Best HELOC Rates and Lenders in Missouri (September 2024)

fact checked icon

Updated: October 3, 2024

Advertising & Editorial Disclosure

Missouri's best home equity line of credit (HELOC) lender is Lower. It doesn't have physical branches, so homeowners can access HELOCs entirely online. It rose to the top with its competitive APR range from 8.75% to 13.5%, loan amounts between $15,000 and $500,000, and a minimum credit score requirement of 580. MoneyGeek considered various factors to determine the best lender, not just cost.

MoneyGeek's evaluation included 12 lenders for homeowners in Missouri. Remember, other lenders exist beyond this analysis that may suit your needs. Entities like Missouri Credit Union, Missouri Central Credit Union and First Community Credit Union have unique offerings that could cater specifically to Missourians.

Best HELOC Lenders in Missouri

Best Overall: Lower

Best for Affordability: Lower

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

MoneyGeek evaluated Missouri HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

recency icon

Our analysis was completed in September 2024 and includes lenders that do business in Missouri.

12Lenders Analyzed

    Overall Best HELOC Lender in Missouri

  • Lower
    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the best HELOC lender in Missouri. It offers a range of APRs, from 8.75% to 13.5%, and loans from $15,000 to $500,000. Homeowners can apply even with a credit score as low as 580, expanding access to many. It ensures that finding loan details is simple, reflecting transparency. A+ rated by the BBB, it combines attentive customer support with a no annual fee policy, making it an advantageous choice for tapping into a home's equity.

    Pros

    • Personalized support post-application
    • Minimum loan amount $15,000
    • Accepts credit scores from 580

    Cons

    • No rate discounts offered
    • No fixed-rate HELOC option
    • Repayment period undisclosed
    Lower

HELOC Rates in Missouri by Credit Score

When exploring a home equity line of credit (HELOC), your APR can vary. In Missouri, credit scores and a loan-to-value (LTV) ratio below 80% matter, but banks might propose diverse rates tied to repayment terms. Review this table to gauge how changing parameters affect your rates.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.72%
HELOC (15 year)APR6.72%
HELOC (20 year)APR6.72%

Where does this data come from?

Understanding APRs from various HELOC lenders in Missouri can save you money over the loan's life. Different lenders offer unique terms and rates, leading to significant differences in monthly payments and total interest paid. Comparing APRs ensures you find an affordable and manageable borrowing option tailored to your financial situation.

HELOC Calculator: Do You Qualify in Missouri?

Eligibility for a HELOC in Missouri depends on several things like your home equity and credit score. If your home's equity is high, you might borrow more. The average credit score in the state is 714, according to an Experian study, so if yours is close, you're likely in good standing for a HELOC.

Use our HELOC calculator to explore various scenarios and understand eligibility. It can help you gauge where you stand in the HELOC landscape, helping with your search.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender in Missouri for Affordability

  • Lower
    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the go-to HELOC lender for Missouri homeowners seeking to save money. It offers a pocket-friendly option with an APR range of 8.75% to 13.5% and no annual fees. Homeowners can borrow from $15,000 to $500,000, fitting various needs and budgets. By choosing Lower, Missouri residents take advantage of a lender with an A+ BBB rating, a sign of reliable service. A credit score as low as 580 opens the door to these opportunities, making this lender accessible to a broader audience. Lower's product is noteworthy for its cost efficiency.

    Pros

    • A+ rating from BBB
    • No annual fee
    • Personalized support online

    Cons

    • No rate discounts offered
    • No option to convert to fixed-rate
    • Repayment period not disclosed
    Lower

How does MoneyGeek create this recommendation?


    Best HELOC Lender in Missouri for Bad Credit

  • U.S. Bank
    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the recommended lender for Missouri homeowners with less-than-perfect credit seeking a HELOC. Bad credit doesn't knock you out of the running; it might just mean higher rates. Fortunately, U.S. Bank maintains a lower minimum credit score requirement of 660. With max APR capped at 13.1%, it prevents rates from skyrocketing. Further savings come from a 0.5% discount with autopay enrollment. Missouri residents benefit from these more manageable terms. The BBB accredits U.S. Bank, though it currently has no rating.

