Old National Bank Mortgage Review 2023

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.

• 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.

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

• 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
• Sebonic Financial mortgage review – Offers interest-only jumbo loans