Umpqua Bank Reviews

Umpqua Bank shares its current home purchase loan rates on its website. Rates change over time and depend on the qualifications of each borrower, but Umpqua’s average rates on home purchase loans have tended to be a bit higher than national averages since 2019.

Umpqua offers both fixed-rate and adjustable-rate loans. If you get an adjustable-rate mortgage (ARM) from Umpqua with a low starting rate, note how long that rate will be locked in. Once it begins to adjust (usually after three to 10 years), your rate will increase or decrease on a set schedule based on the market at that time. You may initially save money with an ARM — but you can also end up paying more over the life of the loan.

The current starting rates Umpqua shares on its website are for buyers with high credit (740 for conventional loans and 680 for FHA loans) and a 20% down payment (3.5% for FHA) — if you don’t fit these qualifications, expect higher rates.

Umpqua Bank average home purchase rate vs. national average

To begin applying for a mortgage with Umpqua Bank, you’ll need to call a loan officer, submit your contact info online or visit one of its branches. Once you start the application process with a loan officer, you’ll be able to work through each step with their help.

Most of this process will need to be done in person at one of its 200+ locations, although you may be able to email some of your information or provide it over the phone.

Umpqua Bank application features

Umpqua offers conventional mortgages (conforming and jumbo) and government-backed mortgages, including FHA, VA and USDA loans.

Its specialty loans include construction and renovation loans, mortgages for vacation homes and investment properties, and physician loans. To understand the terms for each product, you’ll need to talk with a loan officer.

Since 2019, Umpqua has maintained a denial rate of around 3.5% for home purchase loans, which is pretty low compared to the rest of the industry.

Loan applications for home purchases only by year

Refinancing

Umpqua offers conventional loan refinancing, jumbo loan refinancing and VA loan refinancing. In 2021, just over 46% of the loans Umpqua closed were for refinancing (including cash-out refinances).

In 2020 and 2021, refinancing got more popular overall as interest rates hit historic lows. If you’re able to capitalize on low rates, you may be able to save thousands of dollars throughout the life of your loan by refinancing. But, if rates aren’t significantly lower than your current APR (at least 1%), refinancing may not be worth the cost.

Home purchase vs. refinance loans by year

HELOC and home equity loans

Home equity lines of credit let you use the equity you’ve built in your home to access cash. Umpqua HELOCs are available for $5,000 to $500,000 (based on your equity), with APRs starting at 6%. They come with 10-year draw periods and 20-year repayment periods.

Umpqua does not charge any HELOC origination fees, and it pays standard closing costs on your behalf. However, you will pay a $75 annual fee.

Umpqua doesn’t disclose its requirements for borrowers, but your loan officer can potentially help you understand your chances of approval based on your qualifications before the company does a hard credit pull.

Common requirements for conventional loans include a minimum credit score of 620 and at least 3% down (most down payments are higher). You’ll also need a relatively low debt-to-income (DTI) ratio, usually around 36% or lower, and the ability to verify your income and provide tax returns. Together, these factors help lenders decide how much you can afford.

We’ve compiled some general mortgage requirements below, but remember that Umpqua’s criteria may differ.

National mortgage requirements by type

You won’t find information on Umpqua’s mortgage costs and fees on its website. Instead, you’ll have to ask your loan officer for an estimate of your closing costs or apply and wait for your legally mandated Loan Estimate.

On average, closing costs add up to somewhere between 2% and 5% of the total amount of your loan. In addition to mortgage fees (like appraisal, application and origination fees), you may also need to bring cash to closing to cover items like your down payment, private mortgage insurance premiums (if you put down less than 20%) and a year’s worth of homeowners insurance.

Umpqua does have programs for first-time homebuyers and down payment assistance that may help cover some of these costs. Your loan officer can help you navigate these options.