Busey Bank Mortgage Rates, Fees & Info
Champaign, ILLEI: 549300O7SGM8FH65GQ47
Tax ID: 37-0613731
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Busey Bank is a smaller bank specializing in Home Purchase 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: Chicago, Champaign, St. Louis, Bloomington, and Indianapolis among others. We have data for 45 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 about average 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) | 7.13% | 4/5/25 |
| 30 Year Conventional Purchase | 6.95% | 4/5/25 |
| 30 Year Conventional Refi | 7.04% | 4/5/25 |
| 30 Year Cash-out Refi | 6.98% | 4/5/25 |
| 30 Year FHA Purchase | 7.16% | 4/5/25 |
| 30 Year VA Purchase | 6.59% | 4/5/25 |
| 30 Year USDA Purchase | 6.70% | 4/5/25 |
| 15 Year Conventional Purchase | 6.44% | 4/5/25 |
| 15 Year Conventional Refi | 7.57% | 4/5/25 |
| 15 Year Cash-out Refi | 7.57% | 4/5/25 |
| 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
1,486Origination Dollar Volume (All Markets)
$277,770,000Awards
Busey Bank - 2024
Busey Bank is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
Work for Busey Bank?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Busey Bank's average 30 year fixed mortgage rate was
6.76%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.21%.
Relative Fees (Closing Costs)
Busey Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,436.
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 $8,356.
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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 340 | $89,420,000 | $263,000 | $4,773 | 7.94% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 353 | $58,075,000 | $164,518 | $2,492 | 7.29% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 275 | $42,265,000 | $153,691 | $2,778 | 7.69% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 104 | $13,370,000 | $128,558 | $2,365 | 7.40% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 43 | $12,435,000 | $289,186 | $2,577 | 7.51% |
| PEORIA, IL (FHA|USDA|VA) | 114 | $11,860,000 | $104,035 | $2,354 | 7.77% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 42 | $11,110,000 | $264,524 | $4,240 | 8.03% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 6 | $8,190,000 | $1,365,000 | $10,348 | 7.63% |
| DECATUR, IL (FHA|USDA|VA) | 80 | $7,220,000 | $90,250 | $2,877 | 7.08% |
| Outside of Metro Areas | 54 | $7,060,000 | $130,741 | $2,448 | 7.18% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 9 | $2,995,000 | $332,778 | $5,627 | 7.85% |
| Key West, FL (FHA|USDA|VA) | 1 | $1,225,000 | $1,225,000 | $10,245 | 7.50% |
| DANVILLE, IL (FHA|USDA|VA) | 11 | $995,000 | $90,455 | $2,599 | 5.97% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $4,268 | 6.00% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 5 | $695,000 | $139,000 | $3,513 | 5.30% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,298 | 7.19% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $5,038 | 7.31% |
| Pontiac, IL (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $2,378 | 7.67% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $7,132 | 7.56% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $3,187 | 6.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $3,972 | 7.58% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $6,004 | 6.75% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $2,378 | 6.58% |
| Ottawa, IL (FHA|USDA|VA) | 4 | $560,000 | $140,000 | $3,958 | 5.19% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 6.88% |
| Lincoln, IL (FHA|USDA|VA) | 6 | $500,000 | $83,333 | $1,449 | 8.10% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $3,835 | 6.88% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $7,286 | 8.13% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $1,186 | 7.81% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,021 | 6.63% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,240 | 6.25% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,961 | 6.88% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,645 | 6.38% |
| Effingham, IL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,965 | 7.25% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,090 | 7.63% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,110 | 6.88% |
| Dixon, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 8.75% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,116 | 6.88% |
| IOWA CITY, IA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,976 | 6.25% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 7.13% |
| OCALA, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,628 | 6.50% |
| Quincy, IL-MO (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 9.00% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.88% |
| Taylorville, IL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,464 | 6.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 9.25% |
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.
Similarity Rank: 32
Similarity Rank: 36
Similarity Rank: 44
Similarity Rank: 77
Similarity Rank: 79
Similarity Rank: 154
Similarity Rank: 198
Similarity Rank: 200
Similarity Rank: 221
Similarity Rank: 225
Product Mix
For 2024, Busey Bank's most frequently originated type of loan was Conventional, with 936 originations. Their 2nd most popular type was HELOC, with 504 originations.
Loan Reason
For 2024, Busey Bank's most frequently cited loan purpose was Home Purchase, with 778 originations. The 2nd most popular reason was Home Improvement, with 247 originations.
Loan Duration/Length
For 2024, Busey Bank's most frequently cited loan duration was 30 Year, with 817 originations. The 2nd most popular length was 20 Year, with 511 originations.
Origination Fees/Closing Costs
Busey Bank's average total fees were $3,436, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 739 originations.
Interest Rates
During 2024, Busey Bank's average interest rate for loans was 6.76%, while their most frequently originated rate bucket for loans was Over 8%, with 571 originations.
Loan Sizing
2024 saw Busey Bank place emphasis on $100k-200k loans with 527 originations, totaling $75,765,000 in origination value.
Applicant Income
Busey Bank lent most frequently to those with incomes in the $50k-75k range, with 314 originations. The second most popular income band? $100k-150k, with 301 originations.
Applicant Debt to Income Ratio
Busey Bank lent most frequently to those with DTI ratios of 20-30%, with 331 originations. The next most common DTI ratio? 30-36%, with 290 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.53%
Busey Bank has an average approval rate.
Pick Rate
Approvals leading to origination79.74%
Busey Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,486 | $277,770,000 | $186,925 |