Missouri HELOC Rates and Lenders

A home equity line of credit or HELOC allows you to tap into cash by borrowing against your home’s value. It’s a flexible option for funding home improvements, making large purchases, or consolidating high-interest debt. You only pay interest on the portion of your credit line you use.

Your credit scores, choice of lender, and where you live can influence the rates you’re approved for when applying for a HELOC. Below, you’ll find details on Missouri HELOCs, including rates you can expect from online lenders and how to compare local lenders if you prefer to borrow closer to home. 

Best online HELOCs in Missouri 

Working with an online lender to obtain a HELOC can offer some advantages, including low rates and flexible repayment options. You may be able to borrow against more of your equity while avoiding high fees. Applying for a HELOC online is easy, with minimal paperwork required. 

The lenders listed below are some of the best options for Missouri HELOCs based on interest rates, loan terms, and the overall user experience they offer. Of course, it’s always wise to do your own research to find the right lender to work with when applying for a HELOC. 

Figure

Best overall

4.9 _/5

View Rates

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Why we picked it

Figure is a top choice for Missouri HELOCs due to its quick funding and flexible terms. You can access loan amounts ranging from $15,000 to $400,000, with a draw period of five years and repayment terms extending up to 30 years. 

Figure uses advanced technologies like blockchain and AI, ensuring a fast and efficient approval process, with funds available in as few as five days. 

This makes Figure ideal for Missourians looking for quick and reliable access to their home equity without the traditional banking hassle.

• Seamless online application process with minimal paperwork
• Transparent and easy-to-understand loan terms
• High customer satisfaction with responsive customer support
• Innovative digital platform that simplifies loan management

Loan details

Rates (APR)	7.70% – 16.80%
Loan amounts	$15,000 – $400,000
Draw period	5 years
Repayment term	5, 10, 15, or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Credit score	640

Bethpage FCU

Best credit union 

4.7 _/5

View Rates

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Why we picked it

Bethpage Federal Credit Union stands out in Missouri for its member-focused services and flexibility. It offers loans ranging from $10,000 to $2 million.

The generous draw period of 10 years and repayment terms of up to 20 years provide ample flexibility. 

Although the funding time can be longer, averaging 36 to 70 days, the personalized service and lack of application, origination, or appraisal fees make Bethpage a compelling choice for many homeowners in Missouri.

• High loan amount range
• Long draw period
• Member-focused services

Loan details

Rates (APR)	6.99% for 12 months, then variable.
Loan amounts	$10,000 – $1 million
Draw period	10 years
Repayment term	5, 10, or 20 years
Funding time	36 – 70 days, on average
Properties	Primary homes, second homes, or condos
Credit score	670

LendingTree

Best marketplace

4.5 _/5

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Why we picked it

LendingTree excels as a marketplace for Missouri homeowners, offering the opportunity to compare multiple HELOC offers from different lenders. 

You can access loan amounts ranging from $10,000 to $2 million. LendingTree’s platform supports various draw and repayment terms, making it adaptable to various borrower preferences. 

However, funding times and property eligibility vary by lender, so comparing offers is crucial. LendingTree is ideal for those looking for the best possible deal in Missouri.

• Wide range of loan amounts and terms
• Marketplace for comparing offers
• Flexible property options

Loan details

Rates (APR)	Starts at 6.88%
Loan amounts	$10,000 – $2 million
Draw period	2 – 20 years
Repayment term	5 – 30 years
Funding time	Varies
Properties	Varies
Credit score	Varies, 620 advisable

Local HELOCs in Missouri 

You might look into local HELOC lenders if you prefer a more personalized borrowing experience or the convenience of popping into a branch when needed. A local bank or credit union may be able to offer you relationship rates, fee waivers, or other benefits that an online lender may not. 

There are plenty of options when looking for Missouri HELOCs locally. We’ve rounded up a few of the best below to help you search for a lender. 

Company	Rates (APR)	Locations
Infuze Credit Union	3.99% introductory fixed APR for the first six months, then 7.99% fixed APR	Fort Leonard Wood, Lebanon, Osage Beach, Rolla, Waynesville
Royal Banks of Missouri	8.50% – 20.00%	Center, Hannibal, New London, St. Charles, St. Louis
Commerce Bank	2.99% introductory fixed APR for the first six months, then 9.75% – 11.00% variable APR	Sixty-one cities around Missouri

Comparing local lenders isn’t that different from comparing HELOCs offered by online lenders. Some of the most important things to consider include:

• HELOC rates
• Fees
• Loan-to-value (LTV) requirements
• Minimum and maximum borrowing limits
• Eligibility requirements
• Application process and funding speed

The loan-to-value ratio measures what you owe on your home versus its estimated value. HELOC lenders use this number to determine how much you can borrow. A typical maximum LTV for a HELOC is between 80% and 85%, though it’s possible to find lenders that accept a higher ratio. 

It’s also helpful to look at where a lender is located in proximity to you and how many branches are available should you need to visit one. As evidenced by the table above, some Missouri HELOC lenders have a larger physical footprint than others. 

What’s the difference between online and local HELOCs in Missouri?

Online and local lenders essentially offer the same product. However, there may be differences when it comes to:

• Interest rates and fees
• Draw periods 
• Repayment periods
• Eligibility requirements
• Funding speed
• Appraisal requirements
• Closing costs

Figure, for example, offers the lowest rates among the online lenders we researched. Once approved, you can get funding in as little as five days, with no in-person appraisal required. However, Figure doesn’t offer an introductory rate, which is something you could get with two of the Missouri lenders we profiled. 

