Missouri Home Equity Loans
Second mortgage products are abundantly available from quality lenders throughout the state of Missouri. Whether its home improvement in St. Louis (63114) to financing an auto purchase in Kansas City (64114); homeowners in Missouri can tap into their home’s equity to finance a variety of projects and endeavors. Borrowers in Missouri can turn to two traditional second mortgage products for financing—a home equity line of credit (HELOC) or a home equity loan.
For large projects in Missouri, requiring one or possibly two payments; a home equity loan is an ideal fit. A home equity loan is a fixed rate product with traditional loan repayment schedule. The borrower receives one lump sum amount of money that can be used for home improvement, repairs, debt consolidation or other large, one time expenses. Missouri homeowners who need to finance an ongoing expense such as college tuition or perpetual medical expenses can use a home equity line of credit (HELOC). A home equity line of credit is a revolving line of credit offered for a variable rate. The borrower only draws the amount needed and makes payments based on the draw. Interest from a home equity can be tax deducible if used for home improvement or repair; however Missouri borrowers should consult with an accountant before claiming deductions.