By taking advantage of your home’s equity, you can cover the costs of home improvements, purchase or refinance a vehicle, pay for large expenses or consolidate your debt. Speak with a UMB personal banker to see if a HELOC or a home equity loan is right for you.
By taking advantage of your home’s equity, you can cover the costs of home improvements, purchase or refinance a vehicle, pay for large expenses or consolidate your debt.
Introductory HELOC rates for 12 months as low as 2.99% intro APR for 12 months, then variable 4.49% - 7.50% APR applies.1
A home equity loan can help you make a large purchase or fund a house remodel with one convenient lump sum – all with a competitive fixed rate.
Whether you know exactly what you need or prefer some help to understand your options, your UMB personal banker will be with you every step of the way.
We offer HELOCs and home equity loans with competitive rates, convenient features and flexible account options to help you find the financing you need.
Quickly and easily manage your UMB HELOC or home equity loan with online banking and the UMB Mobile Banking app.
Not sure which home equity loan is right for you? Take a look at this comparison chart to help you decide which home equity financing option suits you best.
HELOC | Home Equity Loan | |
---|---|---|
What is it? | Reusable line of credit where your home serves as collateral | A lump-sum loan where your home serves as collateral |
Financing type | Revolving line of credit | Traditional loan |
Rates | May have adjustable or fixed rates | Fixed rate |
How you access funds | Spend what you need -- You may access money up to a determined limit, pay it back and borrow again as needed | At loan closing, you receive a one-time lump sum to use as you need it |
Payments | Monthly payment amounts can vary depending on how much of your HELOC you use and the interest rate | Consistent monthly payment amounts |
Perfect for: | Ongoing expenses like building your dream kitchen or making home repairs | Making large, one-time purchases, remodeling your home |
No annual fees
A 10-year draw period to access funds, followed by a 20-year repayment period
Origination fee waiver when you open a qualifying UMB checking account.2
Flexibility to access funds online, in a branch or with checks.3
As you settle into your new house, the list of projects and improvements to make it "home" can become lengthy and costly. After you determine what needs doing, a home equity line of credit (HELOC) can help you finance your home project plans.
The first thing to understand about home equity is the different ways you can use your home to deliver a cash injection – the two primary ones are a home equity line of credit (HELOC) and a home equity loan, which is often called a second mortgage.
Financial review preparation can give you a roadmap for your budget and help you better understand the complete financial picture. It is important to have an individual plan based on your unique financial needs and goals.
Lock in an interest rate for all or a portion of your balance with our fixed rate option.4
Hazard insurance is required for the property that secures the HELOC. Flood insurance is required for properties in special flood hazard areas. Required payments do not include amounts for taxes and insurance premiums. You will be responsible for annual taxes and insurance.