Busey Bank Mortgage Rates, Fees & Info

Champaign, IL

LEI: 549300O7SGM8FH65GQ47

Tax ID: 37-0613731

5 stars - Updated: 6/9/24 - out of 5 stars, based on 42 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Busey Bank is a smaller bank specializing in Home Purchase and Refi loans. Busey Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Champaign, Chicago, St. Louis, Indianapolis, and Cape Coral among others. We have data for 54 markets. (Some data included below & more in-depth data is available with an active subscription.)

Busey Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Busey Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.24% 6/9/24
30 Year Conventional Purchase 6.48% 6/9/24
30 Year Conventional Refi 6.48% 6/9/24
30 Year Cash-out Refi 6.38% 6/9/24
30 Year FHA Purchase 7.41% 6/9/24
30 Year FHA Refi 6.84% 6/9/24
30 Year VA Purchase 6.37% 6/9/24
30 Year USDA Purchase 6.95% 6/9/24
15 Year Conventional Purchase 5.58% 6/9/24
15 Year Conventional Refi 5.82% 6/9/24
15 Year Cash-out Refi 5.82% 6/9/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Busey Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Busey Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

1,772

Origination Dollar Volume (All Markets)

$471,680,000
Show all (15) awards

Relative Rate

Busey Bank's average 30 year fixed mortgage rate was 6.33%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.15%.

Relative Fees (Closing Costs)

Busey Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,422.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 409 $151,735,000 $370,990 $2,341 6.54%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 411 $124,265,000 $302,348 $4,147 7.21%
ST. LOUIS, MO-IL (FHA|USDA|VA) 324 $64,430,000 $198,858 $2,191 6.91%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 56 $17,900,000 $319,643 $2,483 6.86%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 50 $16,810,000 $336,200 $4,945 6.99%
BLOOMINGTON, IL (FHA|USDA|VA) 104 $16,670,000 $160,288 $1,921 6.90%
Outside of Metro Areas 70 $13,440,000 $192,000 $2,637 6.68%
PEORIA, IL (FHA|USDA|VA) 138 $12,170,000 $88,188 $2,335 6.91%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $7,710,000 $3,855,000 $6,331 5.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 8 $7,240,000 $905,000 $10,098 6.82%
DECATUR, IL (FHA|USDA|VA) 89 $7,225,000 $81,180 $2,697 5.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $4,860,000 $810,000 $6,675 6.33%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $4,165,000 $4,165,000 $0 6.27%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 14 $3,050,000 $217,857 $3,683 7.16%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $2,871 5.88%
DANVILLE, IL (FHA|USDA|VA) 14 $1,710,000 $122,143 $2,317 7.29%
PUNTA GORDA, FL (FHA|USDA|VA) 7 $1,305,000 $186,429 $3,443 7.09%
FORT WAYNE, IN (FHA|USDA|VA) 1 $1,035,000 $1,035,000 $0 8.75%
Pontiac, IL (FHA|USDA|VA) 10 $940,000 $94,000 $4,146 6.90%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $920,000 $460,000 $5,545 6.69%
MADISON, WI (FHA|USDA|VA) 1 $865,000 $865,000 $4,720 6.00%
Ottawa, IL (FHA|USDA|VA) 8 $760,000 $95,000 $2,490 6.50%
Key West, FL (FHA|USDA|VA) 1 $705,000 $705,000 $9,124 5.75%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $705,000 $235,000 $3,738 6.29%
Jackson, WY-ID (FHA|USDA|VA) 1 $705,000 $705,000 $6,680 5.88%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $670,000 $335,000 $0 6.75%
Whitewater, WI (FHA|USDA|VA) 1 $655,000 $655,000 $0 6.75%
SPRINGFIELD, IL (FHA|USDA|VA) 2 $610,000 $305,000 $2,259 6.69%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $605,000 $605,000 $3,948 5.63%
Charleston-Mattoon, IL (FHA|USDA|VA) 3 $565,000 $188,333 $2,115 6.63%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $495,000 $495,000 $3,232 5.88%
KANKAKEE, IL (FHA|USDA|VA) 5 $425,000 $85,000 $2,663 7.20%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $405,000 $405,000 $5,542 6.25%
Holland, MI (FHA|USDA|VA) 1 $355,000 $355,000 $3,322 5.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,482 7.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $335,000 $335,000 $2,678 5.88%
IOWA CITY, IA (FHA|USDA|VA) 2 $290,000 $145,000 $2,495 6.69%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $285,000 $285,000 $3,082 6.25%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $225,000 $225,000 $0 5.39%
Centralia, IL (FHA|USDA|VA) 1 $215,000 $215,000 $0 8.23%
COLUMBIA, MO (FHA|USDA|VA) 1 $205,000 $205,000 $2,290 5.63%
Galesburg, IL (FHA|USDA|VA) 2 $190,000 $95,000 $2,515 6.19%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,980 5.75%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,969 5.88%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $175,000 $175,000 $0 6.63%
OCALA, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,563 7.13%
Sterling, IL (FHA|USDA|VA) 1 $155,000 $155,000 $2,403 5.88%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $135,000 $135,000 $3,217 5.88%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,360 5.88%
Taylorville, IL (FHA|USDA|VA) 3 $115,000 $38,333 $3,025 4.88%
Quincy, IL-MO (FHA|USDA|VA) 1 $115,000 $115,000 $2,301 5.63%
Jacksonville, IL (FHA|USDA|VA) 1 $95,000 $95,000 $2,220 5.88%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $25,000 $25,000 $250 6.24%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $25,000 $25,000 $250 6.24%
Busey Bank's top markets include Champaign, Chicago, St. Louis, Indianapolis, and Cape Coral among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Busey Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,251 $411,645,000 $329,053 $2,769 6.06%
    HELOC 468 $51,740,000 $110,556 n/a 8.82%
    FHA 37 $5,565,000 $150,405 $5,933 6.40%
    VA 10 $1,830,000 $183,000 $3,035 6.56%
    USDA 6 $900,000 $150,000 $4,728 6.06%

