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Published: Jul 21, 2023 11 min read

Home equity loans can be used for a number of things, including home improvements, debt consolidation and higher education debt.

With competitive interest rates and flexible terms, a U.S. Bank home equity loan can be an effective tool to address financial needs. With perks like a higher-than-average loan cap and no closing costs, U.S. Bank's equity loan is a great option for homeowners looking to leverage the value of their property.

Read on to learn about U.S. Bank’s home equity loan and whether it might be right for you.

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Best for Borrowers With Good Credit

If you have a credit score of 730 or higher, you are much likelier to be approved for U.S. Bank home equity loans and access additional benefits. Having good credit allows you to get a sizable home equity loan with U.S. Bank due to its higher-than-average loan cap.

If you want to get a home equity loan with bad credit, you can still apply through U.S. Bank, but you should keep in mind that they may reject your application. In such cases, it's a good idea to shop around for alternative options that cater more to those with lower credit scores.

If a home equity loan is not right for you, U.S. Bank also has other options to access your home equity, including home equity lines of credit (HELOC) and refinancing.

U.S. Bank Home Equity Loans Pros and Cons

In this section, we'll learn more about the pros and cons behind the U.S. Bank home equity loans to help you understand if this might be the right option for you.

  • Higher-than-average loan cap
  • Automatic payment discounts are available
  • No closing costs
  • You can apply online, over the phone, or in-person
  • Branches present in only 26 states
  • Charges 1% early closure fee
  • Mixed customer reviews

Pros explained

Higher-than-average loan cap

U.S. Bank offers one of the market's highest home equity loan caps, ranging from $15,000 to $750,000, or up to $1 million in California.

Automatic payment discounts are available

Automatic payments on your home equity loan can help you avoid late fees and maintain a positive credit history. U.S. Bank offers a 0.50% rate discount if payments are deducted from a personal U.S. Bank checking or savings account. The discount will be instantly activated when automatic payments have been set up.

No closing costs

There are no closing costs associated with U.S. Bank's home equity loans or lines of credit. You also won't have to pay appraisal fees and title charges.

You can apply online, over the phone, or in-person

You can apply online, over the phone or in person, depending on your preference. Applying online can be a quick and easy option if you want to get a loan approval without much hassle.

If you prefer to speak with someone directly, you can apply over the phone or in person. Talking with a U.S. Bank customer service representative can be helpful if you don't know much about the home equity loan process.

Cons explained

Branches present in only 26 states

U.S. Bank is a large financial institution, but it only has branches in 26 states. Customers living outside these states won’t have the benefit of in-person appointments.

Charges 1% early closure fee

U.S. Bank charges an early closure fee for HELOCs that are paid off within the first 30 months. The cost is set to 1% of the outstanding loan balance and is capped at $500.

Mixed customer reviews

U.S. Bank has received mixed reviews from their clients. Some customers have praised the bank's home equity loan products and services, rates and easy application process.

However, some reviewers found the application process to be slow and difficult. Other complaints cite poor customer service.

U.S. Bank Home Equity Loan Offerings

Explore these options to tap into your home's equity with U.S. Bank home equity loans. From fixed-rate to variable-rate loans, learn how to choose the best loan for your financial needs.

Home equity loan

A home equity loan enables you to get a loan by utilizing your property's value as collateral. U.S. Bank's home equity loan allows you to borrow up to 80% of your home's equity.

Home equity loans come with fixed interest rates, which means borrowers have a locked annual percentage rate (APR) for the duration of the loan.

Home equity line of credit (HELOC)

U.S. Bank's home equity line of credit features a revolving credit line, allowing you to borrow money as needed and gradually pay it back. You'll only pay interest on the funds you borrow.

U.S. Bank's HELOC offers variable interest rates based on an index rate. APRs depend on your credit limit, loan-to-value (LTV) ratio and credit score. However, unlike most other HELOCs, U.S. Bank allows you to convert all or part of your balance to a fixed-rate loan if you want to lock in favorable rates.

U.S. Bank's HELOC has a draw period of 10 years, which is the time frame you have to withdraw funds. After that, you must begin repaying the loan, with repayment terms up to 20 years. During the draw period, you can opt in to interest-only payments to help you manage your cash flow.

Cash-out refinance

A cash-out refinance is a type of mortgage built on your existing equity that allows you to quickly get a large sum of money with minimal processing time. With this type of refinance, your existing mortgage will be replaced with a new one.

