Conventional Home Mortgage Loans | View Features & Compare

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Available Conventional Loans

Adjustable-Rate Loans (ARM)

An adjustable-rate loan has a variable interest rate after an initial fixed period. Once the fixed-rate period ends, your interest rate changes with the market. Adjustable-rate loans can be a viable option if you plan to sell the home in a few years.

Fixed-Rate Loans

A fixed-rate loan allows you to choose an interest rate that won't change over the life of your loan. You can also select a term length ranging from 10 to 30 years. A fixed-rate loan protects homebuyers against rising interest rates, making it a good option if you plan to stay in the home long-term.

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Key Features & Benefits

Wide Range of Terms

Choose from a range of loan terms, with options for fixed or adjustable rates, to fit your financial goals and timeline.

Flexible Down Payment Options

You can start with as little as 3% down. Just keep in mind that loans with less than 20% down will require private mortgage insurance (PMI).

Lower Payments

Conventional loans often feature lower interest rates than other loan types.

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Feature	Fixed Rate Loan	Adjustable Rate Loan (ARM)
Interest Rate	Fixed for the entire term	Variable; changes periodically after initial fixed period
Monthly Payments	Consistent and predictable	Can increase or decrease over time
Initial Rate	Typically higher than initial rate of ARMs	May be lower than fixed rate loans initially
Best For	Long-term stability, those who prefer predictable payments	Short-term savings, those who might refinance or sell before rate adjusts

Fixed Rate Loan

Interest Rate	Fixed for the entire term
Monthly Payments	Consistent and predictable
Initial Rate	Typically higher than initial rate of ARMs
Best For	Long-term stability, those who prefer predictable payments

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Adjustable Rate Loan (ARM)

Interest Rate	Variable; changes periodically after initial fixed period
Monthly Payments	Can increase or decrease over time
Initial Rate	May be lower than fixed rate loans initially
Best For	Short-term savings, those who might refinance or sell before rate adjusts

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1. Get Pre-Approved Understand the benefits before you begin. What to know about pre-approval.

2. Find Your New Home With your pre-approval in hand, start searching for your next home.

3. Close the Deal Finalize your mortgage loan, sign the paperwork, and smoothly transition into your new home!

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Quiz: Find Your Ideal Home Loan

Explore quick, interactive quizzes to pinpoint a loan tailored to your needs. Where are you in your home financing journey?

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Frequently Asked Questions

What is a conventional mortgage?

A conventional mortgage is a type of home loan that isn’t backed by a government program like FHA, VA, or USDA loans. It’s offered by private lenders and typically requires a higher credit score. Conventional mortgages can have fixed or adjustable interest rates, and they usually come with flexible terms. If your down payment is less than 20%, you may need to pay for private mortgage insurance (PMI).

Why get a conventional mortgage with Midland States Bank?

There are many benefits to getting your conventional mortgage from Midland States Bank, including:

Convenience: Our online application process is quick and easy.
Competitive rates: Our conventional mortgage rates are highly competitive.
Full-service approach: We help you with the entire mortgage process, from processing to underwriting to closing.
Exceptional customer service: You'll receive reliable, prompt and friendly service every time.
Mortgage expertise: Our breadth of knowledge and experience makes the mortgage process seamless

Who qualifies for a conventional loan?

Generally, lenders will consider the following factors, including but not limited to, good credit, stable employment, funds for a down payment, income stability and repayment ability when determining eligibility.

Do I need mortgage insurance with a conventional loan?

You will need mortgage insurance if you pay less than 20% for your down payment.

What types of homes can I buy with a conventional mortgage loan?

You can buy virtually any standard type of housing, such as a single-family home, townhouse or condo. You can purchase these types of homes as your primary residence, investment property or a second home.