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Smart Refinance FAQs

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What does the Smart Refinance loan application involve?

Applying for a Smart Refinance is easy. Here’s how it works:

  • Apply online, by phone or at any U.S. Bank branch.
  • After we have reviewed your application, a U.S. Bank branch officer will ask you to provide income verification and proof of insurance. Depending on your situation, you may be asked to provide additional documents in order to process your application.
  • After the required documentation has been received, we will order a property valuation.
  • Once your application has received final approval, your U.S. Bank branch officer will call you to schedule a loan closing.
  • At the closing, you’ll sign documents to get your loan. Funds will be available after a waiting period of three business days.

Is Smart Refinance an actual first mortgage on my house?

Yes. Smart Refinance is a full mortgage (a first lien against your home). At your loan closing, you’ll sign a Mortgage/Deed of Trust, which will be filed with the County Recorder’s Office.

Is Smart Refinance a loan or a line of credit?

Smart Refinance is a fixed rate loan with terms of up to 20 years. It is not a line of credit.

Can I use Smart Refinance to purchase my house?

No, a Smart Refinance cannot be used to purchase your home.

Is the interest tax deductible?

Because a Smart Refinance is a mortgage, typically the interest is tax deductible. Consult your tax advisor regarding tax deductibility.

Can I roll a home equity loan or line of credit into a Smart Refinance when I refinance my home?

Yes. If you have the equity in your home, you can consolidate a home equity loan or line of credit into a Smart Refinance for a first lien mortgage loan.

What terms are available on a Smart Refinance?

Terms are available up to 20 years.2

Get Started:

By Phone

866-829-2347

Online
In Person

Four Ways to Get Started

By Phone

866-829-2347

Online
By Request
In Person

Request a Customized Rate Quote Today

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  1. Smart Refinance - 4.75% fixed Annual Percentage Rate (APR) is available for 20-year first position home equity installment loans $40,000 to $250,000 with loan-to-value of 70% or 80%, or less depending upon the market. Higher rates apply for higher LTV, certain property types, other loan amounts. The APR reflects a 0.50% interest rate reduction for having automatic payments from a U.S. Bank personal Package Checking account. See the Consumer Pricing Information brochure for terms and conditions that apply to U.S. Bank Package Checking accounts. Loan payment example: on a $40,000 loan for 240 months at 4.75% interest rate, monthly payments would be $258.49. 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 4.75%. Customer pays no closing costs, except escrow related funding costs. Offer is subject to normal credit qualifications and program guidelines. Rates are subject to change without notice. Property insurance is required. Consult your tax advisor regarding the deductibility of interest. Other restrictions may apply. Home Equity loans and lines of credit and Deposit products are offered through U.S. Bank National Association, Member FDIC. © 2013 U.S. Bank. Equal Housing Lender Equal Housing Lender.

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  2. Smart Refinance Loan - 5.25% fixed Annual Percentage Rate (APR) is available for 20-year first position home equity installment loans $40,000 to $250,000 with loan-to-value of 70% or less or 80% or less depending on market. Higher rates apply for higher LTV or other loan amount. Automatic payments from a U.S. Bank Package required. Loan payment example: on a $40,000 loan for 240 months at 5.25% interest rate. Monthly payments would be $269.54. No customer paid closing costs, APR is 5.25%. 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. Offer is subject to normal credit qualifications. Rates are subject to change. Property insurance is required. Consult your tax advisor regarding the deductibility of interest. Home Equity loans and lines of credit are offered through U.S. Bank National Association. ©2012 U.S. Bancorp, U.S. Bank. Member FDIC.

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  3. By providing us with any telephone number used for a mobile or other wireless device now or in the future, including a number that you later convert to a cell phone number, you are expressly consenting to receiving communications - including but not limited to prerecorded or artificial voice message calls, text messages, and calls made by an automatic telephone dialing system - from us and our affiliates and agents regardless of the purpose of the communication. Calls and messages may incur access fees from your cellular provider.

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