What does the Smart Refinance loan application process involve?

Applying for a Smart Refinance is convenient. 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 and/or our Income Documentation Specialist will ask you to provide documentation to underwrite your loan, such as income documents and proof of insurance. Depending on your situation, you may be asked to provide additional documents in order to process your application.
  • We will order a property appraisal to value your property.
  • 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 day if loan is secured by a primary residence.
Is Smart Refinance an actual first mortgage on my house?

Yes. A Smart Refinance is a first 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 primary residence?

No. A Smart Refinance cannot be used to purchase a property – only to refinance a property you already own. If you are looking to purchase a home, options are available through U.S. Bank Home Mortgage.

Is the interest tax deductible?

Because a Smart Refinance is a mortgage, typically the interest may be 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 enough equity in your home, you can consolidate a home equity loan or line of credit or other debt (like a credit card or car loan) 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.

More About Smart Refinance

Smart Refinance

If you owe less than $150,000 on your home, a Smart Refinance may be a good way to refinance your current mortgage for new terms or cash out. This option may take less time and requires less paperwork than a regular refinance or cash-out refinance – and if you choose the no-closing-cost option, you may save even more.

Learn More

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