Home Equity Loan Rates in Missouri (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Missouri's home equity loan rates are slightly above national averages — 7.7% APR for a 10-year term (7.7% nationally) and 7.9% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Missouri, including city-specific rates, top lenders, and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Missouri is 7.9%, but several factors might affect what lenders offer you. For instance, a higher credit score can secure you a lower APR, while a larger loan amount might lead to a higher rate. Repayment terms also play a role in determining rates. Compare the current home equity loan rates in Missouri across different loan terms in the table below.

Interest rates for a home equity loan change daily. Keeping track of these rates can save you money over the life of the loan and help you consolidate high-interest debts. For example, in Missouri, a 15-year home equity loan with an 8.0% APR results in a monthly payment of $478 and total interest of $36,009. A 10-year loan with a 7.8% APR has a monthly payment of $601 and total interest of $22,164.

The rate you qualify for depends on your loan-to-value ratio, which compares your mortgage balance to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio presents a greater risk to lenders, leading to higher rates. In Missouri, the average APR for a 15-year equity loan with an LTV ratio of 80% is 7.8%, while it's 8.1% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio and explore average home equity loan rates.

Average APRs also vary between cities in Missouri. Cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses. Additionally, differences in property taxes or local fees can influence rates, as these affect overall borrowing costs.

In Missouri, Eugene has an average APR of 4.8%, while Shell Knob has an average APR of 11.0%. Below is a table showing the average home equity loan rates across Missouri cities for different terms.

Home equity loan rates in Missouri can vary significantly between lenders. These differences are due to each lender's unique policies and market strategies. For instance, Community Point Bank offers the lowest average APR at 4.8%, while Freedom Bank of Southern Missouri has the highest at 11.0%. It's important to compare rates and terms from different lenders to secure the best possible deal.

Explore our interactive table to find lenders offering the lowest home equity loan rates in your city. This will help you make an informed decision and potentially save money on your loan.

Securing the best possible home equity interest rates can lead to lower monthly payments and reduced overall costs, freeing up funds for other financial goals. Imagine a homeowner in Missouri who successfully locks in a favorable rate, resulting in significant savings over the loan's term. To achieve the best home equity loan rates in Missouri, consider these strategies:

MoneyGeek addresses common questions about home equity loan rates for Missouri homeowners, providing clear, reliable information. Understanding these rates helps you make informed decisions, considering factors like lender and credit score. MoneyGeek's insights ensure you're equipped with the knowledge to navigate the complexities of home equity loans effectively.