Home Equity Loans

Home Equity Line of Credit (HELOC) - 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
  • 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 credit approval, 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—an origination fee of $250 and an annual fee of $65 may apply; 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.
HELOCs are available only in metropolitan service areas served by Busey branches. 



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

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 credit approval, collateral values and final review.
1-4 Single Family residences, condos, or duplexes (non-converted and owner occupied) only.
Illinois, Indiana, Missouri—an origination fee of $250 may apply.
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

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 credit approval, collateral values and final review.
1-4 Single Family residences, condos, or duplexes (non-converted) only.
Illinois, Indiana, Missouri—an origination fee of $250 may apply.
Should your loan be approved, additional paperwork and/or information will be required.