Fixed-Rate Mortgages
Conventional Loans Built for Your Home
Conventional loans are the foundation of homeownership. They offer stability through fixed rates and predictable monthly payments, giving you the confidence to plan your financial future. Whether you're buying your first home or refinancing, a conventional loan aligns with your long-term goals. We work with you to structure a loan that matches your timeline and budget, so you own your home with certainty.
Why Choose Conventional
Conventional loans provide flexibility and control. You'll build equity faster with options ranging from 15 to 30 years, and you can pay down principal without penalty.
-
Predictable Payments
Fixed rates mean your monthly payment stays the same for the life of your loan. No surprises. No adjustments. Just steady, reliable payments you can count on.
Explore purchase loans -
Faster Equity Building
Choose a shorter loan term to build wealth faster, or go with 30 years for lower monthly payments. The choice is yours, and either way you're building equity in your home.
See refinance options -
No Prepayment Penalties
Pay off your loan early without penalty. Extra payments go directly to principal, helping you own your home sooner if that's your goal.
Start your application
Understanding Your Conventional Loan
Choose Your Timeline
A conventional loan typically spans 15 to 30 years. A 30-year term offers lower monthly payments, which can free up cash for other priorities. A 15-year term means you'll pay off your home faster and pay less interest overall, but your monthly payment will be higher. Your income, expenses, and goals determine what works best for you. We'll help you model different scenarios so you can make the decision that aligns with your situation.
How Rates Work
Your interest rate is determined by market conditions, your credit profile, the size of your down payment, and the terms you choose. A fixed rate locks in your cost of borrowing for the entire life of the loan, protecting you from future rate increases. When you apply, we'll provide you with a Loan Estimate showing your rate, fees, and monthly payment, so you understand the full cost before you commit.
Your Initial Investment
Conventional loans typically require a down payment of 3 to 20 percent of the home's purchase price. A larger down payment lowers your monthly payment and can improve your loan terms. If you put down less than 20 percent, you'll pay mortgage insurance, which protects the lender if you can't pay. Once your equity reaches 20 percent, you can request to remove that insurance.
Conventional Loan Rates
Rates update daily based on market conditions. Contact us for a personalized quote based on your specific situation, credit profile, and loan amount.
Rates as of
| Loan type | Rate | APR |
|---|---|---|
| 30-Year Fixed Most common. Stable payment for 360 months. | 6.500% | 6.625% |
| 20-Year Fixed Faster payoff with higher monthly payment. | 5.750% | 5.900% |
| 15-Year Fixed Shortest term. Build equity quickly, pay less interest. | 6.250% | 7.125% |
Rates assume standard credit qualification, standard loan documentation, and typical property types. Your actual rate may vary based on individual factors.
These rates are current as of today and are subject to change without notice. Your final rate will be provided in your Loan Estimate and depends on your application, underwriting, and lock-in time. Contact Boise Basin Home Loans for a personalized rate quote.