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.
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.
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
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.
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
Funds access flexibility with online, branch and check access to the line of credit.3