Home Refinance Calculator
Questions about home refinancing and UMB Bank’s mortgage loan options?
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, a “cash-out” refinance of your mortgage may help you pay for home improvements or pay down debt with higher interest rates.
Refinancing your mortgage may make sense for you, depending on how many months the ongoing payment savings will take to cover your upfront closing costs. Learn more from this mortgage refinancing overview.
Home equity is the difference between your home’s fair-market value and the amount you owe the bank for your mortgage. A simplified example: if your home is valued at $200,000 and you owe $150,000, your home equity is $50,000.
As the homeowner, you can access your home equity. Many homeowners choose to use a portion of their equity to fund home improvements, make large purchases or consolidate debt. You can access the equity you’ve built in your home through a cash-out refinance or home equity loan or home equity line of credit (HELOC).
A great first step toward refinancing your home is to connect with a mortgage professional. They can explain the process and options available to you. You can connect with a member of the UMB Mortgage team to get started today.
Mortgage loan checklist
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.