Revised Old National Bank Mortgage Rates

Old National Bank offers mortgage solutions, including fixed-rate, adjustable-rate, jumbo, FHA, VA, and rural housing loans. With a strong Midwest presence, it provides competitive rates and ethical banking services.

Revised Old National Bank Mortgage Rates

Overview

Founded in 1834, Old National Bank provides Midwest citizens with competitive mortgage options. While prioritizing ethical behavior and community involvement, mixed customer reviews and limited service coverage suggest room for improvement in customer satisfaction and state-wide expansion.

History of Old National Bank

Originally the first bank in Evansville, Indiana, Old National Bank was established in 1834. Before officially adopting its current name in 1922, it was known as Evansville National Bank and Old State National Bank.

Despite the 1929 stock market crash, Old National Bank remained operational while other local banks closed. The bank further expanded in the Midwest by acquiring Workingsmen Capital in 1996 and First United Savings Bank in 1995.

Old National Bank's Services and Recognition

Old National Bank provides a range of financial services, including:

• Lease financing

• Debit cards

• Online banking

• Cash management

• Wealth management

• Investment brokerage and advising

The bank has consistently been recognized for excellence in the banking industry:

• 2023: The Illinois Bankers Association named Jim Roolf, Senior Vice President and Corporate Relations Officer, Banker of the Year.

• 2023: Scored perfectly on the Disability Equality Index’s “Best Place to Work for Disability Inclusion.”

• 2023: Employees contributed over 7,200 hours to community service during the “Better Together Days” volunteer initiative.

• 2018: Recognized by the Ethisphere Institute as one of the most ethical businesses worldwide.

These awards highlight Old National Bank’s ongoing commitment to employees, clients, and the communities it serves.

Old National Bank Mortgage Loan Options

Fixed-Rate Loans

Ideal for homebuyers planning long-term residence, these loans offer stable monthly payments, simplifying budgeting over time.

Adjustable-Rate Loans (ARMs)

Suited for buyers who plan to refinance or sell within a few years, ARMs offer a fixed payment period initially before adjusting based on market rates. They are also beneficial for those anticipating lower interest rates in the near future.

Jumbo Loans

Designed for buyers purchasing high-value properties that exceed conforming loan limits. In most U.S. counties, the 2023 limit was $650,000, but it can reach $950,000 in high-cost areas.

FHA Loans

Backed by the Federal Housing Administration, these loans cater to borrowers with lower credit scores or limited down payment funds, making homeownership more accessible.

VA Loans

Available to veterans, military personnel, and their families, VA loans offer competitive rates, lower down payments, and no requirement for private mortgage insurance.

Construction Loans

For those building a new home, these loans cover construction costs with interest-only payments during the building phase, which can last up to 12 months.

USDA Rural Housing Loans

For eligible buyers in designated rural areas, these government-backed loans offer 100% financing with no down payment required.

Old National Bank Mortgage Customer Service

Old National Bank offers multiple ways for borrowers to apply for home loans:

• Online: Users can create an account and apply via a streamlined digital process.

• Phone: Customers can speak with loan officers for personalized guidance.

• In-Person: Applications can be submitted at local branches.

Additionally, the bank provides useful online mortgage calculators to help buyers estimate payments, compare buying versus renting costs, and determine affordability.

Payment Options

Old National Bank offers multiple mortgage payment methods:

• Online: Register for automatic payments or make one-time payments.

• In-Person: Pay at any Old National Banking Center.

• Phone: Make a payment over the phone (may include a fee).

• Mail: Send a check for mortgage payments.

Old National Bank's Reputation and Ratings

Operating for nearly two centuries, Old National Bank serves borrowers in Illinois, Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

• Better Business Bureau (BBB) Rating: A+ Accredited

• Customer Reviews: 1 out of 5 stars (average of six user reviews)

• Customer Complaints: 32 complaints recorded

Despite its longstanding history and community initiatives, Old National Bank has received mixed reviews regarding customer service.

Mortgage Qualification Requirements

Like most U.S. lenders, Old National Bank evaluates applicants based on their credit score.

For the best approval chances, borrowers should have:

• A credit score of 700+

• A debt-to-income ratio below 36%

• A down payment of at least 20% (except for government-backed loans)

Contact Information

• Corporate Phone: 1-812-464-1425

• Website: Old National Bank

Final Verdict: Old National Bank Mortgage Review

With a history dating back to 1834, Old National Bank offers diverse mortgage options to Midwest residents. Their fixed-rate, adjustable-rate, jumbo, FHA, VA, and rural housing loans cater to various homebuying needs.

Pros

✔ Long-standing banking legacy
✔ Wide range of mortgage options
✔ Ethical business recognition

Cons

✖ Limited service area
✖ Mixed customer reviews
✖ State restrictions

Our Mortgage Provider Review Process

Good Financial Cents evaluates mortgage lenders based on loan offerings, customer service, and overall credibility. Our goal is to provide borrowers with transparent, well-researched insights.

We gather data from lenders, analyze loan terms, and incorporate real user feedback to assign ratings on a scale from one to five.

For more details on our review criteria, visit our editorial standards and disclaimer.

Old National Bank Mortgage Summary

Old National Bank offers mortgage solutions with reasonable rates tailored to Midwest buyers. Their commitment to ethical business practices and community service strengthens their credibility. However, service area limitations and customer experience concerns leave room for improvement.