Real Estate Lending Disclosures

Disclosures

What is a Reconsideration of Value (ROV)

A Reconsideration of Value (ROV) is when a consumer requests a review of the initial appraisal using additional information. Busey Bank requires the consumer to complete a Reconsideration of Value Request Form with relevant information, data, or comparable properties.


What is a Home Equity Line of Credit?

A home equity line of credit (HELOC) is a loan that allows you to borrow, spend, and repay as you go, against the equity in your home. Borrowers can use HELOC funds for a variety of purposes, including home improvements, major purchases, taking a dream vacation and the consolidation of high-interest credit card debt*.
 
*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.


What is an Adjustable-Rate Mortgage?

An adjustable-rate mortgage, or ARM, is a mortgage loan with an interest rate that changes during the life of the loan according to movements in an index rate. Sometimes called AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages).

With an adjustable-rate mortgage (ARM) you can typically enjoy a lower rate and monthly payment during the initial rate period compared to fixed-rate loans. After the initial fixed rate period, your rate and payment could increase. See the program disclosure for details on how and when the rate could increase.
 

View the Consumer Handbook on Adjustable Rate Mortgages
from the Consumer Financial Protection Bureau.









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ARM Disclosures Types





Subject to Credit Approval