Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity U.S. Bank Home Equity Review Updated Jun 27, 2023 10-min read Reviewed by Stephanie Colestock Reviewed by Stephanie Colestock Expertise: Loans, insurance, real estate investing, credit, debt Stephanie is an experienced personal finance writer with more than a decade of experience as a freelancer. Learn more about Stephanie Colestock View Rateson U.S. Bank’s websiteEditorial RatingEditorial RatingWhat we like:Borrow up to $1 millionRates (APR)Starting at 3.90%Loan amounts$15,000 to $750,000 ($1 million in California)Repayment termsHome equity loan: up to 30 years HELOC: up to 20 yearsMinimum credit scoreNot disclosedSee how U.S. Bank compares to other home equity lenders.Best HELOCs Your home equity is the difference between what your home is worth and what’s remaining on the mortgage. If you’re a homeowner who needs access to cash, a home equity loan or line of credit (HELOC) makes it easy to tap into that value. These products can give you access to the cash you need for any purpose, including home renovation projects, paying off debt, and emergency funds. Minneapolis-based U.S. Bank is a trusted financial institution that dates back to 1863. It provides home equity loans and HELOCs to qualified homeowners in select states, with home equity limits as high as $1 million in certain areas. Here’s a look at what these products offer borrowers. In this review: How does U.S. Bank help me access my home equity?Pros and cons of U.S. Bank home equity productsWhat do U.S. Bank’s customers say about the company?Do I qualify for a HELOC or home equity loan from U.S. Bank?How do I apply with U.S. Bank?How does U.S. Bank determine how much I can borrow?What does the appraisal process look like?Does U.S. Bank charge any fees?Does U.S. Bank have a customer service team? How does U.S. Bank help me access my home equity? Two primary products allow homeowners to withdraw a portion of the equity in their home: a HELOC and a home equity loan. The most important differences between the two are as follows: How the money is borrowed Repayment options U.S. Bank offers both a home equity loan and a HELOC to eligible homeowners, so you can choose the one that best fits your needs. (Read our full breakdown of the similarities and differences between a HELOC and a home equity loan.) U.S. Bank Home Equity Loans U.S. Bank home equity loan termsRates (APR)Starting at 7.95%Rate discounts0.50% for autopay0.50% for checking account customersLoan amounts$15,000 to $750,000 (up to $1 million in California)Repayment period5, 10, 15, 20, or 30 yearsMaximum LTV80%Minimum credit scoreNot disclosedMinimum incomeNot disclosedFeesNo closing costsFunding fee may apply If you’re looking for a lump-sum installment loan against the equity in your home, a home equity loan from U.S. Bank might be the answer. Available for up to 80% of your home’s total equity, these loans can give you access to between $15,000 and $1 million (depending on location) for any purpose. With a U.S. Bank home equity loan, you’ll have between five and 30 years to repay the debt with a set monthly payment. You won’t pay closing costs or annual fees, and discounts are available to autopay and checking account customers. Interest rates are fixed on most home equity loans. This interest may even be tax-deductible depending on the details of your property and how you spend the money. U.S. Bank HELOCs U.S. Bank HELOC termsRates (APR)3.90% to 8.20%Rate discounts0.50% for autopay0.50% for checking account customersLoan amounts$15,000 to $750,000 (up to $1 million in California)Draw period10 yearsRepayment period10, 15, or 20 yearsMaximum LTV80%Minimum credit scoreNot disclosedMinimum incomeNot disclosedFees$90 annual fee after the first year (can be waived)No closing costsFunding fees may applyEarly closure fee of 1% (up to $500) if you pay off and close the line of credit within the first 30 months With the help of a U.S. Bank HELOC, homeowners can take out a line of credit for up to $750,000 ($1 million in California), with a maximum LTV of 80%. This line of credit offers a draw period of 10 years, during which you can withdraw cash as needed. During the draw period, you can choose between interest-only payments and a monthly payment equal to 1% or 2% of the total borrowed amount. Once the draw period ends, the repayment period of 10, 15, or 20 years begins, and you’ll start paying the principal balance. Many HELOCs have variable interest rates, which can change with market conditions. However, you can lock in some or all of your outstanding balance with a fixed interest rate during your draw period. U.S. Bank allows up to three fixed-rate options per HELOC. An annual fee of $90 may apply to the HELOC beyond the first year, but U.S. Bank waives it for checking account customers. U.S. Bank doesn’t charge for closing costs on a HELOC, but certain funding fees may apply. If you pay off and close your HELOC within the first 30 months of opening the credit line, the bank may charge an early closure penalty fee of 1% (up to a maximum of $500). Pros and cons of U.S. Bank HELOCs and home equity loans Pros Borrow up to $1 million against your home’s equity. No closing costs on home equity loans or HELOCs. Rate discounts for checking account customers and autopay. Cons Only available in 28 states. Listed below. If you want the lowest interest rates, you need to open a U.S. Bank checking account or waive the annual fee on your HELOC. Depending on your credit score, you may be required to make more than interest-only payments during your draw period. What do U.S. Bank’s customers say about the company? SourceRatingNumber of reviewsBetter Business Bureau1.12 out of 5 stars602Trustpilot1.3 out of 5 stars564 Ratings collected on November 8, 2022. Before you borrow against your home’s equity, you’ll want a solid idea of the products and services a bank offers and how those can help you reach your financial goals. Next, it’s important to determine whether that bank follows through with customers. Customer ratings can be valuable in analyzing how a