Updated: December 21, 2024
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UMB Bank is the best home equity line of credit (HELOC) lender in Missouri, with a MoneyGeek score of 95 out of 100. BMO Bank is the runner-up, also scoring 94 out of 100.
The average HELOC limit in Missouri is $81,084. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.
Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Missouri, updated weekly to assist you in your journey.
The average HELOC balance in Missouri for the third quarter of 2023 was $29,616, according to Experian. Calculate your HELOC payments and plan for any financial adjustments to manage this type of debt effectively.
Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule shows how much of your payments go toward interest and principal over time.
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Draw Period Payment
Repayment Period Payment
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Home equity lines of credit (HELOCs) are popular in Missouri due to their flexibility and the control they offer over line amounts and repayment timelines. Explore some of the ways you can use a HELOC.
A HELOC is perfect for home improvements, giving flexibility as project costs change. It allows homeowners to access funds as needed, ensuring they can adapt to changes without financial strain.
The average 2023 consumer debt in Missouri was $82,488. Using a HELOC for debt consolidation can simplify payments and reduce interest rates.
HELOCs offer a better alternative to other debts for covering education expenses, including tuition, books and more. They provide lower interest rates and flexible repayment options.
Using a HELOC for investment properties can enhance your portfolio. Find the best HELOC lenders for investment property to secure favorable rates and terms.
Understanding the steps to apply for a HELOC in Missouri can make the process smoother and more manageable. We've broken down this journey into six steps to guide you.
Reviewing your current financial situation is key to understanding your credit score, debt-to-income ratio and home equity. In Missouri, the average credit score is 714, based on Experian data for the third quarter of 2023. A higher score can improve your chances of HELOC approval.
Comparing rates can help you find the best HELOC deal. Also, look into repayment terms, fees and the option for a fixed-rate HELOC.
Preparing the necessary documents for a HELOC can streamline the application process. Commonly required documents include proof of income, recent tax returns, and mortgage and home value information.
Your HELOC application can be submitted online or in person if your lender has a branch. Ensure all information is accurate and complete to avoid delays. Double-check for errors or omissions before submission.
Some lenders may require an appraisal to assess your home's current market value, which can affect your loan amount.
The approval process for a HELOC can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and possibly paying closing costs. Some lenders may cover part of these costs.
The average HELOC limit in Missouri for the third quarter of 2023 was $81,084, according to Experian. The amount you can borrow is generally tied to the equity you have in your home. Higher equity usually means a higher potential credit limit.
Check out the table below for the range of credit lines offered by Missouri lenders in our database.
| Bank of America | $15,000 to $1,000,000 |
| CIBC Bank USA | From $10,000 |
| PNC Bank | $10,000 to $1,000,000 |
| Regions Bank | $10,000 to $500,000 |
| U.S. Bank | $25,000 to $750,000 |
As with any line of credit, the lender can increase or decrease the limit at any time for any reason. With a HELOC, if the value of your home drops significantly, the lender can choose to decrease your line or even freeze it, making it unusable until you pay it down to the amount that aligns with their guidelines.
UMB Bank is the best HELOC lender in Missouri, with a MoneyGeek score of 95 out of 100. It stands out for its excellent customer service, competitive interest rates and efficient application process.
When looking for the best HELOC lenders for bad credit, consider factors like flexible credit requirements, competitive interest rates and transparent fee structures.
When choosing a HELOC lender, consider interest rates, fees, borrowing limits, repayment terms and lender reputation. These factors can significantly impact the overall cost and convenience of your HELOC.
Common fees associated with HELOCs include origination fees, annual fees, application fees and early closure fees. Comparing these fees can help you choose the most cost-effective option.
The typical draw period for HELOCs is 10 years, but some lenders may offer more flexible options. It's important to check with individual lenders to understand their specific terms.
Look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period. These features can provide more flexibility in managing your payments.
MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. We allocated scores based on the inclusion or exclusion of certain desirable features in various critical categories.
We completed our analysis in December 2024 and considered different banks and credit unions in Missouri from S&P Global's SNL Depository Rates dataset.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
