Overview

Old National Bank mortgage products are crafted to guide buyers, homeowners, and refinancers through every stage of the lending process with clarity and confidence. Whether you are a first-time buyer, moving up to a larger home, downsizing, or seeking to refinance for better terms, these mortgage options aim to combine competitive terms, transparent pricing, and personalized service. The goal is to help you secure financing that matches your financial picture and long-term objectives.

Core Benefits

• Customized loan options: A range of mortgage types allows for tailoring to income, savings, and lifestyle.
• Experienced guidance: Mortgage specialists provide step-by-step support, from pre-qualification to closing.
• Streamlined application: Efficient processes reduce paperwork and help shorten time to decision.
• Competitive pricing: Pricing and terms are designed to be attractive within the current market while maintaining responsible underwriting.
• Transparent communication: Clear disclosures and regular updates help you understand timelines, costs, and repayment obligations.

Types of Mortgage Products

Old National Bank typically offers multiple mortgage structures to meet different borrower needs. Common offerings include:

• Fixed-rate mortgages: Stable interest rates and consistent monthly payments for the life of the loan, ideal for long-term planning.
• Adjustable-rate mortgages (ARMs): Lower initial rates with adjustments after a fixed period. Suitable for borrowers expecting rate-sensitive changes in the future.
• FHA and government-backed options: Solutions designed for borrowers who may qualify for federal insurance or guarantees, often with lower down payment requirements.
• Jumbo mortgages: Financing for higher-value properties with tailored underwriting to reflect larger loan amounts.
• Refinance options: Rate-and-term refinances to secure better interest rates or switch loan structures, and cash-out refinances for accessing home equity.
• Home equity products: Lines of credit or second mortgages that leverage equity for renovations, debt consolidation, or other needs.

Who It’s Best For

These mortgage programs are designed for a broad range of borrowers:

• First-time homebuyers who need guidance through the purchase process.
• Existing homeowners seeking better rates or different loan terms.
• Buyers of primary residences, second homes, or investment properties (subject to eligibility).
• Borrowers looking to tap equity for home improvements, education, or consolidating higher-cost debt.

Eligibility Criteria

While specific underwriting standards vary by loan type, typical eligibility considerations include:

• Credit history and score: A demonstrated history of on-time payments and responsible credit use.
• Income and employment: Stable employment or reliable income sources to support mortgage payments.
• Debt-to-income ratio: A manageable balance between monthly obligations and income.
• Down payment and assets: Sufficient funds for required down payment and closing costs, plus reserves where applicable.
• Property appraisal and condition: The property must meet program-specific appraisal requirements and standards.

Documentation Needed

Preparing documentation in advance helps speed the approval process. Expect to provide:

• Proof of identity (government-issued ID).
• Recent pay stubs and W-2s or 1099s for self-employed borrowers.
• Federal tax returns for the past one to two years.
• Bank statements and evidence of reserves or down payment funds.
• Details of other debts, such as car loans, student loans, and credit cards.
• Information about the property to be purchased, including purchase contract when applicable.

Application Process

1. Pre-qualification: A preliminary assessment based on basic financial information to estimate the loan amount you may qualify for.
2. Loan application: Complete the formal application and submit required documentation for underwriting review.
3. Underwriting and appraisal: The lender evaluates risk and orders an appraisal to verify property value.
4. Loan approval and conditions: Upon approval, any outstanding conditions are cleared by submitting additional documents or clarifications.
5. Closing: Final signing of documents, payment of closing costs, and funding of the loan to complete the purchase or refinance.

Tips for Borrowers

• Review your credit report and address inaccuracies before applying.
• Organize financial documents to speed up processing.
• Avoid large purchases or taking on new debt during the mortgage process.
• Consider the total cost of homeownership, including taxes, insurance, and maintenance, when budgeting.
• Discuss mortgage term options and interest rate scenarios to choose a plan that fits both current needs and future goals.

Frequently Asked Questions

How long does approval take? Timeline depends on documentation completeness and loan complexity; many straightforward cases can move from application to closing within a few weeks.

Can I get pre-approved? Yes. Pre-approval provides a more concrete estimate of how much you can borrow and strengthens your offer when purchasing.

Are there programs for low down payment? Certain mortgage options and government-backed programs may allow lower down payments. Eligibility varies by program.

What affects my interest rate? Factors include loan type, loan-to-value ratio, credit profile, market conditions, and loan term.

Why Choose Old National Bank for Your Mortgage

Choosing a mortgage lender is about more than rates — it’s about the relationship, clarity, and support you receive during one of the biggest financial decisions of your life. Old National Bank emphasizes personalized service, experienced loan officers, and a wide suite of mortgage products designed to match different financial profiles. With a focus on transparent communication and efficient processing, the bank aims to make home financing as straightforward and stress-free as possible.