Old National Bank Mortgage Review 2026

Old National Bank overview

Established in 1834, Old National Bank is one of the biggest in the Midwest, with more than 340 locations in nine states. It’s headquartered in both Chicago and Evansville, Indiana.

Pros and cons of Old National Bank

How Bankrate scored Old National Bank

Affordability: 4.2 stars

Because of Old National’s competitive rates, transparent fees and participation in down payment assistance programs, it gets a solid score for affordability. 

• Interest rates: Old National Bank displays sample mortgage rates on its website. Its rates are generally lower than Bankrate’s national averages. However, note that its sample conventional rates assume a loan amount of $230,000, which may not be doable for many buyers with today’s home values. 

• Down payment: Old National offers low- or no-down-payment government-backed loans — FHA loans, VA loans and USDA loans — as well as conventional loans requiring just a 3 percent down payment, including its Home Manager mortgage, which doesn’t require mortgage insurance. And on top of offering down payment and closing cost assistance in some states, the lender also provides mortgages for certain professionals — such as first responders, teachers, PhDs and accountants — for either 1 percent down or no down payment at all.

• Fees: The bank’s mortgage fees include an origination fee — $1,100 for conventional and jumbo loans, $1,350 for construction loans and $975 for FHA loans — a $72 tax service fee on certain loans and a $6.70 flood certification fee. 

Availability: 5 stars

Because of Old National’s robust product offering and nationwide availability, it got a perfect score for this metric.

• Home loans offered: Old National Bank originates conventional and government-backed loans (FHA, VA and USDA), which are relatively easy to find with many lenders. It also offers a handful of harder-to-find products, including construction loans and land and lot loans, and its professional mortgage program is more inclusive than most. Many lenders offer loans designed for medical professionals, but professors can also qualify for Old National’s version. 
• Footprint: While the bank provides many mortgage options, it only has branches in a handful of states. However, the bank funds loans in almost every state.
• Where to find: If you'd like to apply in person, this lender has hundreds of banking centers in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Dakota, Tennessee and Wisconsin. You can also apply directly online or call to speak with a loan officer.  

To help you better understand what types of borrowers are interested in this lender, here’s more information about Bankrate users who submitted a form to this lender through our site:

Borrower experience: 3.6 stars

Old National Bank displays rates on its website, but to get a personalized rate quote you'll need to contact the lender. It also has fewer contact methods than other lenders, which lowers its score for borrower experience. 

• Application and preapproval process: Like many lenders, Old National will prequalify you for a loan within minutes, but note that this process is less thorough than preapproval, and it doesn’t mean much to sellers or real estate agents. Applying for a mortgage online requires you to create an account with the bank, and to qualify for some products — including jumbo loans in some states — you must have a preexisting relationship with the bank. 
• Transparency: Old National displays rates on its website, however, to get a customized quote you'll need to reach out to the lender. Some lenders offer personalization on their webpages.
• Customer service: Old National’s mortgage servicing department is reachable at 1-866-853-3277 from 8 a.m. to 7 p.m. ET Monday-Friday and from 8 a.m. to 1 p.m. ET on Saturdays.

Old National Bank reputation

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. It currently has a “Poor” score on Trustpilot.

• 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 - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)

  Learn more about our methodology.