HELOC rates in Missouri have risen from about 4% in early 2021 to 8.7% by November 2024. If this trend continues, homeowners might encounter higher borrowing costs. Consider locking in a rate sooner to potentially save on future expenses.
HELOC
Best HELOC Rates in Missouri
Updated: November 23, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Missouri with an 80% LTV is 8.4%, compared with 8.8% for a 90% LTV.
HELOC rates vary by city in Missouri. Williamsville has an average APR of 5.5%, whereas Kennett's is 10.8%.
Different lenders offer varying rates for the same loan types. First Midwest Bank of the Ozarks' average APR is 5.5%, whereas Bank of America's is 10.8%.
Current HELOC Rates in Missouri
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HELOC Rates in Missouri by LTV Ratio
HELOC rates in Missouri vary based on your loan-to-value (LTV) ratio and line limit. A lower LTV ratio indicates more home equity, reducing the risk for lenders. For instance, an 80% LTV means you've borrowed less against your home's value than a 90% LTV, making you less likely to default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
Data filtered by:Results filtered by:
Line Limit:
Line Limit:$100,000
| 8.4% | 8.8% |
HELOC Rates in Missouri by City
HELOC rates in Missouri vary by city due to factors like local housing markets and lender competition. For instance, cities with strong real estate markets might offer lower rates.
Use the table below to filter by your city and see average APRs for $50k and $100k HELOCs.
Data filtered by:Results filtered by:
City:
City:Kansas City
| $100,000 | 8.9% |
| $50,000 | 8.9% |
HELOC Rates in Missouri by Lender
HELOC interest rates in Missouri vary among lenders in Missouri due to different pricing strategies and risk assessments. Below is a table listing the five lenders in Missouri offering the lowest average APRs, allowing you to compare competitive rates.
| First Midwest Bank of the Ozarks | 5.5% |
| Bank of Versailles | 7.0% |
| Connections Bank | 7.0% |
| Bloomsdale Bank | 7.3% |
| Members 1st Credit Union | 7.5% |
HELOC rates today can differ among lenders in the same city. Use the table below to filter by city and compare average APRs, helping you find the best rate available in your area.
Data filtered by:Results filtered by:
City:
City:Kansas City
| Connections Bank | Commercial Bank | 7.0% |
| Kansas City Credit Union | Credit Union | 8.0% |
| The Union State Bank of Everest | Commercial Bank | 8.0% |
| BOKF | Commercial Bank | 8.1% |
| Arvest Bank | Commercial Bank | 8.3% |
| Mainstreet Federal Credit Union | Credit Union | 8.3% |
| Busey Bank | Commercial Bank | 8.4% |
| Academy Bank, N.A. | Commercial Bank | 8.5% |
| UMB Bank | Commercial Bank | 8.5% |
| Armed Forces Bank | Commercial Bank | 8.5% |
| Security Bank of Kansas City | Commercial Bank | 8.5% |
| Clay County Savings Bank | Commercial Bank | 8.8% |
| Emprise Bank | Commercial Bank | 8.8% |
| BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 8.9% |
| Mazuma Credit Union | Credit Union | 8.9% |
| CommunityAmerica Credit Union | Credit Union | 9.0% |
| The Nodaway Valley Bank | Commercial Bank | 9.0% |
| Public Safety Credit Union | Credit Union | 9.0% |
| NBKC Bank | Commercial Bank | 9.0% |
| Hawthorn Bank | Commercial Bank | 9.1% |
| Simmons Bank | Commercial Bank | 9.2% |
| Commerce Bank | Commercial Bank | 9.9% |
| U.S. Bank National Association | Commercial Bank | 10.4% |
| PNC Bank | Commercial Bank | 10.8% |
| Bank of America | Commercial Bank | 10.8% |
COMPARING HELOC RATES IN MISSOURI: BANKS VS. CREDIT UNIONS
HELOC rates in Missouri vary between banks and credit unions. Commercial banks typically have higher rates, with the best HELOC rate in Missouri for commercial banks averaging 8.6%. In comparison, credit unions offer a slightly lower average APR of 8.3%, as these not-for-profit institutions often provide more competitive rates.
