Home Refinance
Homeowners refinance their mortgage for a variety of reasons. Many want to lower their interest rates, shorten the term of their loan, consolidate high-interest debt, eliminate mortgage insurance or switch from an adjustable-rate loan (ARM) to a fixed rate loan. Whatever the reason, the Busey Mortgage lending team is here to help.
The Mortgage Refinance Process
Once you’re ready to refinance your home loan, there are a series of events that must take place before you can close on your loan.
Refinance Application
The first step is to submit a refinance application. Your Busey Mortgage lender will explain the mortgage programs available, discuss your options, and work with you to complete the application and collect 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.
Application Processing
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 involve a series of disclosures and documents detailing the final terms of your mortgage loan transaction.
Specialty Loan Programs
With our niche loan programs, our award-winning mortgage team will find the financing to fit your needs.
Types of Loans
Busey Home Mortgage offers great rates and lower fees than many of our competitors.