Prequalification and pre-approval can boost your confidence and could make house hunting easier — but it's important to understand the difference between prequalification and pre-approval, and when to do which.

Pre-approval vs. prequalification

Mortgage prequalification differs from a pre-approval in that prequalification assesses whether your debt-to-income ratio fits U.S. Bank's program guidelines for home loans. It also provides an estimate of how much you may be able to borrow - a good first step in your house-hunting journey.

Mortgage pre-approval, on the other hand, involves the same steps as a mortgage application — you'll provide detailed information about your income and assets that will be reviewed by the lender's underwriters. If pre-approved, you'll get a conditional commitment by the lender for a specific loan amount. (When you apply for a mortgage, you're applying for credit to purchase a specific property as well.)

Mortgage prequalification: A smart place to start

While this number is informative, keep in mind how much you may qualify to borrow is often more than how much you can afford to spend on your new home and still have money left over for the other important things in your life; like furniture for your new home.

Getting prequalified doesn't require a commitment from you or the bank. It isn't a true application and your credit history doesn't factor into your prequalification. Even so, you should be aware that when you apply for a mortgage, your credit score will affect your ability to qualify. If you have concerns about your credit history, talk to your mortgage loan officer now to find out what loan options might be available to you.

When you get prequalified, you can request a letter stating how much you may be able to borrow, based on the information you provided to the bank. You can give this letter to your real estate agent to show you're a serious homebuyer.

The Platinum Checking Package is an interest-bearing checking account that gives you everything from free checks and money orders to discounts that could save you hundreds on your next home mortgage or refinance.1

And if you already have a mortgage or personal loan with U.S. Bank or higher balances in your U.S. Bank personal deposit accounts, you may be able to waive the monthly maintenance fee.

Platinum Checking benefits

Basic banking must-haves

You'll get a U.S. Bank Visa® Debit Card, no-fee transactions at U.S. Bank ATMs, and Online/Mobile Banking with mobile check deposit, bill pay and more.

More no-fee ATM transactions

No U.S. Bank fee charged for Non-U.S. Bank ATM Transactions. (Note: Non-U.S. Bank ATM owners will charge their own fee unless they participate in the MoneyPass® Network.)

Free mobile check deposits

You can deposit checks anytime with the U.S. Bank Mobile app2 – and there’s no fee for standard deposits to your Platinum Checking account.3

No-fee overdraft transfers

Pay no fees for overdraft protection transfers made from your Reserve Line, savings account, or any other overdraft-protection account you designate.4

Free personal checks

Choose free U.S. Bank logo checks, or express yourself with a 50% discount on other personal designs, including dozens of colleges and universities.

No-fee money orders and more

Pay no U.S. Bank purchase fees for money orders, cashier’s checks, and copies of checks and statements. Plus, get a safe deposit box at half off the annual fee.

Family member accounts

Get additional Easy Checking accounts – ideal for family money management – with no monthly maintenance fee as long as you’re a co-owner of the account.5

Pays interest

Platinum Checking is an interest-bearing checking account, so you’ll earn interest on the money you keep in your account. (view rates)

Benefits beyond checking

With your Silver, Gold or Platinum Package Checking Package, these extra savings are waiting for you – whenever you need them. Do More, Save More with U.S. Bank.

A great savings account

Competitive interest rates and no monthly maintenance fees are two big benefits of our Package Money Market Savings account, available to Silver or Gold Checking Package customers,6  and our Platinum Select Money Market Savings account, available only to our Platinum Checking Package customers.7  And like most U.S. Bank savings accounts, it can also be used to provide overdraft protection.4

Preferred rates for new loans

You'll pay a lower interest rate on a new auto loan, personal loan, or home equity loan or line of credit when you have a Silver, Gold or Platinum Package Checking account and meet the normal credit approval and eligibility requirements.8 You're also eligible for a discount on your mortgage loan closing costs with a new or existing U.S. Bank Personal Checking Package.12 Take 0.25% of your loan amount and deduct it from your closing costs, up to a maximum of $1,000.13

Exclusive Platinum benefits

  • You’ll pay no annual fee on a Home Equity Line of Credit if you also have a Platinum Checking account.
  • Looking for a more rewarding credit card? Earn a new account bonus for select U.S. Bank and FlexPerks credit cards with your Platinum Checking account. Learn about Platinum Checking.
  • Are you an active, hands-on investor? Your Platinum Checking account entitles you to 25 free trades9 when you open a new self-directed brokerage or IRA account through our U.S. Bancorp Investments* affiliate. Learn about brokerage and IRA accounts.

Pricing and features

Monthly maintenance fee

  • $19.95

    With paper statements10

  • $17.95

    With eStatements

  • $0

    With $25,000 in combined personal deposits, investments* and/or credit balances11
    - or -

    A relationship with U.S. Bank Trust Services

Other fees

The most common checking fees are listed in the Platinum Checking Simple Snapshot (PDF) an easy-to-read summary of pricing and features to help you use this account. For more detailed information, see Consumer Pricing Information and Your Deposit Account Agreement.

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