Secure the perfect spot and loan for your dream home.
Found the perfect land to build your dream home or use for recreational purposes such as hunting or fishing? A lot or land loan from Old National provides the financing you need to make it your own now.
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:
Subject to credit approval. Rates, terms and conditions effective 11/7/18 are for sample purposes only and subject to change. Examples are based on a 80% loan-to-value on up to five acres with a $500 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply. See a Mortgage Loan Originator for details.
5.361% annual percentage rate is based on a $80,000 loan, 180 months, $643.10 payment, with a 5.250% rate.
On a $80,000, 5-1 ARM amortized over 20 years with an initial interest rate of 5.250% with an annual percentage rate of 5.338%, after fixed-period of 5 years the rate may increase annually; individual adjustments are capped at 2% first, 2% subsequent and rate can never increase by more than the lifetime cap of 5%. A payment example would be as follows based on a fully-capped interest rate of the loan: Years 1-5 at 5.250% rate with a payment of $539.08, Year 6 at 7.250% rate with a payment of $632, Year 7 at 9.250% rate with a payment of $733 and Years 8-20 at 10.250% rate with a payment of $785. The monthly payment may change when the interest rate on an adjustable rate mortgage is reset. After the initial fixed-rate period, your interest rate can increase annually according to the market index. Current index (LIBOR 12 month) as of November 7, 2018 is 3.125%. The current index plus Margin rounded to the nearest 0.125 is 5.375%. Any change may significantly impact your monthly payment.
