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With fixed-rate and fixed-period ARM (adjustable-rate mortgage) options, you can choose the payment and term that works best for you.

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Conventional Mortgage Loans

When you're ready to find your dream home, Midland States Bank is here to help. We offer conventional loans that give you the flexibility to get into your new home fast. Start the homebuying process today with a conventional mortgage loan from Midland States Bank.

Available Conventional Loans

A conventional mortgage loan is not offered or backed by the federal government. Instead, homebuyers secure a conventional mortgage loan from a private lender. You can choose from two types of conventional mortgage loans:

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.

Adjustable-Rate Loans 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.


Ready to get started? Get pre-approved to understand how much you may be able to borrow based on the information you provide.

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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.

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Features and Benefits

icon of a grey box and handshake above a houseWide range of terms.

Fixed repayment terms, and fixed-period ARM terms, featuring a low introductory fixed rate, then converting to an adjustable rate for the remainder of the loan.

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icon of a dollar sign in a square and an arrow pointing downPayments might just be lower.

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

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icon of a thumbs up above a dialFlexible down payment options.

As little as 3% down payment is available. (Remember, though: Private mortgage insurance (PMI) is required on loans with less than 20% down payment.)

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Conventional Loan FAQs

Generally speaking, anyone with good credit and money for a down payment can qualify for a conventional loan.

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

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.

Among the various documents required for a conventional mortgage, you will need to provide:

  • A copy of your driver's license, passport or state identification card.
  • Tax returns from the past two years.
  • Bank statements for the previous two months.
  • Pay stubs from the most recent 30-day period.
  • Proof of homeowners insurance.
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Who We Are

Midland States Bank is a conventional mortgage lender and financial services company. We pride ourselves on our world-class service and industry expertise. When you work with us, you'll gain a financial partner who truly understands and cares about your needs.

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Ready to start the mortgage process? Contact one of our conventional mortgage experts today to learn more about your options or get pre-approved to see an estimate of what you can afford.

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Estimated monthly payment for a conventional $180,000 15-year term fixed-rate mortgage with a 20% down payment at 6.692% Annual Percentage Rate (APR) would be $1,568. Estimated monthly payment for a $180,000 30-year term fixed-rate mortgage with a 20% down payment at 7.246% Annual Percentage Rate (APR) would be $1,213. Payments do not include amounts for taxes, homeowner's insurance, and flood insurance (if required) and the actual payment will be greater. If the down payment is less than 20%, mortgage insurance may also be required and could increase the monthly payment and APR. Payment examples are for illustrative purposes only and are subject to change.