Home Purchase
Busey Mortgage is here to help you find the financing that’s best for you—whether you're just starting out, tired of renting or upgrading to your dream home. With free pre-qualifications, you can search for your new home knowing all of your options, and our selection of specialty loan programs and in-house mortgage expertise means your home loan is tailored to your individual needs.
The Mortgage Loan Process
Once you're ready to buy a home, we'll walk you through the entire process.
Pre-qualification
Before you start your home search, it's a good idea to get pre-qualified. This will give you a stronger position when you're ready to make an offer on your dream home. We will review your financial situation to ensure you're fully prepared to purchase your new home.
Loan Application
Once you've found your dream home, and your offer is accepted, your Busey Mortgage lender will guide you through the process. We will assist you in completing your loan application, helping you choose the right product that suits your financial needs and collecting all the required documentation.
Application Disclosures
To ensure that you fully understand the terms of the loan you have applied for, we will send you a set of disclosures within three days of your application. The disclosures will contain all the relevant terms and conditions of your loan request. It is important that you sign and return the disclosures in a timely manner so that we can proceed with your loan request.
Once we receive your completed application and required documentation, your dedicated Loan Processor will order third-party services such as property appraisal and verification of your financial information. They will then prepare your loan request for review by our Underwriting team.
Underwriting
The last stage of your loan request is for our underwriting team to review your financial information and property details. Upon review and acceptance, a loan approval/commitment will be issued.
Closing
After your loan is approved, a Closing will be scheduled. The closing will take place at a title company or attorney's office and will involve a series of disclosures and documents detailing the final terms of your mortgage loan transaction.
Congratulations, your dream home is all yours!
Contact your Busey Mortgage lender to get started on your home-buying journey or learn more about the mortgage loan process.
Mortgage Fees Explained
There are several costs associated with a new home mortgage loan. Understanding these fees and budgeting for them can help smooth the home buying process.
Appraisal Fee
An appraisal is a valuation report that will confirm the fair market value of the home you are financing.
Credit Report Fee
A credit report shows your credit history and credit score, which plays a big role in the determination the loan amount and interest rate on your mortgage loan.
Underwriting Fee
The cost related to the process of reviewing, researching, and approving a mortgage application.
Title Fee
Title fees are paid to the title company to review and insure the title of the property.
Recording Fee
Covers the cost charged by your city or county recording office to legally record the new deed and mortgage.
Flood Determination Fee
This fee is paid to a third party to determine if the property is located in a flood zone. If the property is found to be located within a flood zone, a flood insurance policy will be required.
Tax Service Fee
A fee paid to a third party to monitor and ensure the property taxes are paid on time.
For more information on mortgage lending fees, contact your Busey Mortgage lender.
Types of Loans
Busey Home Mortgage offers great rates and lower fees than many of our competitors.
Specialty Loan Programs
With our niche loan programs, our award-winning mortgage team will find the financing to fit your needs.