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Loans & Credit Cards

Mortgage Types

Old National offers mortgage options for every lifestyle and budget.

We’re here to help with smart mortgage options, proven expertise and one-on-one personal service that makes you feel right at home.

Fixed-Rate Mortgage

If you’re looking for the security of a fixed interest rate and a variety of term options, a fixed-rate mortgage could be the key to your homeownership dreams. 

With an interest rate that remains constant for the life of the loan, a fixed-rate mortgage makes budgeting easy. Choose the term that works best for you, from 10 to 30 years.

  • No "payment shock" as interest rates rise
  • No prepayment penalty

A shorter term provides even more benefits:

  • Enjoy lower interest rates
  • Build equity faster
  • Great refinancing option
  • Pay less interest over the life of your loan

Adjustable Rate Mortgage (ARM)

An ARM is a mortgage loan with fluctuating monthly payments tied to an economic index. It may be an ideal choice if you:

  • Plan to own your home for just a few years
  • Expect a significant increase in future earnings
  • Believe the prevailing interest rate for fixed-rate mortgages is too high

Construction Mortgage

Create your dream home or get started on that major addition or renovation.

  • Avoid multiple closings and origination fees
  • Enjoy rate-lock options and choose from a variety of permanent loan options

FHA Mortgage

A Federal Housing Administration (FHA) loan is great for first time home buyers and people without a lot of liquid savings.

  • Accept a monetary “gift” from a relative or employer to help with closing costs
  • FHA Loans are assumable, which could make your home easier to sell

VA Mortgage

For veterans, a VA loan is a terrific option.

  • Enjoy 100% financing
  • No cash reserves required after closing
  • Some VA loans are assumable

How much can I afford?

As a general rule, your mortgage payment should not exceed 28% of your gross monthly income. Use our simple online mortgage calculators.

Disclosures:

Subject to credit approval. Property insurance required.