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Old National Bank Mortgage Review 2024

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At a glance

Old National Bank
NMLS: 459308
Editor's take

Old National Bank might suit borrowers in the states in which it maintains branch locations (in the Midwest), although the bank offers mortgages to qualified applicants across the country. It could be an especially good fit if you’re looking for down payment or closing cost assistance, or a professional loan up to $2 million.

Bankrate Score
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4.6
Rating: 4.6 stars out of 5
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Customer Rating
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4.9
Rating: 4.85 stars out of 5

125 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 640 for FHA loans, 680 for VA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

Undisclosed

At a glance

Old National Bank

NMLS: 459308

4.6

Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 640 for FHA loans, 680 for VA loans

Old National Bank overview

Established in 1834, Old National Bank is one of the biggest in the Midwest, with more than 250 banking centers in Indiana, Kentucky, Michigan, Minnesota and Wisconsin. In addition to banking and financial management services, the bank assists borrowers with mortgages, including construction, land and lot loans.

Pros and cons of Old National Bank

Pros
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    Branches plus online banking

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    First-time homebuyer and down payment/closing cost assistance programs in some states

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    Special loan programs for first respondents, professors and physicians

Cons
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    Branch locations limited to five states

Our Editor’s Take on Old National Bank

Old National Bank might suit borrowers in the states in which it maintains branch locations (in the Midwest), although the bank offers mortgages to qualified applicants across the country. It could be an especially good fit if you’re looking for down payment or closing cost assistance, or a professional loan up to $2 million.

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.

Compare Old National Bank to other lenders

Old National Bank
Rating: 4.6 stars out of 5
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4.6

Bankrate Score
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New American Funding
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review
Veterans United Home Loans
Rating: 4.9 stars out of 5
  • Star
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4.9

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Min. credit score required

620 for conventional loans, 640 for FHA loans, 680 for VA loans

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 620 for VA loans

Down payment

Undisclosed

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states except Hawaii and New York

Nationwide availability

All U.S. states

Old National Bank customer ratings and reviews

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NMLS: 459308

4.9

Rating: 4.85 stars out of 5

125 ratings

Info

This lender has 4 recent reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Professionalism
Rating: 4.8 stars out of 5
Responsiveness
Rating: 4.9 stars out of 5
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96%
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96% of customers would recommend this lender.

of 4 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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