Does anybody have a ING Mortgage?

[westcliffemom]

I received an offer for a 5/1 ARM from ING and was wondering what anybody's experience with ING and mortgages is? It looks like I could save quite a bit of money (that could be used for DISNEY!)

 

[Colinsmom]

Unless you only plan to be in your house for less than 5 years, there's no way I'd do a 5/1 ARM right now. Rates will only go up from here, and you could be in for an awful surprise in 5 years!

 

[pirateofthecarolinas]

I just read an article where interest rates are expected to start rising. Do not get an adjustable rate mortgage. Get a fixed rate. You will not see rates this low for a long time once they go up.

Lori

 

[Weluvdisny]

I agree with the 2 previous posts. I work at a bank and get the documents ready for closings every day and from what I've seen and heard the rates are only going to go up from here. I would look at a bi-weekly to reduce the amount of years on your mortgage. Or just modify your balance at your current bank to take advantage of the lower rates now (unless you want some cash back and need to refi).

Someone that works with me just got a 7/1 ARM but she is planning on selling her house in the next few years before her rate adjusts.

Good luck in whatever you decide!!

 

[paslea_pooh]

From what I understand is that you can lock into the rate and make it fixed at any time.. Is this correct? I went to their website to get some info. We are currently looking for a home equity loan/line and I am so confused which way to go. You can save a substantial amount in the first five years and I guess you could refinance at the 5 year mark but who knows where rates will be then!