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Union Bank

You can trace the roots of Union Bank to Central Illinois, where its charter was granted on August 24, 1874 as the Union National Bank of Streator. The bank continued to grow and prosper, and expanded its market service over many years.  In 1989, the Union National Bank of Streator changed its name to Union Bank, to represent the “union” shared by banks, as well as to symbolize their “mutual strength, identity, and stability”. Union Bank is a member of UnionBancorp, Inc., a financial services company based in Ottawa, Illinois.

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If you are a consumer interested in consolidating—and eliminating—your high-interest credit cards and other debt, Union Bank offers lending products and services to meet those needs.  Features and benefits of these lending services include:

Home Equity Line of Credit

  • You can borrow against the equity in your home as collateral;
  • Interest may be tax deductible (consult your tax advisor);
  • Competitive adjustable rates;
  • Open account up to 15 years;
  • Access funds with personalized checks;
  • Interest only payments;
  • Choose to pay on your principle balance, and reuse your money (up to your credit limit).

Fixed Rate Mortgage Refinance

  • 10-20 Year Mortgage
    • Best for those with stable incomes, and ability to make higher monthly payments;
    • Can be used for all property types;
    • Down payment as low as 3%;
    • Use the equity in your home, and receive cash immediately;
    • Flexible terms between 120 and 240 months;
    • Maximum loan-to-value ratio up to 97%.
  • 30 Year Mortgage
    • Ideal for borrowers with stable incomes;
    • Available for all property types;
    • Down payment as low as 3%;
    • Minimized mortgage interest tax deductions;
    • Maximum loan-to-value of 100%;
    • 360 month repayment term.

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Balloon Mortgage

  • Ideal for those who plan to sell or refinance in seven to ten years;
  • Ideal when building equity in your home is not a goal;
  • Available for all property types;
  • 360-month amortization;
  • Low monthly payments;
  • Make a lump-sum payment (or refinance) at the end of the loan term;
  • Maximum loan-to-value ratio of 90%.

FHA (Farmers Home Administration) Loan

  • Designed for those in rural areas, as well as low-to-moderate income consumers;
  • No down-payment required;
  • Borrower must meet specific FHA eligibility requirements to qualify (speak to a lending specialist for details);
  • 360-month amortization;
  • Up to 100% loan-to-value available.

Adjustable Rate Mortgage

  • Ideal for borrowers who expect their incomes to increase over a period of years, or who intend to sell their property within 5 years;
  • All property types are eligible—including second homes;
  • Low monthly payments;
  • Fixed-rate conversion option available;
  • 180 or 360 month amortization options available;
  • 90% loan-to-value ratio;
  • Rate is fixed for a period of 1, 3, 5, 7 or 10 years, and then can adjust annually;
  • Rate caps of 2% per adjustment, with a 6% cap over the life of the loan.

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* Debt Basics is not a lender or broker. We provide information and research on debt help and debt consolidation. Product and service offerings differ by state.