Rate Map for Missouri
This Rate Map for the state of Missouri shows the rates that individual borrowers were able to obtain on refinanced and home purchase mortgages. Each balloon represents a single mortgage – click on them to see what kind of rates borrowers are getting in your area.
Use the options in the column at left to sort your choices by location and credit score. Individual balloons also feature information on loan size, loan-to-value ratio, loan type, lender and more.
If you recently obtained or refinanced a mortgage and would like to anonymously share information about the terms you were able to get, just click on “Share Your Rate” above the map. Your fellow borrowers will thank you!
NOTE: MortgageLoan.com cannot guarantee the accuracy of the data provided as it is submitted by our visitors.
Understanding Home Equity Loans
If you need to convert your equity into cash, the home equity loan is an option. Home equity loans are a type of second mortgage; they're structured with a fixed interest rate and fixed pay-off schedule. The home equity loan is often compared with a refinance mortgage, because in certain situations, either option may be appropriate. Here are the main differences:
- Home equity loans have lower closing costs but higher rates than home refinance loans.
- Home equity loans remain separate from the first mortgage, while refinances restructure them.
Your Missouri lender might suggest an adjustable-rate mortgage (ARM) if you're low on buying power in the short-term. ARMs have the advantage of a low payment in the early months of the loan. After a specified period of time, the rate becomes variable-meaning that general economic trends will drive the rate up or down. The risk of rising payments is somewhat mitigated when borrowers expect an income increase in the immediate future.
Developing an understanding of how different loan types compare in terms of rate, will streamline your mortgage search. When you know that a refinance will cost you more upfront, you might decide early on to go with the home equity loan. You should then fine-tune your budget by testing out loan programs on our mortgage calculators. This risk-free step is invaluable in helping you learn more about your options. You might learn that you can afford to borrow more, which will free up the cash you need for that new car or home remodel. With a strong grasp of your situation and your options, you'll be ready to contact some of the brokers in our Missouri broker directory. Be prepared for several consultations and several loan applications. You might get tired of filling out forms, but you can look forward to landing a great mortgage rate.