    Pros

    • No closing costs
    • Allows prequalification online
    • Interest-only payments allowed

    Cons

    • Closing requires in-person visit
    • Early closure fee, max $500
    • Annual fee of $75
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Missouri for Large Loans

  • Bank of America
    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Bank of America is the top lender for Missouri homeowners seeking large HELOCs. With products like HE03, Bank of America offers a high max loan amount of $1 million, which is ideal for funding big expenses such as home renovations or educational costs. You get a 10-year draw period and a 20-year repayment term to manage the borrowed amount. Moreover, it does not charge annual fees, easing the financial burden over the loan's lifetime. Adding to the advantages, it offers multiple discounts, an introductory rate of 6.99% for six months and assistance during financial hardships, making it a reliable choice for Missouri residents.

    Pros

    • Competitive introductory rate (6.99%) for six months
    • Offers multiple discounts
    • Assistance during financial hardship

    Cons

    • Closing must be done in person
    • Minimum online loan amount is $25,000
    • Charges $450 early closure fee
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?


    Best HELOC Lender in Missouri for Debt Consolidation

  • PNC Bank
    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    For Missouri homeowners looking to wrap up their high-interest credit card or personal loan debts into a neat package, PNC Bank is the go-to HELOC lender. It's like a Swiss Army knife for your debts, with a toolbox that offers adjustable rates and a comforting 0.25% rate discount when you use autopay from a PNC checking account. With an APR range starting at 8.22% and peaking at 14.5%, it often beats out credit cards and personal loans, which usually have higher rates.

    PNC helps you get into the action quickly, with funds available just three days after closing and supports a loan ceiling that goes up to $1 million, which is ideal for sweeping up all your balances in one go. Homeowners in Missouri can breathe easy knowing it also reimburses fees from the get-go, covering various upfront costs, so you can focus on getting your financial house in order. Plus, if you hit a rough patch, it's got your back with hardship assistance. And remember, manage your HELOC wisely to prevent your home from being at risk since it serves as collateral for your line of credit.

    Pros

    • Offers financial hardship assistance
    • Autopay rate reduction option available
    • Online application tracking system provided

    Cons

    • Charges a $50 annual fee
    • Does not disclose most info
    • Charges a late fee
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Missouri

MoneyGeek has spotlighted top HELOC lenders in Missouri. Here's how to tailor your search to align with your personalized financial needs.

    girlThinking icon

    Define Your HELOC Purpose

    Knowing why you need a HELOC guides your choice in Missouri. Lenders might have better terms for renovations versus debt consolidation. Research lenders that align with your goals to ensure you get the most suitable offer.

    trustSeal icon

    Check Lender Reputation

    Evaluate lenders through the Better Business Bureau and the Missouri Division of Finance. Stellar ratings with these institutions can signal reliability and customer satisfaction.

    loanVsLoan icon

    Compare HELOC Features

    Examine different lenders by looking at interest rates, repayment terms, and closing costs. A thorough comparison ensures you understand the costs involved and find competitive offers in Missouri.

    smallBusiness icon

    Assess Community Standing

    A lender's reputation in Missouri matters. Local awards or recognitions reflect their commitment to clients. Engage with community forums or local financial advisors to uncover these insights.

    loanReview icon

    Explore Lender Flexibility

    Pick a lender that offers flexibility, like interest-only payments or a fixed-rate HELOC. Features like online prequalification show a lender's adaptability to modern homeowner needs.

FAQ: HELOC Lenders and Rates in Missouri

Navigating the HELOC landscape in Missouri can be streamlined with the right knowledge. Below, we've compiled answers to frequently asked questions, offering guidance to homeowners on selecting a lender that aligns with their financial needs and goals.

What's a good HELOC rate in Missouri? What are the best HELOC rates in Kansas City?
Which HELOC lender is best overall in Missouri?
Can I still qualify for a HELOC in Missouri if I have bad credit?
Which HELOC lender in Missouri is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in Missouri for me?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

sources
Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use