Skip to Main Content

Old National Bank Mortgage Review 2023

Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Old National Bank
NMLS: 459308
Editor's take

Old National Bank is good for borrowers looking for an assortment of loan options, down payment assistance and the potential to save on closing costs.

Bankrate Score
Info
4.6
Rating: 4.6 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Customer Rating
Info
4.8
Rating: 4.8 stars out of 5

121 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC), home equity loan; construction loans; physician loan

Credit Good

Min. credit score required

620 for conventional loans, 640 for FHA loans

Location

Nationwide Availability

Available in all U.S. states

Recent customer reviews

The customer 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. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

Rating: 5 stars out of 5

Could Not Believe Rate

I could not believe the rate that I was quoted from Old National Bank. Loan closed in normal time frame, however the rate was far less than other lenders.

Rate less than other Lenders
Florida (Mar 20, 2023)

Rating: 5 stars out of 5

Without Jeff, I wouldn't have a new mortgage. He understood my needs and why I didn't't want one of the popular ones on the market.

I called Jeff first, inquiring about a 20 yr ARM which was not being offered anywhere else. He stepped in immediately and made the process as smooth as silk. He was always available by phone or text..even on Sunday.

GP
Az (Mar 20, 2023)

At a glance

Old National Bank

NMLS: 459308

4.6

Rating: 4.6 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC), home equity loan; construction loans; physician loan

Location

Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 640 for FHA 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
  • Checkmark

    Branches plus online banking

  • Checkmark

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

  • Checkmark

    Special loan programs for first respondents and physicians

Cons
  • Close X

    Brick-and-mortar locations limited to five states

Our Editor’s Take on Old National Bank

Old National Bank is good for borrowers looking for an assortment of loan options, down payment assistance and the potential to save on closing costs.

Breakdown of Old National Bank overall score

  • 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: 5/5

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 $850 origination fee ($1,050 for construction loans), a $72 tax service fee and a $6.70 flood certification fee.

Availability: 4/5

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: 4.7/5

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.

Refinancing with Old National Bank

You can refinance your current mortgage with Old National Bank. Notably, the bank’s “Quick Home Refi” program only runs $299 in closing costs.

Alternatives to Old National Bank

Methodology

Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

Bankrate’s methodology page spells out our rating process in greater detail.

Old National Bank customer ratings and reviews

logo

NMLS: 459308

4.8

Rating: 4.8 stars out of 5

121 ratings

Info

This lender has 27 reviews.

Knowledge
Rating: 4.8 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Professionalism
Rating: 4.9 stars out of 5
Responsiveness
Rating: 4.8 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 stars
96%
0%
0%
1%
3%

96% of customers would recommend this lender.

of 27 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.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

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.

Search
Caret Down