Home equity loans and home equity lines of credit (HELOC)
Put your home value to work with home equity financing
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.
Home Equity loans
Put your home value to work with home equity financing
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.
Put your home value to work with a HELOC
Introductory HELOC rates for 12 months as low as 2.99% intro APR for 12 months, then variable 3.74% - 6.75% APR applies.1
Fixed rate home equity loan
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.
Exceptional service
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.
Competitive rates
We offer HELOCs and home equity loans with competitive rates, convenient features and flexible account options to help you find the financing you need.
Online account management
Quickly and easily manage your UMB HELOC or home equity loan with online banking and the UMB Mobile Banking app.
Compare home equity options
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 |
With a UMB HELOC, you receive
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
How to use a home equity line of credit
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.
Is a HELOC or second mortgage right for me?
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 checklist (infographic)
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.
Do you already have an UMB HELOC?
Lock in an interest rate for all or a portion of your balance with our fixed rate option.4
Choose the UMB credit card with the rewards you want.
Get financing savvy with our loan calculators.
- Offer rates and terms are subject to change without notice. Credit and collateral approval required. Offer available for new UMB home equity line of credit ("HELOC") customers. This offer does not apply to existing UMB HELOC customers. To qualify for this promotional rate, the property secured by the HELOC must be your primary residence. Additional restrictions and limitations apply. The introductory annual percentage rate ("APR") will be in effect for the first 12 months of your loan term, even if you do not draw on the line of credit during that period.
After your 1-year promotional period ends, your APR will be determined as follows:
After the promotion period ends, your APR may vary for the remaining life of the loan and can change monthly, but will not be lower than 3.49% or exceed 18.00% during the life of your loan. The variable APR that applies to your loan after promotional period is based on the Wall Street Journal Prime rate ("Prime Rate") plus a margin, which will vary based on your checking account relationship with UMB, loan to value ratio, line amount, and whether the property securing your loan is your primary residence. As of March 16, 2020, the Prime Rate was 3.25%, and the variable rate for UMB HELOCs ranged from 3.74% APR to 6.75% APR. To qualify for the lowest APR available, you must have a UMB Select Checking account, the combined value of all liens of the property should not exceed 80% of the property's appraised value, and the line amount must be greater than $100,000.Payment Information:
Payments are due monthly. Your minimum payment during the draw period will equal the amount of your accrued interest and finance charges, plus any amount past due and all other charges. At the end of the draw period, your HELOC will enter the 20-year repayment period and your minimum monthly payment will include principal and interest plus any amount past due and all other charges, or $100, whichever is greater. An increase in the APR may increase the amount of your minimum payment.Additional information:
Other introductory rates may be available. Not all loan programs are available in all states, or for all loan amounts; additionally, some methods for accessing funds may not be available in every state.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.
- Qualifying checking accounts include UMB Select and UMB Value Checking. The origination fee is waived for customers who open a UMB Select or UMB Value Checking account; the fee for customers who open a UMB Free Checking account or have no UMB checking account is the lesser of 1% of the line amount or $250. Current UMB customers may qualify for an origination fee waiver based on account type. See a UMB personal banker for more information.
- Exceptions for HELOCs secured by collateral in the state of Texas, due to state law. Visit a UMB branch or call your UMB personal banker for more information.
- Restrictions and documentation requirements may apply. All loans subject to credit and collateral approval. Geographic restrictions apply.