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Conventional Mortgage

Financing up to $806,500

Conventional mortgages offer lower costs than some other popular loan types, making them an excellent choice for most homebuyers. Our Conventional Mortgage rates are among the lowest interest rates we offer.

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Experience You Deserve

Getting a mortgage can be a tough task. You could choose a completely online experience with customer service located elsewhere, providing no knowledge of the local market. Or you could choose a local bank, and hope they have the lending experience you deserve.

Broadway Bank is the best of both worlds—a completely digital mortgage experience backed by local Loan Officers ready and waiting to answer any questions you may have, assisting you every step of the way. 

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Refinance Options Available

Refinancing can potentially lower your monthly mortgage payment, pay off your mortgage faster or get cash out for that project you've been planning. If you already have a mortgage and want to refinance for a different interest rate or shorter term, this loan may also be a good fit. Talk to your Mortgage Loan Officer to learn more. 

 

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Additional Features

Complete your application online.

Our digital application is backed by local experts.

Upload Financial Documentation

With our digital mortgage experience, it's easy to provide documents in real-time.

Track the status of your loan.

Always know where you are in the process with our digital mortgage platform.

Conventional Mortgage - Current Rates

30 Year Fixed
15 Year Fixed

Click on the rates above for more information.

Conventional rates shown are accurate as of 11:00 a.m. CST.
*APR means Annual Percentage Rate. We will set your APR based on your individual circumstances, including your credit history, loan amount, and other variables.

Additional Resources

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Frequently Asked Questions - Broadway Bank Mortgage

A: A Broadway Bank conventional mortgage is a type of home loan that is backed by a private lender like Broadway Bank. It is different from other home loans that might be insured or guaranteed by a government agency like the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). It typically requires a down payment of at least 3-20% of the home's purchase price.
A: Broadway Bank conventional mortgages differ from government-backed mortgages (FHA, VA, USDA) in that they often have stricter credit and income requirements. They may also have varying down payment requirements and generally do not include upfront mortgage insurance premiums.
A: Benefits of a Broadway Bank conventional mortgage may include lower interest rates, more flexible terms, and the possibility of avoiding mortgage insurance with a higher down payment. Conventional loans can also be used for various property types, including primary residences, second homes, and investment properties.
A: The minimum down payment for a Broadway Bank conventional mortgage typically ranges from 3-5% of the home's purchase price. Broadway Bank offers low down payment options. However, a higher down payment can help you avoid private mortgage insurance (PMI).
A: Private mortgage insurance (PMI) is a type of insurance that protects the lender in case the borrower defaults on the loan. It is usually required when the down payment is less than 20% of the home's purchase price. PMI adds an extra cost to your monthly mortgage payment.
A: Yes, you can avoid PMI by making a down payment of 20% or more of the home's purchase price. Broadway Bank also offers options to eliminate PMI once you've reached a certain level of equity in your home.
A: Broadway Bank evaluates your credit score, income, employment history, debt-to-income ratio, and other factors to determine your eligibility for a conventional mortgage. Meeting the requirements is essential to qualify for the loan.
A: A fixed-rate Broadway Bank conventional mortgage is a loan with an interest rate that remains constant throughout the life of the loan, usually 15 to 30 years. This provides predictable monthly payments.
A: An adjustable-rate conventional mortgage (ARM) has an interest rate that is fixed for an initial period (e.g., 5, 7, or 10 years) and then adjusts periodically based on a specific index. Your payments may increase or decrease over time, depending on market conditions.
A: Yes, Broadway Bank conventional mortgages can be used to finance investment properties, such as rental homes or vacation properties. Keep in mind that different down payment requirements and interest rates may apply.
A: To apply for a Broadway Bank conventional mortgage, you'll need to gather your financial documents, such as pay stubs, tax returns, and bank statements. You can apply online to start the application process. Our mortgage portal and Broadway Bank team will guide you through the steps, from prequalification to preapproval all the way through closing.
A: The approval process timeline can vary, but conditional approval can be obtained within 24-48 hours of submitting a complete loan application. The entire process can take anywhere from 30-45 days from the date of application through closing. Factors that may affect the timeline include the complexity of your financial situation and the current housing market conditions.
A: Yes, you can refinance a Broadway Bank conventional mortgage to take advantage of lower interest rates, change the loan term, or access equity in your home. Refinancing involves applying for a new loan and paying off the existing mortgage.

All loans are subject to credit approval, verification and collateral evaluation. Rates, terms and conditions are subject to change without notice. Lending area and other restrictions apply.

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