Old National Bank Mortgage Review 2022
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At a glance
NMLS: 459308
4.9
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; physician loan; portfolio loanNationwide availability
Available in all U.S. states (except Alaska, Hawaii, Maryland and New Jersey)Min. credit score required
620 for conventional loansPros and cons
Pros
- Branches plus online banking
- First-time homebuyer and down payment/closing cost assistance program
- Rebate on closing costs for banking customers
- Special loan programs for first respondents and physicians
Cons
- Brick-and-mortar locations limited to four states
- Jumbo loans only available in some states
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).
Good for
Borrowers looking for an assortment of loan options, down payment assistance and the potential to save on closing costs
Loan types
- Conventional
- Jumbo
- FHA
- VA
- USDA
- Fixed-rate
- Adjustable-rate
- 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
Lender fees
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.
Rates
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.
Reputation
In prior years, the bank has ranked highest in customer satisfaction in the Midwest region by J.D. Power for its banking services.
Online 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.
Refinancing
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.
Not sure if this lender is right for you? Consider these alternatives
- Chase Home Lending review: Another bank option available to borrowers nationwide
- Bank of America mortgage review: No fees to convert an adjustable-rate loan to a fixed-rate mortgage
- Goodmortgage review: Offers options for borrowers with lower credit scores
- Sebonic Financial mortgage review: Offers interest-only jumbo loans
- CFBank mortgage review: Returns rate quotes in seconds
Breakdown of overall review score
- Affordability: 5/5
- Availability: 5/5
- Borrower experience: 4.7/5
Review methodology
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.
Old National Bank consumer reviews
4.8
111 reviews
Customer service rating
95% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with Old National Bank.
10 of 67 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.
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.
A service
R & C | 48073 | 10/11/2021
This was by far the smoothest mortgage experience we have ever had. Our lender Jeff Koontz was very knowledgeable and responsive and delivered on commitments. Well done Jeff and First Midwest Bank!
Unbelievably easy and honest customer service
QUICK, EASY & COMFORTABLE | Pennsylvania | 10/31/2021
Chris Barlow helped me with my refinance. He was kind, attentive, and extremely educational about the process. It was so easy that I was truly shocked. He answered all questions I had and was very helpful in navigating the appropriate package for our loan. Couldn't have been happier. I've already re...
Easy process and great communication.
MH | Illinois | 11/2/2021
I worked with Jeff Koontz on a no cash-out refinance recently. Jeff was really easy to work with, responded quickly to my questions, and was attentive through the entire process. I would highly recommend working with Jeff.
Great Service
Tom | Arizona | 11/2/2021
So we just closed on our mortgage loan yesterday here in Arizona. Tyler Kilroy was our lender. FMB had a unique product offering (15/1 arm) at an awesome rate 2 5/8ths. That’s what drew us to using them. The fear was ability to close in time. We made our formal application on 10/6 with a need to c...
Great experience with First Midwest Bank!
Wonderful experience with vacation home mortgage | Branson, MO | 12/6/2021
My husband and I just closed on our vacation home this month, which has been a dream of ours for years. Jeff Koontz was our loan officer and he was wonderful to work with. He worked hard to get us the best rate available and was able to tell us what to expect every step of the way, which gave us con...
Great Communication from Start to Close!!
Jon M | Arizona | 12/28/2021
Jeff Koontz is awesome. He goes above and beyond to communicate all hours of the day. There wasn’t a step in the process where I felt alone. Jeff handled every need I had with the same professional approach. Then it went over to Kari and the communication and customer service continued!! I wi...
Thank you Tyler|
Rajesh Gupta | Aurora, CO | 1/2/2022
We had never heard of First Midwest Bank before this, but I am grateful we found them through Bankrate. We were in the market for our second home purchase and couldn't have had a more seamless experience with Tyler Kilroy at First Midwest. From day 1 when I reached out Tyler was attentive to our nee...
Awesome Rate on Jumbo
Great on time loan with awesome rate | Naples, FL | 1/4/2022
I worked with Tyler Kilroy and his processor Sonia Young. I had a jumbo loan that had to close within 30 days with the Thanksgiving holiday in between. We didn't have a mortgage contingency so timing was of the essence. Tyler beat the rate of every other bank that could close in the same time frame ...
Tyler Kilroy is the best
Tyler | Wisconsin | 1/4/2022
Tyler was a joy to work with. Works his tail off. Pleasure doing business with him.
smooth, simple & great rates
Happy in AZ | Phoenix, AZ | 1/5/2022
Excellent customer service and very simple process. Highly recommended.