Not yet a HELOC customer?
Learn more about UMB’s HELOC offering and how converting your HELOC to a fixed rate loan could help you with your next financial step.
Visit UMB HELOC lendingOffered to current HELOC clients, the option for converting your HELOC to a fixed rate loan provides the convenience of a line of credit with a locked-in interest rate.
Offered to current HELOC clients, the option for converting your HELOC to a fixed rate loan provides the convenience of a line of credit with a locked-in interest rate.
Learn more about UMB’s HELOC offering and how converting your HELOC to a fixed rate loan could help you with your next financial step.
Visit UMB HELOC lendingConverting your HELOC to a fixed rate HELOC loan can convert some or all of your UMB HELOC balance to a fixed rate for a set term. The fixed rate option may be a good choice if:
The fixed rate HELOC option may be requested during the draw period. The interest rate and your monthly payment on any portion of your HELOC loan that converts to a fixed rate and the resulting monthly payment may be higher than your variable rate. When your fixed rate term ends, any unpaid balance reverts back to the current variable rate. Once you've locked a portion of your loan, you can still use the rest of your available credit at any time during the draw period. As you pay down the fixed rate HELOC balance, those funds become available again during the draw period.
The terms of your fixed rate HELOC advance will determine your monthly payment and whether you have an unpaid balance when the fixed rate term ends.
*Maximum number of fixed rate conversions allowed per HELOC is three. Fixed rate conversions are not allowed for HELOCs which have previous or current past due payments. Fixed rate HELOC conversions may be requested during the draw period only.
Converting your HELOC to a fixed rate loan requires a minimum fixed rate balance of $5,000. Terms, rates and fees are subject to change, without notice, prior to closing your fixed rate option.
Restrictions and documentation requirements may apply. All loans subject to credit and collateral approval. Geographic restrictions apply.