bank treats its customers and whether consumers would borrow from that bank again. One trusted resource is the Better Business Bureau (BBB). As of November 2022, U.S. Bank is BBB-accredited and has a B+ rating. However, customer reviews on the BBB website are less than flattering, with an average consumer rating of just 1.12 stars out of 5. Trustpilot is another platform for consumer reviews and ratings. U.S. Bank doesn’t fare much better there, with a rating of 1.3 stars out of 5. Most complaints center around failed customer service experiences, and several reviews mention erroneous fees. Do I qualify for a HELOC or home equity loan from U.S. Bank? To borrow against your home, you’ll need to have equity in the property and meet several other requirements. U.S. Bank doesn’t publish all its borrower eligibility thresholds, such as credit score and income, so you won’t know whether you qualify on those factors until it’s time to apply. However, U.S. Bank discloses the following requirements: Only offers home equity loans and HELOCs on primary and secondary homes. Home must be in one of the 28 states in which U.S. Bank has a branch location. (See below.) Borrow at least $15,000 against your home’s equity, up to a maximum of $750,000 (or $1 million in California). (Maximum LTV is 80%.)To qualify for the lowest interest rates, you need a credit score of at least 730. As of November 2022, U.S. Bank home equity products are available in the following states: ArkansasArizonaCaliforniaColoradoIdahoIllinoisIndianaIowaKansasKentuckyMichiganMinnesotaMissouriMontanaNebraskaNevadaNew MexicoNorth DakotaOhioOregonSouth CarolinaSouth DakotaTennesseeUtahWashingtonWest VirginiaWisconsinWyoming How do I apply with U.S. Bank? You can apply for a home equity loan or HELOC with U.S. Bank online, over the phone, or in person. To apply online, you’ll need to provide the bank with personal information as well as details about your property and home equity needs: Enter your personal information, such as your name, date of birth, email address, and phone number.Provide information about your property, including the physical address, county, estimated value, current mortgage payment, and remaining mortgage balance.Determine how much you want to borrow against the property. (Remember the maximum LTV U.S. Bank allows is 80%.)Enter your income and employment information. Before it approves your application, U.S. Bank will ask you to submit certain documents. Depending on your situation, these could include your most recent pay stubs, tax returns, mortgage statement, and documentation of assets (such as other properties or savings accounts). How does U.S. Bank determine how much I can borrow? If you live in one of the states in which U.S. Bank operates, you can borrow between $15,000 and $750,000 against your home’s equity. (Note: If you live in California, your maximum home equity loan or HELOC increases to $1 million.) This also depends on your home equity. For example, if your home is worth $600,000, and you owe $400,000 to your mortgage lender, you have $200,000 in home equity. Since U.S. Bank allows for a maximum LTV of 80%, you can borrow up to $80,000 in home equity. Here’s how we got those numbers: $600,000 home value x 80% maximum combined LTV = $480,000 total liens allowed $480,000 – $400,000 current mortgage balance = $80,000 in available equity U.S. Bank does not disclose certain qualifying factors, such as credit score and borrower income. Depending on your score and factors including debt-to-income—how much of your monthly income you spend paying debt—you may be further limited in how much you can borrow. What does the appraisal process look like? An appraisal is a report that tells you and the bank how much your property is worth. An independent third party considers factors such as market trends, the details of your property, and comparable homes in your area to complete the appraisal. Depending on when you purchased your property, how much you want to borrow against the home, and the most recent appraisal date, U.S. Bank might require a new appraisal to complete a home equity loan or line of credit. If this is the case, U.S. Bank will order one through its trusted network of appraisers. This individual will visit your property to conduct an inspection and value your property. The bank will use this number to determine your home equity and how much money you can borrow. Does U.S. Bank charge any fees? U.S. Bank does not charge closing costs for home equity loans or HELOCs, but you may encounter other fees. Some customers are responsible for escrow-related funding fees, which can vary by location, loan amount, and terms. For HELOCs, a $90 annual fee applies after the first year, but U.S. Bank waives this fee for customers with a Platinum Checking Package. If you open a HELOC through U.S. Bank, pay off the balance, and close the line of credit within the first 30 months, you may be responsible for an early-closure penalty. This fee is equal to 1% of the original credit line, up to $500. U.S. Bank feesHELOC annual fees$90 after the first year (can be waived for checking account customers)Funding feesMay apply on HELOCs and home equity loansEarly-closure feeIf you pay off and close your HELOC within 30 months of opening the account, you may be subject to an early closure fee of 1% of the line total (up to $500). Does U.S. Bank have a customer service team? Your options to reach U.S. Bank’s customer service team include the following: Phone: U.S. Bank representatives are available at 800-642-3547.Request a call: You can request a phone call from a home equity expert by filling out an online form.Book an appointment: You can request an appointment with a U.S. Bank representative by filling out a form online. If you live near a U.S. Bank branch, you can schedule an in-person appointment. If you don’t live near a branch or prefer a virtual option, you can make an appointment for a phone call or virtual meeting. If you’re unsure whether U.S. Bank is the right fit for your home equity needs, check out our list of home equity companies.