Home Equity Products
A home is often a consumer’s most valuable asset. Put your home’s equity to work for you.
Home Equity Line of Credit (HELOC)
Unlock the benefits of a Home Equity Line of Credit: gain flexibility, enjoy convenience, and potentially save money by consolidating higher-cost debt.
A Busey Home Equity Line of Credit (HELOC) can offer you:
- PEACE OF MIND - Ongoing access to funds for life events and emergencies.
- FLEXIBILITY - Payment based on amount withdrawn from HELOC.
- MONEY SAVINGS - Pay off higher interest rate credit card balances and personal loans.
You can use your HELOC for*:
- Education expenses
- Home improvements
- Purchasing a vehicle
- Consolidating credit card debt
- Purchasing a vacation home
- Taking a dream vacation
Contact Us for additional information, clarification on terms and conditions, or any inquiries you may have regarding our mortgage services.
Home Equity Loan
Securing a Home Equity Loan allows you to use the equity in your home for purchases or to consolidate debt, turning your equity into cash.
A Busey Home Equity Loan offers you*:
- PEACE OF MIND- A fixed or adjustable interest rate and monthly payments ensure the loan is paid off at maturity.
- MONEY SAVINGS- Pay off higher interest rate credit card balances and personal loans.
Home Equity Loan is best used for one-time financing need. You can use your Home Equity Loan for:
- Education expenses
- Home improvements
- Purchasing a vehicle
- Consolidating credit card debt
- Purchasing a vacation home
- Taking a dream vacation
Contact Us for additional information, clarification on terms and conditions, or any inquiries you may have regarding our mortgage services.
Disclosures:
*Subject to credit approval. Rates, program terms and conditions are subject to change without notice. Property insurance required on properties secured by this plan. Consult a tax advisor regarding the deductibility of interest. The benefits of a HELOC for debt consolidation depend on your individual circumstances. Because a HELOC may have a longer term than some of the debt you may be consolidating, you may not realize a savings over the entire term of your new HELOC. Consolidating federal loans may eliminate important protections and benefits. Restrictions and limitations may apply. Contact a Busey Loan Officer for product details. NMLS ID 509055.
HELOC and Home Equity Loan Additional information:
- Pricing based on Loan-To-Value, FICO score, and Loan amount.
- Homeowners insurance required. Flood insurance, title search/policy, appraisal, and flood certification may be required.
- All loans subject to credit approval, collateral values, and final review.
- Eligible properties include 1-4 single family residences, condos and duplexes (non-converted).
- Illinois, Indiana, Missouri: Origination fee of $250 may apply.
- For HELOCs: An annual fee of $65 beginning on the first anniversary until the end of the draw period may apply.
- For HELOCs: Early account closing fee of $350 if closed prior to the third-anniversary date.
- For Florida HELOCs: Early account closing fee includes repayment of all third-party and tax fees paid by the bank at closing.
- Additional paperwork/information may be required upon loan approval.
- HELOCs and Home Equity Loans are available only in metropolitan service areas served by Busey branches.
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 Mortgage offers great rates and lower fees than many of our competitors.
For questions or assistance, contact a Busey Home Equity Lender.