Old National Bank Mortgage Review 2025

Old National Bank overview

Established in 1834, Old National Bank is one of the biggest in the Midwest, with more than 280 banking centers in eight states. In addition to banking and financial management services, the bank assists borrowers with mortgages, including construction, and land and lot loans. It was among the nation’s 100 largest lenders in 2023, according to federal data.

Pros and cons of Old National Bank

How Bankrate scored Old National Bank

Affordability: 5/5

Because of Old National’s generally competitive rates, transparent fees and participation in down payment assistance programs, it scored 5 out of 5 stars for affordability.

• Interest rates: Old National Bank displays its latest mortgage rates on its website. Generally, its rates are competitive with Bankrate’s national averages.
• Down payment: Old National offers conventional loans for as low as 3 percent down and VA and USDA loans for no money down. You can also get an FHA loan for just 3.5 percent down. The lender participates in down payment assistance programs in certain states, as well.
• Fees: The bank’s mortgage fees include a $900 origination fee ($1,100 for construction loans, $750 for VA loans), a $72 tax service fee and a $6.70 flood certification fee.
• Closing costs: You can contact a loan officer to learn about your closing costs. While they vary by many factors, you can generally expect to spend between 2 and 5 percent of the loan amount on these costs.

Availability: 5/5

Because of Old National’s robust product offering and nationwide availability, it scored 5 out of 5 stars for this metric.

• Home loans offered: Old National Bank originates conventional and government-backed loans (FHA, VA and USDA). It also works with investors.
• Footprint: While the bank provides many mortgage options, it has branches in just eight states. However, the bank funds loans in all 50 states.
• Where to find: If you'd like to apply in person, this lender has more than 280 banking centers in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee and Wisconsin. You can also apply directly online or call to speak with a loan officer.

Borrower experience: 3.6/5

Old National Bank displays rates on its website, but to get a personalized rate quote you'll need to contact the lender. It also has fewer contact methods than other lenders, resulting in a score of 3.6 out of 5 for borrower experience.

• Application and preapproval process: You can apply for a prequalification online and receive an answer within minutes. Applying for a mortgage online requires you to create an account with the bank. You can also connect with a mortgage loan expert who will walk you through the process and help you decide which loan option might best suit your needs. 
• Transparency: Old National displays rates on its website, however, to get a customized quote you'll need to reach out to the lender.
• Customer service: To contact the lender for assistance, you can call, email or visit a branch location.

Old National Bank reputation

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.

Old National special mortgage offerings

Mortgages for professionals 

Old National Bank caters to doctors, dentists and professors with loans that don't require a down payment or private mortgage insurance. The bank will fund up to $2 million with these loans, and they come with fixed- or adjustable-rate options. 

Lot or land loans 

The bank lets borrowers finance vacant lots of up to five acres with 15-year fixed-rate loans or 5/6 adjustable-rate mortgages. These loans come with a 20 percent down payment requirement. Old National Bank also offers construction loans for when borrowers are ready to build a home.

Refinancing with Old National 

Old National Bank offers rate-and-term and cash-out refinancing options. Notably, the bank’s “Quick Home Refi” program only runs $299 in closing costs. You can view refinance rates on the bank's website, but keep in mind they assume a 700 credit score, among other factors.

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. Its customer service hours are Monday through Friday from 7 a.m. to 6 p.m. PT and Saturday from 7 a.m. to 12 p.m. Here are some tips to prepare for the process:

1. Check your credit report: It’s important 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 a home appraisal. (If you’re refinancing, you might or might not need an appraisal.)

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience: Rate transparency - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)

  Learn more about our methodology.