UMB offers competitive interest rates on a wide selection of home mortgage loans, including conventional loans, jumbo loans and even specialty loans to support our agricultural customers and military veterans. Whether you want a fixed or adjustable-rate mortgage, we have a home loan for you.
With a fixed-rate mortgage, your loan terms will include an interest rate that remains static for the duration of the loan. There are also special purchase programs for low-to-moderate income borrowers that allow for down payments as low as 3 percent.
Adjustable-rate mortgages are a type of loan with an interest rate that can fluctuate and change based on the current market and indexed rates.
UMB offers a program to assist qualifying first-time home buyers achieve their dreams of homeownership. We offer assistance on mortgages allowing you to borrow up to 100% of the purchase price of your home.
Professional mortgage loans allow for financial flexibility and are tailored to licensed doctorate professionals, including attorneys, dentists, pharmacists, doctors and optometrists.
Conventional loans are the most common mortgage financing requested. UMB's conventional mortgage loans are available through two government sponsored enterprises—Fannie Mae and Freddie Mac.
Federal Housing Administration (FHA) loans are guaranteed by the federal government and offer options for those who do not have the assets to meet the conventional mortgage loan down payment requirements.
A jumbo mortgage loan has a loan amount that exceeds conventional loan parameters and is designed to accommodate higher-value homes.
The Rural Housing Service (RHS) is an administrative division within the U.S. Department of Agriculture (USDA) that manages loan programs focusing on rural housing for lenders to offer to their communities.
VA loans are mortgage loans guaranteed by the Department of Veterans Affairs (VA). VA loans offer long-term financing to eligible American veterans or their surviving spouses who meet certain qualifications.
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How much mortgage you can afford may be different from how much mortgage is right for you. It’s important to look at your total financial picture:
Estimate your monthly loan payment with the UMB mortgage loan calculator
There are several variables that impact a monthly payment: loan amount, mortgage interest rate and term of the mortgage (how many years it will take to pay off the mortgage).
Mortgage payments also typically include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI).
Take a realistic look at your income, lifestyle and priorities
To estimate how much total home loan you can afford, a general guideline is to double your gross annual income. But that’s a broad generalization. You might have other financial priorities, like travelling or paying off debt.
Maybe your priority is owning a larger home or living in a specific location. In this case, taking out a bigger home loan, still within your budget, may be valuable to you.
Speak to a mortgage loan officer
We’re here to support your homeownership goals and answer any questions. Feel free to reach out to the UMB mortgage team.
Mortgage insurance protects a lender in case a homeowner defaults on their home loan. Private mortgage insurance (PMI) covers the lender. But you have pay for it when you put down less than 20% for a conventional mortgage.
If you make at least a 20% cash down payment, you don’t have to pay PMI.
PMI is usually a very small percentage of your original loan amount. It’s added to your total monthly mortgage payment, along with your homeowner’s insurance, property taxes, and loan principal and interest.
While it adds to your monthly bill, mortgage insurance allows you to make a lower down payment. Some buyers consider this trade-off worth it to be able to own a home.
UMB offers a diverse set of mortgage loan products to fit your needs. Discover how UMB can support your homeownership goals.
Refinancing your home mortgage could get you a lower interest rate. Or it might allow you to switch from an adjustable -rate mortgage (ARM) to a fixed-rate mortgage or to change the term of your loan.
If you’ve owned your home for a while, “cash-out” refinance of your mortgage may help you pay for home improvements or pay down debt with higher interest rates.
Refinancing replaces your original loan with a new loan
You pay the new refinanced loan according to the rate and terms of the new agreement. This may make sense for you, depending on how many months the ongoing payment savings will take to cover your upfront closing costs.
UMB’s Mortgage Refinance Calculator.
Feel confident in your refinancing decision
Refinancing entails much of the same fees and paperwork as an original home loan. As with the original mortgage interest rate, getting the best refinance rate today depends on a few factors, including your credit history.
To feel confident in your decision, it’s important to understand the basics of mortgage refinancing.
Today’s mortgage interest rates continue to make homeownership possible for many people.
UMB offers various competitive rate options. But knowing the exact rate depends on a borrower’s credit history and the term (length in years) of the home mortgage loan. To give you an idea of current mortgage rates, use the UMB Loan Comparison Calculator.
The rates included in this calculator are updated regularly to reflect the average mortgage interest rates today.
UMB supports your homeownership goals
For more information on mortgages and homeownership, check out these helpful links:
You can easily estimate your mortgage payment with the UMB online Mortgage Payment Calculator.
Before you use the home loan calculator, have these things ready to input:
Proposed loan amount (After your cash down payment, how much do you need to borrow?)
Number of months/years you’d like to pay off your mortgage (For most home buyers, 360 months/30 years is typical.)
Purchase price of property
Estimated annual property taxes
Estimated annual hazard insurance
Monthly private mortgage insurance, or PMI (Include PMI if you’re making less than a 20% cash down payment.)