Fees also matter when estimating HELOC costs. Online and local lenders can charge origination fees, but whether you pay a flat fee or a percentage of the loan amount could make a significant difference. 

For example, say you’re looking at a local lender that charges a $500 origination fee. You’re also eyeing an online lender that charges a 4.99% origination fee. Here’s how the fees would compare with a $300,000 HELOC. 

• Local lender: $500
• Online lender: $14,970

A local lender could become more attractive. Of course, other fees, including closing costs, annual HELOC fees, late payment fees, and the total interest you might pay, should also be considered. 

How do Missouri HELOC rates compare to other states? 

Your interest rate determines in part how much your HELOC will cost, so getting the lowest rate you qualify for is important. Comparing HELOC rates by state can offer some perspective on how Missouri’s HELOC rates are measured. Generally speaking, we found that there isn’t much difference in HELOC rates from one state to the next. 

Whether you’re comparing Missouri to Wisconsin, or Delaware or Texas, HELOC rates for the most creditworthy borrowers all fall in the same range. And they’re all lower than the national average HELOC rate, which hovers around 10%. 

What typically matters most when getting a HELOC is not where you live but how well you meet the lender’s requirements. When you apply for a HELOC, lenders zero in on these factors:

• Credit scores
• Income 
• Debt-to-income (DTI) ratio
• LTV ratio

Borrowers with higher credit scores have an advantage, whether getting a HELOC in Missouri or elsewhere through an online lender or a local one. The most qualified borrowers generally have fewer obstacles to approval and are more likely to be offered the lowest HELOC rates. 

How to get the lowest HELOC rates in Missouri 

Getting the lowest HELOC rates in Missouri involves appearing as creditworthy as possible and choosing the right lender. 

Eligibility requirements in Missouri aren’t any different from HELOC eligibility requirements elsewhere. You’ll need a solid credit score to qualify for the lowest rates. Some of the things you can do to improve your credit include:

• Reviewing your credit reports for errors and disputing any you find
• Paying bills on time
• Reducing your existing debt balances
• Holding off on applying for new credit
• Keeping older credit accounts open, even if you don’t use them

Once you have a lock on your credit situation, you can shop around to compare lenders. The simplest way to do that is to compare HELOC rates online. You can see which lenders have the lowest rates and most favorable terms. 

If you prefer to look for a HELOC locally, you might talk to friends, family members, or coworkers about which banks or credit unions they use and what they like about them. Keep in mind that if you’re interested in getting a HELOC through a credit union, you may need to meet membership requirements to join. 

Are there any Missouri-specific requirements or regulations? 

Missouri’s usury law establishes limits for mortgage interest rates, including rates for second mortgage HELOCs. However, the law is narrow and applies only to lenders that don’t meet federal preemption guidelines. 

Lenders who qualify for federal preemption include:

• Insured banks
• Savings and loan institutions
• Credit unions
• Banks that have made $1 million in real estate loans in the past year 

There are no limits or rate caps for these lenders. Missouri’s usury law acknowledges that most lenders are exempt, which means that if you’re getting a HELOC here, there’s most likely no state-imposed limit on rates. However, individual lenders can set rate limits themselves, and many do. 

Don’t be afraid to ask if it’s unclear what a lender’s maximum HELOC rate is. That way, there are no surprises should you decide to move ahead with applying for a loan.

Ask the expert

Chloe Moore

CFP®

If you have a variable interest rate on a HELOC, there is a possibility that your rate can increase over the course of the loan. Details on rate increases and caps can be found in your loan paperwork. It’s important to understand how much your rate can increase over time and how these adjustments affect your monthly payment. If you’re worried about significant increases in interest rates, you can also consider a fixed-rate HELOC. 

FAQ

What credit score do you need for a Missouri HELOC?

A HELOC in Missouri typically requires a credit score of at least 620, though a score of 700 or higher can secure better terms, such as lower interest rates. Requirements can vary by lender, so be sure to check with specific providers.

What are the typical fees for a Missouri HELOC?

The typical fees associated with a Missouri HELOC include application fees ranging from $100 to $500, appraisal fees between $300 and $500, and possibly an annual fee of around $50 to $75. Closing costs generally range from 2% to 5% of the line amount, and some lenders may charge an early closure fee if the HELOC is paid off within a certain timeframe.

Are there any special programs or incentives for Missouri HELOCs?

Special programs or incentives for Missouri HELOCs may include lender promotions like no closing costs, discounted rates, or waived fees. Additionally, state or local programs may offer incentives, such as lower interest rates for veterans or first-time homebuyers, or grants for home improvements.

What happens if I move to another state with a HELOC in Missouri?

If you move to another state with a HELOC secured by a property in Missouri, the terms of the HELOC remain unchanged. You can continue making payments regardless of your new location, but the HELOC typically must be paid off if you sell the property. 

Additionally, moving may affect tax considerations, such as deductions for HELOC interest, so it is recommended that you consult a tax advisor.

How we selected the best Missouri HELOCs 

LendEDU evaluates HELOC lenders to help readers find the best HELOCs. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Missouri.

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap of Missouri HELOC rates and lenders