Old National Bank Mortgage Review 2024

How Bankrate scored Old National Bank

• Affordability: Old National Bank posts its latest rates online and charges lower origination fees compared to some other banks.
• Availability:Old National has a diverse set of loan offerings, including for borrowers those building homes or buying vacant lots, and doctors or other medical professionals.
• Borrower experience:Old National Bank and First Midwest Bank merged in 2022, and the combination created some hiccups. The bank has an A+ rating from the Better Business Bureau.

Affordability: 10/10

Old National Bank displays its latest mortgage rates on its website. Generally, its rates are competitive to Bankrate’s averages. The bank’s mortgage fees include an $900 origination fee ($1,050 for construction loans), a $72 tax service fee and a $6.70 flood certification fee.

Availability: 10/10

Old National’s footprint is concentrated in the Midwest. The bank provides conventional and government-insured mortgages, along with construction loans, land loans and mortgages tailored to the needs of physicians. Its Community Experts and Heroes Program offers favorable terms to borrowers in two categories: It classifies accountants, actuaries, architects and other professionals as “community experts”; and teachers, nurses, police, firefighters and other first responders qualify as heroes.

Borrower experience: 8.5/10

Old National Bank acquired First Midwest Bank in 2022. The combination of the two institutions didn’t go smoothly, according to media reports quoting irritated customers. The bank is accredited by the Better Business Bureau, however, and has an A+ rating from the organization.

For those interested in a mortgage from the bank, Old National’s website offers mortgage calculators and other helpful homebuying information. You can also apply for a loan or find a local loan officer online. The bank’s Mortgage Manager helps you stay on top of payments.

Old National’s customer service hours are Monday through Friday, 7 a.m. to 6 p.m. CT, and Saturday 7 a.m. to 12 p.m. CT.

How to apply for a mortgage with Old National Bank

You can apply for a mortgage with Old National Bank in person at a branch location, online or by phone at 800-731-2265. Here are some tips to prepare for the process:

1. Check your credit report: It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

2. Gather documentation: With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

3. Submit your application: You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Old National Bank

Old National Bank offers both rate-and-term and cash-out refinancing options. Notably, the bank’s “Quick Home Refi” program only runs $299 in closing costs.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.