Busey Home Mortgage is an organization that is committed to helping its customers and its communities. Opened in 1868, Busey Bank has built a long-standing tradition of close relationships and a wide range of financial capabilities. The cornerstones of Busey since its inception has been dedicated associates, strong customer partnerships and thriving communities.
Mortgage Options & Rates
Although not published on its website, Busey Home Mortgage claims to offer great rates and lower fees than much of its competition. With its in-house mortgage experts and a wide range of products – including special loan programs – you’re bound to find a mortgage product that suits your individual financial needs. If you feel overwhelmed by your choices, a Busey Home Mortgage lender will help you decide which loan type is right for you.
- 30-year fixed rate. This option has a constant interest rate and monthly payments that never change. It’s a good choice if you plan to stay in your home for a long time.
- 15-year fixed rate. This product also has a constant interest rate and monthly payments that never change. It offers a lower interest rate than the 30-year loan, and you’ll be able to own your home twice as fast. Of course, this comes with a higher monthly payment.
- Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM). This option offers the best of both worlds: lower interest rates and a fixed payment for a longer period of time than most adjustable rate loans. For example, a 5/1 ARM has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan based on then-current rates for the remaining 25 years. It’s a good choice for those that expect to move or refinance before or shortly after the adjustment happens.
- Federal Housing Authority (FHA). This product offers financing on up to 96.5% of the purchase price and allows you to use gift or grant funds for down payment and closing costs.
- Department of Veterans Affairs (VA). This option helps eligible US Veterans buy homes using 100% refinancing.
- Department of Agriculture (USDA). The Guaranteed Rural Housing Loan Program offers 100% financing to borrowers purchasing in a rural community.
Portfolio Loan Programs
- Physician loan. This product was designed for the unique needs of MDs and DDs with low start rates and no mortgage insurance required. Available as 5/1 and 7/1 ARM, with zero down on loans up to $599,999 and 10% down on loans from $600,000 to $1,000,000.
- No MI ARM loan. This option offers a loan-to-value (LTV) ratio higher than 80% and doesn’t require mortgage insurance. Available as a 5/1 ARM loan for those with a minimum credit score of 700.
- 100% financing. This product offers an 80/20 loan for borrowers who don’t have money for a down payment and does not require mortgage insurance. The minimum credit score to apply is 700.
- Jumbo loans. Available as a 5/1 ARM, it can be used for financing when the loan amount exceeds $453,100. Eligible properties include primary or secondary homes. The minimum credit score to apply is 700, and the maximum purchase amount is $2 million.
- Relationship jumbo loans. Busey customers with a qualified checking account or Private Client relationship may benefit from lower rates with a 5/1, 7/1, or 10/1 ARM.
- Construction to permanent loan. This option was designed to help streamline the borrowing process when you build a new home. It lets you lock in the interest rate at the start of construction and transitions to an ARM as your permanent financing. You’ll make interest-only payments during the construction phase (up to a year) and close on the loan once to save time and money.
- Lot loan. Designed to simplify the borrowing process when purchasing land, you’ll need a minimum credit score of 660 to apply for this product. The maximum loan amount is $200,000.
- Bridge loan. Designed to facilitate a home purchase when borrowers need to use the equity in an existing property to purchase a new primary residence. These loans must be paid off when the existing residence sells. Loans up to $4 million and 80% LTV.
- Home equity. This second mortgage option is a great tool for variable spending needs, such as home improvements or paying off large debts. Available as a Home Equity Line of Credit (HELOC) or as a Home Equity Loan.
Busey Home Mortgage promises to find the home financing that’s best for you. Its in-house mortgage expertise and participation in a wide range of special loan programs translate into a home loan that is tailored to your individual financial needs.
Special loan programs are available in these areas:
- Champaign and Ford Counties
- Southwest Florida
- Macon and Shelby Counties
- McLean and Livingston Counties
- Peoria Tri-County
The Mid Central Community Action Down Payment Program offers assistance packages with up to $6,000 towards down payment and closing costs, exclusively for Busey borrowers. This program is available to first-time homebuyers who meet income requirements in McLean, Livingston, DeWitt, Piatt, Ford, Logan, Tazewell and Woodford Counties.
Busey Home Mortgage is recognized as a Top Lender by LendingTree and a 5-Star Lender by Zillow based on customer ratings and reviews. The Illinois Housing Development Authority (IHDA) has also rewarded Busey with the #1 Mortgage Lender in the entire state from 2008-2013, and the Top Lender in Central Illinois in 2014 and 2015.
On Zillow, Busey Bank received an average of 4.9 out of 5 stars over 657 consumer reviews. Busey’s high review score indicates that it performs better than most of its mortgage lending peers when it comes to managing customer relationships.
If you want to apply, just head over to Busey’s mortgage application page online and hit the “Apply Now” button. If you don’t have the documents readily available, Busey says to use your best estimate. You will need your social security number, contact and employment information, and your best estimates of income, assets and liabilities.
After you complete the application online, Busey will contact you to guide you through the loan process, complete your loan application package, and help you select the best product and interest rate.
Although there isn’t much information online about Busey Home Mortgage, what is available shows that the lender excels at keeping its customers satisfied. Without having any example rates and closing costs, I would personally still take the leap, fill out an application, and see where Busey will take me. Only because I know that I would be in good hands.
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