    For 2023, Busey Bank's most frequently originated type of loan was Conventional, with 1,251 originations. Their 2nd most popular type was HELOC, with 468 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 936 $246,640,000 $263,504 $3,641 5.97%
    Other 283 $29,135,000 $102,951 $1,011 8.10%
    Refi 262 $161,980,000 $618,244 $1,377 7.60%
    Home Improvement 182 $16,640,000 $91,429 $525 8.21%
    Cash Out Refi 109 $17,285,000 $158,578 $1,513 6.27%

    For 2023, Busey Bank's most frequently cited loan purpose was Home Purchase, with 936 originations. The 2nd most popular reason was Other, with 283 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 902 $204,130,000 $226,308 $3,422 6.33%
    20 Year 492 $54,080,000 $109,919 $2,582 8.71%
    15 Year 197 $19,665,000 $99,822 $594 6.27%
    5 Year 103 $62,665,000 $608,398 $250 4.03%
    10 Year 37 $9,045,000 $244,459 $997 3.74%
    30+ year 21 $11,485,000 $546,905 $5,954 5.95%
    Other 16 $47,170,000 $2,948,125 $2,310 6.64%
    3 Year 2 $63,070,000 $31,535,000 $0 6.34%
    1 Year 2 $370,000 $185,000 $0 8.38%

    For 2023, Busey Bank's most frequently cited loan duration was 30 Year, with 902 originations. The 2nd most popular length was 20 Year, with 492 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 985 $200,255,000 $203,305
    $1k-2k 111 $22,305,000 $200,946
    $2k-3k 27 $5,515,000 $204,259
    $3k-4k 3 $5,245,000 $1,748,333
    $5k+ 2 $860,000 $430,000
    $4k-5k 1 $255,000 $255,000

    Busey Bank's average total fees were $3,422, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 985 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 526 $103,070,000 $195,951
    5-6% 508 $262,970,000 $517,657
    Over 8% 440 $39,470,000 $89,705
    7-8% 228 $65,310,000 $286,447
    <2.5% 69 $435,000 $6,304
    4-5% 1 $425,000 $425,000

