By: Ask Bill
Submitted: 2010-12-13 03:58:46 | Word Count: 609
This is an experience of my friend, Robinson
Generally, when you are thinking of getting a mortgage, it is best to shop around for the best deal. That’s what my friend Robinson did, but not knowing much about mortgages, he thought it’d be a good idea to ask around people who do know something about it. A few people ended up recommending the USBank Home Mortgage as his potential banker. These are a few things that he found out on the bank, and maybe you’d like to know about them too.
USBank Home Mortgage is a mortgage lending entity of US Bancorp, a home of the Five Star Service Guarantee, which assures certain banking benefits and services. US Bancorp is also the parent company of US Bank, the sixth largest bank in the United States with about 2500 branches all over US. The US Bank Home Mortgage offers diverse mortgage products that can meet the needs of (nearly) everyone. Their excellent customer service and value to individual relationships with each customer make them one of the well known choices for first time homeowners as well as existing customers.
Before applying for any loan here, a person generally has to satisfy certain criteria, which can be achieved through the process of pre-qualification and pre-approval. Pre-qualification can determine the amount of money a borrower is eligible to borrow while pre-approval is the evaluation of the borrower’s qualification for the loan as well as the maximum amount that may be borrowed. The former usually does not require any proof of documentation but the latter usually does.
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The USBank rates and mortgages are also quite competitive. There are four terms available for the fixed rate mortgages – 10, 15, 20, and 30 years, and a 15 and 30 year term for each of the Veteran Affair (VA), Federal Housing Administration (FHA), and Jumbo products. A 3-year and 5-year term is offered for Adjustable Rate Mortgage or ARMs. The rates are frequently updated on the bank’s website and there is plenty of information regarding the rates or their calculation as well. Besides that, there is also a page with different types of calculators to help borrowers in their decision making process.
There are also several options provided for the US Bank refinance house loans, including streamline refinance, regular refinance and cash-out refinance. The streamline refinance, with three other options under it - the conventional streamline refinance, FHA streamline refinance and VA streamline refinance, is typically only available to existing US Bank Home Mortgage customers. All the three options may have different qualification criteria but one similar criterion that they share is that the applicant on the refinance loan should also be the borrower on the initial loan. The benefit of the streamline refinance is its new lower payment and quick, efficient processing time.
Cash-outs are typically not allowed on either the streamline refinance or the regular refinance option. If you wish to tap into your home equity and transform it into cash, you may do so using the cash-out refinance where you are most likely to get a competitive mortgage rate too. Bear in mind though, that your home will probably need to be appraised again to get its latest equity value.
In general, US Bank Home Mortgage provides rather high quality service with the intention to fully support its borrowers should they face any payment problems and potential foreclosure. But you may not like to make an instant decision just because of that; Robinson surely felt that way when making his decision. However, Robinson is certain that this bank will definitely be in his list of consideration.
