UMB's Fixed Rate Option for your HELOC
Revamp and refresh your home or get ready for a large purchase with a fixed rate option for your UMB home equity line of credit (HELOC).
Flexibility to accomplish your financial goals
UMB's fixed rate HELOC feature allows you to enjoy the benefits of a line of credit with a locked-in interest rate for all or a portion of your balance. Using the fixed rate option, you can convert any or all of your UMB HELOC balance to a fixed rate for a set term.
The fixed rate option may be a good choice for you if:
- You're concerned about rising interest rates.
- You want fixed monthly payments.
- You want a strategy in place to help repay your balance over a set timeline.
Fixed rate benefits:
- Funds that allow you to accomplish your goals, whether it's fixing up the house or making a large purchase.
- Multiple payment options, including the option for interest-only payments.
- Peace of mind to “lock in” up to three separate balances on your HELOC at a fixed rate, with options for interest-only or principal-and-interest payments.
The details: What to know about the fixed rate HELOC option
Your fixed interest rate and your monthly payment are calculated differently and 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. As you pay down the fixed rate balance, those funds become available again during the draw period.
The terms of your fixed rate advance will determine your monthly payment and whether you have an unpaid balance when the fixed rate term ends.
- Fixed rate balances can be either fully or partially amortizing.
- Fully amortizing terms will repay your entire balance during the term.
- Partially amortizing will have a remaining balance after the term that will revert back to the current variable rate.
You may still make additional principal payments at any time, without penalty.* Connect with your local UMB banker about personalizing your HELOC experience and for additional details on this opportunity.
*Maximum number of fixed rate conversions allowed per HELOC is three. Fixed rate conversions are not allowed for HELOCs secured by homestead properties in Texas, or on HELOCs which have previous or current past due payments. Fixed rate conversions are available during the draw period only.
Minimum fixed rate balance is $5,000. Terms, rates and fees are subject to change, without notice, prior to closing your fixed rate option.
Certain restrictions and documentation requirements may apply. All loans subject to credit and collateral approval. Geographic restrictions apply.