U.S. Bank® Home Equity

2.0 out of 5 stars
1 Review

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

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2 out of 5 stars

Customer Service

2.5 out of 5 stars

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These reviews were written by current and former borrowers in the last year.

Apr 02, 2016
hidden fees
Anonymous Borrower

I just paid off my HELOC with a refi on my home mortgage and they slapped me with a $500 early payoff fee!?!  Nowhere was I ever informed about this.  $500 is 3% of my loan amount.  SCAM!

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Jul 05, 2016

Whenever you sign loan documents this will be listed in your loan agreement with the bank. And no, it is not listed in small print.

 
Feb 28, 2017

I saw that in the small print on their website. That's where the "optional" origination fee comes in--you could have paid the $500 up front to eliminate the early payoff penalty. Six of one and a half dozen of the other--I don't see what difference it makes whether you pay it up front or not, unless you're not sure you will pay it off early. In that case I would opt for no origination fee. Below is the fine print, copied and pasted:
NOTE: You say $500 is 3% of your loan amount, but in the fine print it says 1% is what will be charged, up to a maximum of $500. It sounds like they got that wrong. The early closure fee should have been expected, but it also sounds like you were over-charged.

2. Home Equity Loan – As of September 11, 2016, the fixed Annual Percentage Rate (APR) ranges from 6.64% to 9.74% for 30-year second position home equity installment loan with loan-to-value (LTV) of 70% or less. Higher rates apply for higher LTV, certain property types, low credit score or other loan amount. Interest rates and program terms are subject to change without notice. The APR reflects a 0.50% interest rate reduction for having automatic payments from a U.S. Bank consumer checking or saving account and a Consumer U.S. Bank Checking Package. A Consumer U.S. Bank Silver, Gold or Platinum Checking Package and automatic payments are required to receive the lowest rate, but not required for loan approval. The Consumer Pricing Information brochure lists terms and conditions that apply to Consumer U.S. Bank Checking Packages and can be obtained by calling 800.872.2657. Loan payment example: on a $50,000 loan for 360 months at 6.99% interest rate, monthly payments would be $332.32. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial customer deposit may be required if an escrow account for these items is established. APR is 6.99%. No closing cost option: a) is available for customers with a debt to income ratio of 43% or less; b) customer pays no closing costs, except escrow related funding costs; c) an early closure fee of 1% of the original loan amount, maximum $500, will apply if the loan is paid off and closed within the first three years; d) customers can choose to remove the early closure fee by paying an origination fee of 1% of the loan amount, maximum $500. Customers with a debt to income ratio above 43% do not have an early closure fee.

 
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