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
May be ideal if you:
Want to pay off your home in a short period of time
Tax benefits - Take advantage of tax benefits that come from consolidating other debts into your home loan(s); include your auto loans and other installment debts into your mortgage loan payment so that the interest paid may be tax-deductible.
Convenience - Combining your first and second home loans (and possibly other loans) into one payment saves you time and effort. And sometimes, a new, single home loan can reduce your overall interest rate.
Lock in a fixed rate - If you currently have an Adjustable Rate Mortgage (ARM), it may make sense to switch to a fixed rate mortgage to protect yourself against future increase. This usually makes good sense if you plan to own your home for more than a couple of years.
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, a refinance could eliminate this cost and reduce your monthly payments.
Lower monthly payments - Reduce your existing interest rate or extend your loan term to reduce your monthly payment.
Tap into your existing home’s equity - This may make sense if you’re planning on remodeling your existing home, need cash for your college age child, or can now afford to treat yourself to a vacation.
Mortgage Calculators
Put our calculators to work to help you determine your best course of action.
Related Services
Other products and services offered by Old National.
Subject to credit approval. Property insurance required.
Limited time offer. Rates, terms & conditions effective as of 8/30/19. Other restrictions may apply, see bank for details. Available on first mortgage refinance transactions with 80% maximum loan to value. Based on a $100,000 loan, 180 months, rate/APR of 3.500%/3.545%, $299 closing costs & $719 payment on primary residence. Additional costs may apply if escrow and/or title insurance is required.
