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Home Equity Line of Credit—Open End

Loan to Value (LTV) Ratio Draw period Repayment period
80% LTV First 10 years 10 years
90% LTV First 10 years 10 years
  • Minimum loan amount—$5,001
  • Loan amounts up to $350,000 (if FICO score is 700 or greater)
  • Maximum LTV is 89.99% for qualified applicants
  • Monthly payments are interest-only during draw period and principal and interest during repayment period (based on 120 months amortization)
  • Eligible properties are primary residences and vacation homes
  • No mobile homes or investment properties
  • Variable interest rate tied to prime, as published in the Wall Street Journal
  • Loan approvals are 30 day commitments
  • IL, IN, and MO residents, bank covers all closing costs
  • FL residents, bank covers up to $2,000 of closing costs

Pricing based on LTV, FICO score and loan amount.
Homeowners insurance is required. Flood insurance, title search/policy, appraisal and flood certification may be required.
All loans are subject to collateral values and final review.
1-4 Single Family residences, condos, or duplexes (non-converted) only.
Should your loan be approved, additional paperwork and/or information will be required.
Illinois, Indiana, Missouri—early account closing fee of $350 if line of credit is closed prior to third anniversary date.
Florida—early account closing fee includes repayment of all third party and tax fees paid by bank at closing.

Apply now!

 

Home Equity Loans

Home Equity Loan—Closed End/Fully Amortized

  • Fixed rate for up to 60 months
  • Fully amortized loan terms
  • Monthly principal and interest payments
  • Minimum loan amount—$5,000
  • Loan amounts up to $350,000 (if FICO score is 700 or greater)
  • Personal residence or vacation home maximum LTV is 89.99% for qualified applicants
  • Investment property maximum LTV is 70% for qualified applicants
  • Rate reduction of 0.25% with automatic payment from Busey Bank deposit account
  • Loan approvals are 30 day commitments
  • IL, IN, and MO residents, bank covers all closing costs
  • FL residents cover all closing costs

Pricing based on LTV, FICO score and loan amount.
Interest rate is fixed for the term of the loan.
Homeowners insurance is required. Flood insurance, title search/policy, appraisal and flood certification may be required.
All loans are subject to collateral values and final review.

1-4 Single Family residences, condos, or duplexes (non-converted and owner occupied) only.
Should your loan be approved, additional paperwork and/or information will be required.

Apply now!

 

Home Equity Loan—Closed End/5-1 ARM

  • Minimum loan amount—$15,000
  • Loam amounts up to $350,000 (if FICO score is 700 or greater)
  • Rate is fixed for 5 years, then floats at the 1-year T-Note + applicable margin, adjusted annually based on note date
    • Margin is based on LTV
  • Personal residence or vacation home maximum LTV is 89.99% for qualified applicants
  • 10 or 15 year maximum amortization
  • Loan approvals are 30 day commitments
  • IL, IN, and MO residents, bank covers all closing costs
  • FL residents cover all closing costs

Pricing based on LTV, FICO score and loan amount.
Homeowners insurance is required. Flood insurance, title search/policy, appraisal and flood certification may be required.
All loans are subject to collateral values and final review.
1-4 Single Family residences, condos, or duplexes (non-converted) only.
Should your loan be approved, additional paperwork and/or information will be required.

Apply now!

 

 

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With five lines of business—personal, mortgage, commercial, cash management and wealth management—working together as One Busey, we can meet all your financial needs with confidence. Customers who partner with us are rewarded with the Busey Advantage—regional capabilities and local priorities. It's a commitment that has stood the test of time.

On the personal side, Busey Bank promises to make your banking hassle free with smart personal checking and savings accounts, convenient online banking and mobile banking solutions and consumer loans. Whether you are ready to buy your first home or simply want to refinance the one you currently own, our practical home mortgages, participation in a wide range of special loan programs and in-house mortgage expertise mean your home loan is tailored to your individual needs.

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You've earned it. We'll grow it. Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. We build a team of local professionals around your needs to establish the best strategy for your situation. We work closely with you to develop a personal, comprehensive plan that will help you meet your goals and objectives through each phase of the wealth management process.

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