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Missouri Mortgage Rates

Understanding Missouri Loan Rates

When it comes to Missouri mortgages, you have lots of options. If you don’t fully understand the differences between the various mortgage options, maybe you should slow down and check out the tools available at Informative articles help “Show-Me-State” borrowers understand their mortgage options, qualifying criteria and more. Calculators can help figure out mortgage payments. And the Missouri broker directory puts contact information for Missouri lenders right at your fingertips.

If you aren’t careful, you might miss the chance to get the lowest interest rate for which you qualify. Here are a few issues to pay attention to:

  • Know how your mortgage payment is applied to the mortgage balance. Otherwise, your interest costs could be higher than expected.
  • Low interest rate mortgages don’t necessarily translate into low payments. The mortgage balance can increase if your monthly payments aren’t high enough.
  • So you’re not surprised at closing, use the Annual Percentage Rate (APR) rather than the interest rate when comparing loans. The APR factors all costs of the loan.

Missouri home equity loans

When Missouri homeowners need cash, many turn to home equity loans. By turning equity into cash, homeowners can tackle home improvement projects, consolidate debt and more. With its fixed repayment schedule, it’s comparable to a refinance mortgage. Knowing the difference may help you determine which is more appropriate for your situation.

  • Refinancing restructures your first mortgage whereas a home equity loan is a separate second mortgage.
  • Closing costs on refinance mortgages are higher but interest rates on home equity loans are higher.

Understanding Missouri adjustable-rate mortgages

An adjustable rate mortgage (ARM) can help you get into a new home. It’s an option to consider, but there are risks. ARMs start out with low monthly mortgage payments. Then when it’s time to adjust, ARMs change from a fixed rate product to a variable rate meaning that interest rates will increase or decrease depending on what’s happening in the economy. If the rate increases, it’ll cause an increase in the borrower’s mortgage payment. That’s why before considering an ARM, borrowers need to be sure they’ll be able to afford higher mortgage payments, if that happens.

Compare Missouri mortgages

Before contacting Missouri lenders, it’s a good idea to understand the different mortgage options as well as your current financial situation. Once you do, use the convenient Missouri broker directory available at to locate lenders and begin requesting quotes. Although it’s more time consuming, request several. In the process, you’ll increase you chance of obtaining a favorable rate of interest.

Popular Areas in Missouri

Cape Girardeau
Fort Leonard Wood
Jefferson City
Kansas City
Mercer County
Poplar Bluff
St. Joseph
St. Louis
West Plains