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.
MORTGAGE LOAN OPTIONS
Understanding Your Loan Options
Fixed Rate Mortgage
Adjustable Rate Mortgage (ARM)
Construction Loans
Government Loans
Specialty Loans
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 current interest rate for fixed-rate mortgages is too high
Construction Loans
Old National’s One-Step Construction loan programs feature interest-only monthly payments on funds disbursed during the construction period, a variety of fixed rates and terms and a one-time mortgage closing.
With lower credit and requirements than traditional mortgage loans, an FHA loan can be an easy and affordable option for purchasing or refinancing your home.
What are the benefits?
Take advantage of down payments as low as 3.5%1
Use a monetary gift to help with closing costs
Up to 96.5% financing
Less restrictive credit requirements
Closing costs and other fees may be included in the loan amount
Variety of options for rate and term
Can be used for refinancing
Is an FHA Loan right for you?
First-time homebuyers, previous homeowners and “move-up” buyers are eligible
If you’re self-employed, you could qualify
You loan amount is within the county limits for FHA loans
VA (Veterans Affairs) Mortgage
For veterans, a VA loan is a terrific option. To all who served our country, we are thankful for your patriotism, service and sacrifice.
Enjoy 100% financing
No cash reserves required after closing
Some VA loans are assumable
Rural Housing Loan Program
The Rural Housing loan program is designed to help people with qualifying income levels purchase homes in designated areas.
What are the benefits?
Low down payment
Low income requirements
Fixed interest rate
Up to 100% financing
Closing costs and other fees may be included in the loan amount
Funds can be used to purchase a single family home
Is a Rural Housing Loan right for you?
First-time homebuyers and previous homeowners are eligible
Unable to obtain adequate housing through conventional financing
Professional Mortgage
As a professional in the community, your home financing needs are unique. That’s why Old National offers a solution exclusively to eligible borrowers including physicians, dentists, veterinarians, CPAs and professors. Our specialized mortgage product helps you purchase your primary residence with up to 100% financing and no private mortgage insurance.
Choose from a variety of terms and options:
Adjustable-rate with terms from 3 to 7 years
Fixed-rate with terms from 10 to 30 years
100% loan-to-value ratio on loan amounts up to $500,0002
90% loan-to-value ratio on loan amounts up to $1,000,000
Subject to credit approval. Property insurance required.
All funds will be verified.
Escrow for property taxes and insurance is required. Rates, terms and conditions effective as of June 15, 2016 and subject to change. Available on first mortgage purchase transactions on owner-occupied residences only. Other restrictions may apply. See bank for details. Based on a $250,000 loan at 100% LTV, on a 360 month term, with principal/interest payment of $1,122.61 and an interest rate of 3.50% the $1,576.29 prepaid fee results in an APR of 3.539%.
