Mortgage Products & Services
Busey Mortgage provides customized home loan programs that can assist you in purchasing your first or fifth home or refinancing your existing mortgage. Our in-house mortgage experts will assist you throughout the process and help you choose the ideal product for your particular circumstances.
Loan Types & Programs
Fixed Rate Mortgage
A loan where the interest rate remains constant throughout the term, whether a 15, 20, or 30-year loan. This is a popular choice as it provides peace of mind, knowing that your monthly mortgage payment (principal and interest) will not change, regardless of market fluctuations.
Adjustable-Rate Mortgage (ARM)
A loan with a fixed interest rate for 5, 7, or 10 years. After this initial fixed-rate period, the interest rate becomes variable, based on an index rate and a predetermined margin. The variable interest rate can fluctuate for the remaining term, depending on market conditions, which may impact your monthly payment amount.
FHA Financing
Government-backed loan guarantees the loan amount to the lender. They are available as either fixed rates or adjustable rates. FHA loans are typically used by borrowers with smaller down payments and/or less than perfect credit histories.
VA Financing
VA financing might be a good option for military veterans, active service members and their families. A VA loan offers favorable loan terms, such as 100% financing, limited closing costs, and flexible underwriting.
Rural Development/USDA Program
A zero-down-payment loan for homebuyers in eligible towns and rural areas meeting income restrictions. Busey Bank provides the financing with the guarantee provided by the USDA Rural Development Guaranteed Housing Loan Program.
Home Equity
This 2nd mortgage product is a great tool for variable spending needs, such as home improvements or paying off large debts. Busey offers both Home Equity Lines of Credit (HELOC) and Home Equity Loans. Learn more about our Home Equity options.
Contact your Busey Mortgage lender for more details on the different loan types available.
Specialty Loans
Physician and Resident Physician Loan
The product offers unique terms and flexible guidelines for licensed physicians and resident physicians (MD, DO, DMD, or DDS).
Construction-to-Permanent Loan
Busey's Construction-to-Permanent loan is designed to help streamline the borrowing process when building a new home. It lets you lock the interest rate at the start of the construction phase and transitions to an ARM as your permanent financing. You'll make interest-only payments during the construction phase (up to one year) and provides a one-time close to save time and money.
Lot Loan
The loan provides financing to purchase a lot or a parcel of land on which you plan to build a home on at a later date.
Contact your Busey Mortgage lender for more details on our specialty loan programs.