Friends at bbq
 

Home Equity Products


Home Equity Line of Credit - Open End

  • 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.
 
 
 

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.
 
 
 

Home Equity Loan - Closed End/5-1 ARM

  • Minimum loan amount—$15,000
  • Loan 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.
 
 
 
 
 
New homeowner couple

Specialty Loan Programs

With our niche loan programs, our award-winning mortgage team will find the financing to fit your needs. 
Couple unpacking boxes

Types of Loans

Busey Home Mortgage offers great rates and lower fees than man of our competitors. 
 
 
 
 
 

For questions or assistance, contact a Busey Home Equity Lender.