However, a cash-out refinance comes with closing costs, so it’s important to do the math and understand if it’s a financially sound decision for you.

Smart Refinance

A smart refinance is similar to a cash-out refinance, but you won't have to pay closing costs. You may also enjoy flexible loan repayment terms and lower rates, which can be quickly processed for loans not exceeding $200,000. With U.S. Bank, you can change your loan term to five, 10, 15 or 20 years.

U.S. Bank Home Equity Loans Pricing

For a home equity loan, U.S. Bank recommends their borrowers have a credit score of at least 730 and an LTV ratio of no more than 70%. The APR you get will depend on a number of factors, including your credit score, loan term, LTV ratio, date of application and more.

U.S. Bank Home Equity Loans Financial Stability

U.S. Bank is an FDIC-insured institution, meaning that personal deposits are insured up to $250,000 per depositor in case the institution faces bankruptcy.

The institution also has a strong credit rating and a history of responsible lending practices. It has an AA-, or stable, rating by Fitch, one of the main credit rating agencies.

U.S. Bank Home Equity Loans Accessibility


U.S. Bank has 3,000 branches and 5,000 ATM locations, but is only present in the following 26 states:

  • Arizona
  • Arkansas
  • California
  • Colorado
  • Florida
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Mexico
  • North Dakota
  • Ohio
  • Oregon
  • South Dakota
  • Tennessee
  • Utah
  • Washington
  • Wisconsin
  • Wyoming

The bank also has an online and mobile banking platform, which allows customers to manage their accounts, pay bills and apply for loans.

Contact information

U.S. Bank is available 24/7 over the phone and can be reached at 800-872-2657.

You can also book an in-person appointment using U.S. Bank's website or schedule a virtual call with a customer care representative if you want to learn more about U.S. Bank home equity loans.

User experience

U.S. Bank's website has a clean interface that is simple and easy to use. U.S. Bank's login page for existing account holders and location finder can be accessed through the homepage, and you can also create a new account with minimum effort.

In addition to its website, U.S. Bank has an award-winning mobile app, which is praised for providing a seamless experience for users that is constantly improving with the help of client feedback and testing.

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U.S. Bank Home Equity Loans Customer Satisfaction

U.S. Bank has been operating for over 150 years, demonstrating longevity and stability.

However, the institution has a 1.1 out of 5 score with the Better Business Bureau (BBB). Negative reviews cite high fees and poor interactions with customer service, though they’re related to all lines of business and not just the home equity loan product.

On the other hand, according to J.D. Power' U.S. Retail Banking Satisfaction Study, U.S. Bank has one of the highest-ranking scores when it comes to customer satisfaction.

U.S. Bank home Equity Loans FAQ

What are the eligibility requirements for U.S. Bank home equity loan?

To be eligible for a U.S. Bank home equity loan, you need to live in a state with a U.S. Bank branch, have a FICO score of at least 660 or higher and have equity in your home that's below the 80% LTV ratio.

How does the U.S. Bank home equity loan application process work?

You can apply for a U.S. Bank home equity loan online, over the phone or in person. Applying for a U.S. Bank home equity loans requires you to provide: A rough estimate of the property's value, Household income proof, Social security number, Mortgage statement, Property tax bill copy, and Your homeowner's insurance policy.

Note that the institution might ask for additional documents and verifications if necessary.

What other home loan products does U.S. Bank offer?

U.S. Bank has a diverse home loan product portfolio that you may choose from, including: Conventional fixed-rate loans, Adjustable-rate mortgages (ARMs), FHA loans, V.A. loans, Jumbo loans, Investment property loans, New construction and lot loans.

How We Evaluated U.S. Bank Home Equity Loans

We evaluated U.S. Bank home equity loans through a variety of factors, including:

  • Fees
  • APRs
  • Product offering
  • Minimum and maximum loan amounts
  • Eligibility requirements
  • Accessibility
  • Customer satisfaction

Summary of Money's U.S. Bank Home Equity Loans Review

U.S. Bank is a well-known financial institution that offers a wide range of home equity products, including home equity loans, home equity lines of credit (HELOCs) and cash-out refinancing.

Its home equity loans are suited for individuals with a good credit history. U.S. Bank has a higher loan cap than other lenders, allowing you to tap into more of your equity. Other benefits include having no closing costs and automatic payment discounts for existing U.S. Bank account holders.

On the other hand, home equity loans are available only in the 26 states that have a U.S. Bank branch. Additionally, online customer reviews are mixed, with complaints related to slow processing times and customer service issues.