U.S. Bank Review 2026

U.S. Bank does not charge closing costs on its HELOC product. Third-party fees may still apply in some cases. Verify current fee policy at usbank.com before applying.

U.S. Bank's HELOC maximum is $350,000. For larger equity needs, U.S. Bank's fixed-rate home equity loan goes up to $750,000 (or $1 million for California properties). Both products cap the combined loan-to-value at 80%. Verify current limits at usbank.com.

U.S. Bank's HELOC is not available in Texas, South Carolina, or Delaware — 47 states are covered. Texas has constitutional restrictions on home equity lending that affect many lenders' HELOC programs. If you're in one of those three states, you'd need to look at a different lender for a HELOC.

U.S. Bank's HELOC has a 10-year draw period — the window in which you can borrow against the line. After the draw period ends, the repayment period is 10, 15, or 20 years depending on the terms selected. During the draw period, payments are typically interest-only. Once repayment begins, you pay down principal plus interest. Verify current terms at usbank.com before applying.

Yes. U.S. Bank offers a fixed-rate lock option that lets you convert all or a portion of your outstanding HELOC balance to a fixed interest rate during the draw period. This protects against rate increases on the locked balance while preserving the variable-rate line for new draws. Fixed-rate locks are available on the standard U.S. Bank HELOC; fees and specific conversion terms vary. Verify current fixed-rate lock availability and terms at usbank.com or with a U.S. Bank lending specialist.

U.S. Bank typically requires a credit score of 660 or higher (with 680+ for the most competitive rates) and a combined loan-to-value (CLTV) ratio of 80% or less — meaning you need at least 20% equity in your home. Income verification and debt-to-income ratio are also reviewed as part of underwriting. The HELOC is not available in Texas, South Carolina, or Delaware. U.S. Bank National Association NMLS #402761. Verify current credit and equity requirements at usbank.com.

HELOC interest may be deductible if the funds are used to buy, build, or substantially improve the home securing the line — this is the 'qualified residence interest' rule established by the Tax Cuts and Jobs Act of 2017 and detailed in IRS Publication 936. Interest on HELOC draws used for other purposes (debt consolidation, tuition, consumer purchases) is generally not deductible under current law. The total deductible mortgage debt limit is $750,000 for most filers (or $1 million if you took the mortgage before December 15, 2017). Consult a qualified tax advisor for your specific situation. Source: IRS Publication 936 (irs.gov).

Yes. U.S. Bank does not require that your first mortgage be serviced by U.S. Bank to qualify for a HELOC. HELOCs are typically recorded as second liens on the property; U.S. Bank will assess the combined loan-to-value (CLTV) ratio against the existing first-lien mortgage balance plus the requested HELOC line. Verify current eligibility requirements at usbank.com.

A HELOC is a revolving credit line: you draw and repay as needed during the 10-year draw period, with a variable interest rate. A home equity loan (HEL) is a closed-end installment loan: you receive a lump sum upfront at a fixed rate and repay on a set schedule. U.S. Bank offers both products. The HELOC is better for ongoing or uncertain costs (home improvement projects, emergencies). The home equity loan is better when you need a fixed amount with predictable fixed payments. U.S. Bank's home equity loan goes up to $750,000 ($1M in California) versus the HELOC cap of $350,000. Source: U.S. Bank at usbank.com; CFPB Home Equity at consumerfinance.gov.

If home values fall and your combined loan-to-value (CLTV) rises above 80%, U.S. Bank — like most HELOC lenders — may freeze or reduce your available line under the terms of your agreement. The CFPB notes that lenders can suspend access to a HELOC when the property value drops significantly, based on the creditor's right to adjust the line when your home's appraised value materially decreases (12 CFR §1026.40). This is a key risk of any HELOC in a declining market. Your existing outstanding balance is unaffected — only availability of future draws is subject to adjustment. Source: CFPB HELOC guidance at consumerfinance.gov.