Mortgage Loans
Discover mortgage loan and home financing solutions built for you
Are you looking to purchase a home, or refinance your current home - we’re here to help with all types of mortgage loans.
Exceptional service
Our Mortgage Loan Originators and Community Mortgage Bankers are here to do everything they can to support your home buying or refinance experience.
Diverse options
We offer a variety of home mortgage loan products. Tell us about your unique situation and our experienced Mortgage Loan Originators and Community Mortgage Bankers will provide you options that will fit your needs.
Online application
Quickly and easily apply for your UMB mortgage loan online and on your time.
Mortgage loan checklist
Whether you’re purchasing a new home or refinancing your existing home, the loan application process can seem like an intimidating task. However, UMB is here to help. Use our Mortgage Loan Checklist to gather the necessary documents ahead of time and help you move smoothly through the application process.
Homeownership resources
Read our helpful blogs that span topics from first time home buyer tips to mortgage refinancing.
Mortgage calculators
Use our mortgage calculators to help determine how much house you can afford, if refinancing your current mortgage is a good option and more.
TYPES OF MORTGAGE LOANS
Buying a home is one of the largest purchases you may make in your lifetime.
That’s why it’s important to fully understand your mortgage loan options before signing on the dotted line.
SPECIALTY LOANS
First-Time Homebuyer Program
UMB offers a program to assist qualifying first-time home buyers achieve their dreams of homeownership. We offer assistance on mortgages allowing you to borrow up to 100% of the purchase price of your home.
Professional Loans
Professional mortgage loans allow for financial flexibility and are tailored to licensed doctorate professionals, including attorneys, dentists, pharmacists, doctors and optometrists.
Additional Mortgage Options
Conventional
Conventional loans are available through two government sponsored enterprises—Fannie Mae and Freddie Mac. Conventional loans are now available with only 3% down payment and private mortgage insurance would apply for down payments less than 20%. Conventional is the most common financing requested.
Veterans Affairs (VA) Loans
VA loans are mortgage loans guaranteed by the Department of Veterans Affairs (VA). VA loans offer long-term financing to eligible American veterans or their surviving spouses who meet certain qualifications.
United States Department of Agriculture (USDA) Loans
The Rural Housing Service (RHS) is an administrative division within the U.S. Department of Agriculture (USDA) that manages loan programs focusing on rural housing for lenders to offer to their communities. USDA loans offer assistance to low-income borrowers in rural areas and guarantees loans that meet RHS requirements.
Federal Housing Administration (FHA) Loans
Federal Housing Administration (FHA) loans are guaranteed by the federal government and offer options for those who do not have the assets to meet the conventional mortgage loan down payment requirements. FHA loans also have more flexible qualification requirements, which make them attractive to those who may not qualify for conventional mortgages.
Jumbo Loans
A jumbo mortgage loan has a loan amount that exceeds conventional loan parameters and is designed to accommodate higher-value homes.
AMORTIZATION OPTIONS
Fixed-rate Mortgage
With a fixed-rate mortgage, your loan terms will include an interest rate that remains static, or fixed, for the duration of the loan. The advantage of a fixed interest rate mortgage loan is that you will always know your principal and interest payment will not change (escrowed items such as taxes and insurance may change annually therefore the total payment may change). There are also special purchase programs for low-to-moderate income borrowers that allow for down payments as low as 3 percent.
Adjustable-rate Mortgage
An adjustable-rate mortgage (ARM) loan is exactly as it sounds: a type of mortgage loan with an interest rate that can fluctuate and change based on the current market and indexed rates. ARM Loans generally offer lower initial rates and monthly payments when compared to fixed rate products. The lower rates on ARM loans appeal to borrowers who anticipate rising personal incomes as they are prepared to handle potential rate increases.
All home loans are subject to credit and property approval. Not all loan types are available in all states or for all amounts. Other restrictions and limitations apply. Please contact a UMB Mortgage Loan Originator or Community Mortgage Banker for more information.
UMB mortgage loan solutions
We’re here to help you fulfill your homeownership goals.
Questions about Mortgages? UMB has answers.
How much mortgage you can afford may be different from how much mortgage is right for you. It’s important to look at your total financial picture:
Estimate your monthly loan payment with the UMB mortgage loan calculator
There are several variables that impact a monthly payment: loan amount, mortgage interest rate and term of the mortgage (how many years it will take to pay off the mortgage).
Mortgage payments also typically include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI).
Take a realistic look at your income, lifestyle and priorities
To estimate how much total home loan you can afford, a general guideline is to double your gross annual income. But that’s a broad generalization. You might have other financial priorities, like travelling or paying off debt.
Maybe your priority is owning a larger home or living in a specific location. In this case, taking out a bigger home loan, still within your budget, may be valuable to you.
Speak to a mortgage loan officer
We’re here to support your homeownership goals and answer any questions. Feel free to reach out to the UMB mortgage team.
Mortgage insurance protects a lender in case a homeowner defaults on their home loan. Private mortgage insurance (PMI) covers the lender. But you have pay for it when you put down less than 20% for a conventional mortgage.
If you make at least a 20% cash down payment, you don’t have to pay PMI.
Refinancing your home mortgage could get you a lower interest rate. Or it might allow you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or to change the term of your loan.
If you’ve owned your home for a while, “cash-out” refinance of your mortgage may help you pay for home improvements or pay down debt with higher interest rates.
Refinancing replaces your original loan with a new loan
You pay the new refinanced loan according to the rate and terms of the new agreement. This may make sense for you, depending on how many months the ongoing payment savings will take to cover your upfront closing costs.
Analyze different refinance rates and scenarios using UMB’s Mortgage Refinance Calculator.
Feel confident in your refinancing decision
Refinancing entails much of the same fees and paperwork as an original home loan. As with the original mortgage interest rate, getting the best refinance rate today depends on a few factors, including your credit history.
To feel confident in your decision, it’s important to understand the basics of mortgage refinancing.
Today’s mortgage interest rates continue to make homeownership possible for many people.
UMB offers various competitive rate options. But knowing the exact rate depends on a borrower’s credit history and the term (length in years) of the home mortgage loan. To give you an idea of current mortgage rates, use the UMB Loan Comparison Calculator.
The rates included in this calculator are updated regularly to reflect the average mortgage interest rates today.
UMB supports your homeownership goals
For more information on mortgages and homeownership, check out these helpful links:
- Read more about homeownership on the UMB blog.
- Discover the range of UMB mortgage solutions, including specialty programs like first-time home buyer grants and down-payment assistance.
- Contact the UMB mortgage team.
You can easily estimate your mortgage payment with the UMB online Mortgage Payment Calculator.
Before you use the home loan calculator, have these things ready to input:
- Proposed loan amount (After your cash down payment, how much do you need to borrow?)
- Number of months/years you’d like to pay off your mortgage (For most home buyers, 360 months/30 years is typical.)
- Purchase price of property
- Estimated annual property taxes
- Estimated annual hazard insurance
- Monthly private mortgage insurance, or PMI (Include PMI if you’re making less than a 20% cash down payment.)
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Read NowThe financial benefits of owning your home are often discussed, but there is more to homeownership than getting ahead financially. In addition to helping you become more connected to a community, short- and long-term intangible benefits can uplift you, your...
