Old National Bank overview
First Midwest Bank (now Old National Bank after an acquisition) maintains a branch system with 105 locations throughout Illinois, Indiana, Iowa and Wisconsin. Today, the bank licensed in 46 states (it is not licensed in Alaska, Hawaii, Maryland or New Jersey), and offers more than 50 types of mortgage options, prequalifications in 30 minutes or less and closings within 35 days (or within 40 days for a refinance).
Borrowers looking for an assortment of loan options, down payment assistance and the potential to save on closing costs
- Rate-and-term, cash-out and streamline refinancing
- Home equity line of credit (HELOC)
- Home equity loan
- Construction and renovation loans
- Physician loan
- Portfolio loan
First Midwest Bank (now Old National Bank) charges a $750 processing and underwriting fee. There is no lender fee for VA loans. If you are a banking customer, you could be eligible for a closing cost rebate of $150 to $250, depending on your status. In addition, the bank’s “Honoring Our Heroes” program for first responders seeking purchase financing provides a $550 credit.
First Midwest Bank (now Old National Bank) does not advertise mortgage rates on its website; you’ll need to contact a loan officer or visit a branch to learn what you might qualify for. Note the bank does advertise a promotional HELOC rate online, and you can request a rate quote for a HELOC online.
In prior years, the bank has ranked highest in customer satisfaction in the Midwest region by J.D. Power for its banking services.
To explore loan options, borrowers can connect with a loan officer by filling out a form through First Midwest Bank (now Old National Bank) online. Borrowers can also apply for a purchase loan or refinance directly through the website. There isn’t a separate capability to obtain an online prequalification or preapproval.
The bank has an app for banking customers, and borrowers can pay their mortgage online. The bank also offers e-signature, but it is unclear if this is available for the mortgage closing process.
Lastly, the bank’s website features several different mortgage calculators that can help you estimate everything from how much your mortgage payments will be to what your refinance could cost.
Minimum borrower requirements
First Midwest Bank (now Old National Bank) follows the conforming underwriting standards for Fannie Mae and Freddie Mac loans as well as for financing backed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA). These guidelines allow financing with as little as zero percent down for VA or USDA financing, 3 percent for Fannie Mae and Freddie Mac financing and 3.5 percent for FHA-backed mortgages.
First Midwest Bank (now Old National Bank) offers rate-and-term and cash-out refinancing, as well as FHA and VA streamline refinancing, which you can apply for online or by contacting a loan officer. The bank does not display refinance rates on its website, so you’ll need to obtain a quote to make comparisons to other lenders.
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Breakdown of overall review score
- Affordability: 5/5
- Availability: 5/5
- Borrower experience: 4.7/5
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.