When choosing between the two, consider more than just rates. Banks may offer more convenience, while credit unions often provide better customer service and lower fees. It's also important to check membership requirements for credit unions and be aware of any hidden fees or rate adjustment clauses with both lenders.
Expert Answers About HELOCs
What are the primary factors that influence HELOC rates, and how can homeowners ensure they get the best rate?
Credit & Mortgage Expert
There are many factors that influence HELOC rates, but the most critical are the following:
Credit score is a crucial factor in determining your interest rate for a HELOC. The higher your credit score, the lower rate you will qualify for. Shoot for a 760 credit score or higher.
Debt-to-income is a vital factor. If the lender doesn’t think you have the ability to repay the debt, you will be denied. Focus on paying off as many credit cards or loans as possible before applying for a HELOC.
Loan-to-value — how much money you borrow based on how much your home is worth plays a large role in interest rate. The more you take out, the higher the risk is for the lender, which translates to a higher interest rate for your loan.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Missouri HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. Our calculator also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.
Missouri HELOC Payoff Calculator
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.
Credit Line Information
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Repayment Period Payment
$0
- Graph view
- Table view
- Amortization
Credit Payoff Schedule for Home Equity Line
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Ending balance
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How to Get the Best HELOC Rates in Missouri
Securing the best HELOC rates in Missouri can save you thousands. To achieve this, consider these five strategies:
Maintain a strong credit score
The average credit score in Missouri is 714. Improving it can help homeowners secure more competitive rates from lenders.
Compare offers from multiple lenders
Exploring various lender offers can uncover competitive rates and provide leverage for negotiating better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios indicate financial stability. Paying off credit card debt can improve your DTI ratio.
Increase your home equity
More equity reduces lender risk, leading to better rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Closing costs can affect loan expenses. Understanding rate caps helps manage HELOC costs over time.
HELOC Loan Rates vs. Home Equity Loan Rates in Missouri
HELOC interest rates in Missouri average 8.5%, while home equity loan rates are lower at 7.8%. This difference arises from the variable rate structure of HELOCs compared to the fixed rates of home equity loans.
- HELOCs operate with variable rates that adjust with the market, making them susceptible to increases in rising interest rate environments, which can affect long-term financial planning for homeowners.
- Home equity loans provide a lump sum at a fixed interest rate, offering stability and predictability, which can be beneficial in situations requiring consistent repayment terms.
When deciding between these options, consider whether you value the flexibility of borrowing as needed with a HELOC or the certainty of fixed payments with a home equity loan. Assess your financial goals and risk tolerance to make an informed choice that aligns with your needs and the equity in your home.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a new, larger loan, providing access to cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, if you have a loan backed by the Federal Housing Administration (FHA) and your home is valued at $300,000 with a $150,000 mortgage balance, an FHA cash-out refinance for $200,000 could give you $50,000 in cash, but your new loan payments will be based on $200,000.
FAQ: Best HELOC Rates in Missouri
What are the current HELOC rates in Missouri and how do they compare to national rates?
The average Missouri's HELOC rates is 8.5%, slightly higher than the national average of 8.4%.
What fees are commonly associated with HELOCs in Missouri?
Common fees include application, appraisal, annual, and early closure fees. These can vary by lender.
How do HELOC rates in Missouri compare to home equity loan rates?
HELOC rates in Missouri average 8.5%, while home equity loan rates are lower at around 7.8%, which may be beneficial for those with bad credit.
How do HELOC Rates in Missouri vary between banks and credit unions?
Banks in Missouri offer HELOC rates averaging 8.6%, while credit unions offer lower rates at 8.3%.
What's the best HELOC rate in Kansas City? How does it compare to the current HELOC rate in Missouri?
The average HELOC rate in Missouri is 8.5%, while Kansas City's rates are slightly higher, averaging 8.9%.
MoneyGeek examined 118 different banks and credit unions in Missouri using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of November 15, 2024.
118Lenders Analyzed
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.