Why refinance your home loan?
There are many reasons you may consider refinancing your home. Perhaps you want to reduce the interest rate and lower your monthly mortgage payment, or shorten the mortgage loan term and pay it off sooner. Maybe you want to tap into your home's equity to pay for a large purchase or consolidate debt. Whatever your goal, Old National offers two different refinance options to meet your specific needs.
Quick Home Refi (QHR)
May be ideal if you:
- Want to pay off your home in a short period of time
- Have a low balance on your mortgage
- Don't plan on living in your home for a long time
- Low closing costs of just $2991
For our Quick Home Refi, visit any banking center or request more information, and we will contact you.
Possible benefits of refinancing
- Lower monthly payments - You may be able to lower your existing interest rate, or extend your loan term, to reduce your monthly payment.
- Tap into your existing home’s equity - "Cash out" refinancing can enable you to use your home's equity for nearly any need. Use it to remodel your existing home, pay college tuition or treat yourself to a vacation.
- Convenience - If you already have a first and second mortgage (and possibly other loans), refinancing can be a way to combine them into one loan. One payment saves you time and effort. And in some cases, a new single home loan might reduce your overall interest rate.
- Tax advantages - Consolidating other debts into your home loan, such as auto loans and other installment debts, may be a smart move, since the interest paid may be tax-deductible. Consult your personal tax advisor.
- Lock in a fixed rate - If you currently have an Adjustable Rate Mortgage (ARM), you may consider refinancing as a way to switch to a fixed rate mortgage to protect yourself against future increase.
- Eliminate Private Mortgage Insurance (PMI) - Many homes have appreciated in value over the last couple of years, so if you now are paying monthly mortgage insurance, refinancing could eliminate this cost and reduce your monthly payments.
Most-asked home refinancing questions (including "What is it?")
Cash out refinancing or home equity loan?
Subject to credit approval. Property insurance required.
- Limited time offer. Rates, terms & conditions effective as of 9/6/2022. Other restrictions may apply, see a bank team member for more details. Available on first mortgage refinance transactions with 80% maximum loan to value on primary residences and 75% maximum loan to value on secondary residences. Based on a $100,000 loan with a 180-month term at an interest rate of 5.625% (5.674 %) Annual Percentage Rate (APR) and a monthly payment of $826.36 on primary residence. $299.00 Closing Cost (included in the refinanced loan amount for this payment example). APR is based on highest credit quality tier. Additional costs may apply. Property tax and insurance premiums are not included.