With so many banks now offering mortgage loans, finding the right bank can be a daunting task. Knowing what’s available and what they have to offer can sometimes make it a little easier. U.S. Bank is a well-known bank that offers not only a wide array of financial services but also many mortgage products. Learn more about U.S. Bank and what type of loan products they offer.
About U.S. Bank
U.S. Bank is the 5th-largest commercial bank in the United States based on both assets and deposits and the 4th-largest in the United States based on branches. In addition to offering more than 5,000 ATMs and almost 3,100 banking offices, U.S. Bank serves 25 Western and Midwestern states.
Forbes reports that U.S. Bank ranks among the top 15 best-paying big banks in 2014. U.S. Bank offers any type of financial services customers could want or need, including checking and savings accounts; online and mobile banking; prepaid and credit cards; investment and wealth management tools and various mortgage loan programs.
Mortgage Types
When customers go to U.S. Bank for their mortgage loan needs, they have many options from which to choose.
• Adjustable Rate Mortgage (ARM) – This is a very common mortgage loan and one that’s used by many homeowners and home buyers. They may go as long as thirty years but the interest rate fluctuates with the current market rates. Borrowers often get 3-year, 5-year and 10-year ARM to take advantage of low interest rates. Typically, the lowest interest rates are found at the beginning of the loan term. The monthly mortgage payments tend to also be lower at the initial term of the loan when the interest and APR is lowest.
• Conventional Fixed Rate Mortgages – These are also very common mortgage loan types. The interest rate and the monthly payment stay the same for the entire term of the loan, which may be as short as ten years or as long as thirty years.
• Jumbo Mortgage Loans – These loans are for purchases that are beyond a certain limit, which is usually above $417,000.
• Construction Loans – These are loans for customers who are building their own home. They often start off as interest-only loans, and when the home is complete the loan is converted to a conventional mortgage loan. Construction loans may also be used as line of credit loans.
• Home Equity Loans – This loan is ideal for homeowners who wish to borrow against the equity of their homes to get some extra cash for bills, college, vacation or whatever.
• Refinance Loans – These mortgage loans are used when homeowners want to refinance their current mortgage loan either to get lower monthly payments, change the loan term or take advantage of lower interest rates.
• Investment Property Loans – These are loans to purchase property that will generate income.
• VA Loans – VA (Veteran’s Administration) loans are government-sponsored loans that are offered to veterans and their spouses with low interest and no down payment requirements.
• FHA Loans – These loans, sponsored by the Federal Housing Administration, are aimed at helping couples with less than perfect credit who can’t afford a large down payment.
In addition to the various products and mortgages that U.S. Bank offers to customers in its many locations, and online, U.S. Bank also has an extremely convenient online mortgage loan calculator. The calculator is fairly straightforward and does not require you to enter various interest rates and loan terms.
Because the calculator knows what type of loans U.S. Bank offers and what the current interest rates are for each of these loan types, all you need to do is enter the loan amount and the calculator tells you what your monthly payment will be with each different loan type and loan term. Many new customers enjoy using the online loan calculator before actually visiting the lender and applying for a loan because it gives them a general idea of what to expect in terms of monthly payments.