    During 2023, Busey Bank's average interest rate for loans was 6.33%, while their most frequently originated rate bucket for loans was 6-7%, with 526 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 715 $33,685,000 $47,112 $1,525 6.87%
    $100k-200k 528 $75,680,000 $143,333 $2,797 7.03%
    $200k-400k 368 $99,400,000 $270,109 $3,732 6.56%
    $400k-600k 83 $39,875,000 $480,422 $4,238 6.39%
    $600k-1MM 49 $35,485,000 $724,184 $5,091 6.21%
    $1MM+ 29 $187,555,000 $6,467,414 $7,983 6.00%

    2023 saw Busey Bank place emphasis on $100,000 or less loans with 715 originations, totaling $33,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 357 $42,625,000 $119,398 $3,219 6.63%
    $100k-150k 308 $47,760,000 $155,065 $2,515 7.17%
    $50k or less 288 $22,600,000 $78,472 $2,642 6.21%
    $75k-100k 264 $35,000,000 $132,576 $2,953 6.84%
    $150k-250k 260 $51,700,000 $198,846 $2,431 7.17%
    $250k+ 203 $85,135,000 $419,384 $3,581 6.85%

    Busey Bank lent most frequently to those with incomes in the $50k-75k range, with 357 originations. The second most popular income band? $100k-150k, with 308 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 409 $64,265,000 $157,127 $2,347 6.99%
    30-36% 363 $55,115,000 $151,832 $2,665 6.71%
    <20% 172 $36,920,000 $214,651 $2,487 7.14%
    40% 108 $21,930,000 $203,056 $3,750 6.78%
    39% 101 $15,225,000 $150,743 $3,032 6.69%
    42% 86 $10,370,000 $120,581 $2,628 7.45%
    36% 80 $17,750,000 $221,875 $3,493 6.59%
    38% 76 $15,370,000 $202,237 $3,403 7.05%
    41% 73 $11,485,000 $157,329 $3,277 7.03%
    37% 69 $10,815,000 $156,739 $2,763 6.86%
    43% 52 $10,240,000 $196,923 $3,480 5.36%
    44% 49 $9,335,000 $190,510 $3,443 5.46%
    >60% 20 $1,560,000 $78,000 $1,302 6.96%
    47% 17 $3,525,000 $207,353 $3,574 6.41%
    49% 13 $2,605,000 $200,385 $2,953 6.41%
    45% 13 $2,855,000 $219,615 $4,121 6.20%
    48% 12 $3,340,000 $278,333 $3,651 6.26%
    46% 10 $1,290,000 $129,000 $3,869 6.68%
    50-60% 8 $1,890,000 $236,250 $1,672 7.05%

    Busey Bank lent most frequently to those with DTI ratios of 20-30%, with 409 originations. The next most common DTI ratio? 30-36%, with 363 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,343 $225,725,000 $168,075 $2,888 6.89%
    Not applicable 47 $171,255,000 $3,643,723 $0 6.70%
    Not provided 224 $46,200,000 $206,250 $2,856 6.68%
    Asian 54 $15,780,000 $292,222 $2,895 6.31%
    Black 82 $9,150,000 $111,585 $3,020 5.77%
    Asian Indian 15 $2,685,000 $179,000 $2,473 7.56%
    American Indian 5 $735,000 $147,000 $2,593 6.90%
    Vietnamese 1 $125,000 $125,000 $250 6.24%
    Other Asian 1 $25,000 $25,000 $0 8.75%

    Approval Rates

    Total approvals of all applications
    87.76%

    Busey Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.11%

    Busey Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,772 $471,680,000 $266,185

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,772 $471,680,000 $266,185

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 307 $104,955,000 $341,873 $1,235 7.75%
    40-60% 180 $83,160,000 $462,000 $2,735 7.06%
    60-80% 340 $120,410,000 $354,147 $3,219 6.56%
    80-100% 561 $126,725,000 $225,891 $3,632 6.48%
    Over 100% 2 $14,150,000 $7,075,000 $0 6.31%
    Under 20% 381 $21,675,000 $56,890 $502 6.58%