Depending on your goals and financial situation, Old National has different mortgage options available to you. We'll help you understand the differences and choose the right solution to get you in the home of your dreams.
Old National will give you $500 toward closing costs when you apply for one of our qualifying purchase or construction loans between 4/1/19 and 5/31/19. Qualifying loans include:
Choose from a variety of terms
No “payment shock” if interest rates rise
Plan to own your home for just a few years
Believe the current interest rate for fixed-rate mortgages is too high
Allows for reduced down payment
Less restrictive credit requirements
Enjoy up to 100% financing
No monthly Private Mortgage Insurance
Convenient one-time closing
Lock rate at application to avoid rising rates during construction
Interest-only payments during construction period, up to 12 months
Aggressive fixed and adjustable rate options
Loan amount that exceeds $453,100
Up to 100% financing
No down payment
Eligible borrowers include physicians, optometrists, dentists, professors2 and medical residents3
100% LTV ratio on loan amounts up to $750,0004
90% LTV ratio on loan amounts greater than $750,000
From finding the perfect piece of land to starting the construction process, Old National can help every step of the way.
We have options if you are looking to purchase a lot or land, whether you are planning to build or use the property for recreation.
Buying or building? Take the time to get prequalified. The process is quick and easy with an answer in minutes.Apply Now
Once you are pre-qualified for a mortgage:
There are several key ratios that lenders consider when determining your ability to obtain a mortgage loan. As a general rule, your total monthly expenses should not exceed 43% of your gross monthly income. Our Home Affordability calculator can help determine how much home you can afford.Use Calculator
Subject to credit approval. Property insurance required.
1. Escrow for property taxes and insurance is required. Rates, terms and conditions effective as of May 1, 2018 and are subject to change. Available on first mortgage purchase transactions on owner-occupied residences only. Borrower must commit to moving his/her banking relationship to Old National and be open to being introduced to a Private Banker. Other restrictions may apply. See bank for details. Based on a $250,000 loan at 100% LOTV, on a 360-month term, with a principal/interest payment of $1,285.35 and an interest rate of 4.625%, the $1,200 prepaid fee results in an APR of 4.67%.
2. Includes associate, assistant and full professors. College or university must have a physical presence in the bank's retail lending footprint.
3. Maximum loan amount is $500,000.
4. 100% loan-to-value ratio on loan amounts up to $500,000 for medical residents.