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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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Bankrate Score

Customer Rating
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4.9
Rating: 4.85 stars out of 5

139 ratings

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Loans offered

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

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Min. credit score required

620 for conventional loans, 600 for FHA loans, 620 for VA loans

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Nationwide availability

All U.S. states

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Min. down payment

Undisclosed

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

  • Branch locations limited to five states

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.

Old National Bank customer ratings and reviews

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NMLS: 459308

4.9

Rating: 4.85 stars out of 5

139 ratings

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This lender has 16 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: 4.8 stars out of 5
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96% of customers would recommend this lender.

of 16 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.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 750 homeowners nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

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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