borrower’s situation.
  • Detailed informational articles on subjects related to home equity borrowing.

If a borrower’s research indicates that US Bank is worth a closer look, they can pursue the application process entirely online. Also, while applying online may be most convenient for in many cases, US Bank also has loan officers available via phone and e-mail. Borrowers in many areas can visit one of the bank’s more than 2,000 branches.

US Bank allows borrowers to save a partially-completed online application and continue completing it later. This can be helpful for busy applicants or those who need some time to gather information. 

The information an applicant will need to provide includes their Social Security number, documentation of household income, an estimate of the home’s value, and information on any outstanding loan balances. Other documents the lender is likely to request include a mortgage statement, property tax bill, and a copy of the homeowner’s insurance policy.

US Bank Expert and Consumer Ratings

The 2021 JD Power U.S. Primary Mortgage Origination Survey gave US Bank a customer satisfaction rating of 823 on a scale of 1,000 points. This is below the industry average rating of 851.

In addition, compiled data from 10 different expert and consumer review sites and averaged the ratings for US Bank’s mortgage services on those sites. Ratings for US Bank were available on six of those sites.

Based on this analysis, US Bank earned an average 4.1 out of 5 stars.

Note that this rating is based on a non-scientific survey of consumer opinions and may not measure a firm’s capabilities precisely. 

US Bank Pros

  • US Bank offers home equity loans, HELOCs, and cash-out financing, giving homeowners three different ways to borrow against the equity in their homes.
  • US Bank combines an online presence with an extensive branch network, giving consumers two different ways of accessing their services.
  • Consumer ratings gave US Bank a strong average score of 4.1 out of 5 stars.

US Bank Cons

  • JD Power’s mortgage survey gave US Bank a below-average rating for customer satisfaction.
  • Consumer reviews included mixed comments on US Bank’s application processing speed and responsiveness.

US Bank Alternatives

Interested in additional alternatives? Other lenders offer home equity products that might be better for some situations. Remember to compare lenders and pricing to get a good deal.

Get rid of your debt faster with debt relief

Get rid of your debt faster with debt relief

Take the first step towards a debt-free life with personalized debt reduction strategies.

Choose your debt amount

See if you qualify

Or speak to a debt consultant  844-731-0836