ING home loans, am I missing something?

[DawnM]

http://www.ingdirect.com.au/home_loans/interest_rates.htm


I have ING accounts for just general savings.

Everytime I go to the site it suggests I refinance. But here are the interest rates posted. They are VERY, VERY HIGH.

I have no idea what p.a. means so maybe I am missing something?????

Dawn



Interest Rates & Fees
Compare our home loan interest rates and call us on 1800 100 258 to speak with one of our Home Loan Specialists. We can help you find the right home loan to suit your needs.

Variable Rate Home Loans Interest Rate Comparison Rate
Orange Advantage ($500,000 and over)* 6.89% p.a. 7.06% p.a.
Orange Advantage ($300,000 to $499,999)* 6.99% p.a. 7.16% p.a.
Orange Advantage (less than $300,000) 7.24% p.a. 7.41% p.a.
Mortgage Simplifier 7.12% p.a. 7.12% p.a.
Construction Loan 7.12% p.a. 7.12% p.a.
Action Equity Loan 7.72% p.a. 7.72% p.a.
Smart Home Loan 7.72% p.a. 7.84% p.a.

*Refers to total residential ING DIRECT borrowings.

Fixed Rate Home Loans Interest Rate Comparison Rate
1 Year Fixed Rate 6.79% p.a. 7.13% p.a.
2 Year Fixed Rate 6.99% p.a. 7.13% p.a.
3 Year Fixed Rate 6.99% p.a. 7.12% p.a.
4 Year Fixed Rate 7.59% p.a. 7.34% p.a.
5 Year Fixed Rate 7.69% p.a. 7.42% p.a.

 

[BSil]

The rates do seem high. pa means per annum or per year. I thought I read someplace the ING is being sold, or maybe they did already. I think a refi should be in the 4.5% ballpark these days. At least last time I checked it was somewhere around there.

 

[DawnM]

Well, we are looking at 10 to 15 year refinances and are seeing some rates in the 3.25 range.

We currently have 4.37% (15 year) so unless it is worth it, we aren't really even looking.

However, this just struck me as WAY OFF BASE for percentages.

Dawn

 

[puffkin]

I wonder if their closing costs may be lower therefore they can get away with a higher rate?

We are in the middle of a refi (hopefully close in a week or two) and we are getting 3.75% for a 15 year. We probably could get closer to 3.5% shopping around but we are staying with our same lender due to some escrow issues and our closing costs were lower. We are currently at 5.875% 30 year, so this is still a huge savings for us!

 

[DawnM]

That may be, but noone is in the 7's. That is just crazy high for today's market.

Dawn

I wonder if their closing costs may be lower therefore they can get away with a higher rate?

We are in the middle of a refi (hopefully close in a week or two) and we are getting 3.75% for a 15 year. We probably could get closer to 3.5% shopping around but we are staying with our same lender due to some escrow issues and our closing costs were lower. We are currently at 5.875% 30 year, so this is still a huge savings for us!

 

[HM]

Are you complaining that the rates seem high, or that they keep trying to get you to look into refinancing?

If it's about the second: We get stuff about refinancing in the mail and via email from our banks and not-our-banks quite frequently. I've chalked it up to them trying to get more business. We are not interested, so ignore/delete/toss.

 

[punkin]

Their rates are high. If you are interested in a refi, look elsewhere. Rates are really a lot lower right now.

 

[DawnM]

Not complaining about either, just don't get how they can even have a business of refinancing if they are almost double everyone else.

I wondered if I am looking it wrong or what? I can't imagine anyone would refi at that rate.

Dawn

Are you complaining that the rates seem high, or that they keep trying to get you to look into refinancing?

If it's about the second: We get stuff about refinancing in the mail and via email from our banks and not-our-banks quite frequently. I've chalked it up to them trying to get more business. We are not interested, so ignore/delete/toss.

 

[GinnyEmma]

I wondered about that also. Someone was telling me how great they are, and I just couldn't see it.

 

[DawnM]

You haven't read the thread have you?

I currently have 4.37%. I am just wondering if I am reading this wrong as NOONE has rates even CLOSE to as high as ING.

Dawn

Their rates are high. If you are interested in a refi, look elsewhere. Rates are really a lot lower right now.

 

[punkin]

You haven't read the thread have you?

I currently have 4.37%. I am just wondering if I am reading this wrong as NOONE has rates even CLOSE to as high as ING.

Dawn

So what? They have high rates. You already have a lower rate. Why are you even looking at their rates? If you want to refi - go elsewhere. There are plenty of places that will give you lower rates.

 

[GinnyEmma]

So what? They have high rates. You already have a lower rate. Why are you even looking at their rates? If you want to refi - go elsewhere. There are plenty of places that will give you lower rates.

Gee whiz?!! So it isn't ok to ask a question about it?

 

[punkin]

Gee whiz?!! So it isn't ok to ask a question about it?

Sure, it's OK. It's just that since none of us are the people at ING who determine mortgage rates (which are based on internal funding rates, business model, internal initiatives, federal regulations....), the only thing we can intelligently comment on is that the rates are outrageous and better ones can be had elsewhere.

 

[MaleficentRN]

My ING home page has an ad for an ARM of 3.125%

 

[Princesca]

Hmmm... is it possible those are some version of a HELOC? In my experience, our HELOC has always had a slightly higher rate.

Either way, those feel to me like they are probably not your basic 15 or 30 year fixed. I wouldn't go with anything other than the most conventional of mortgages in this economy.

 

[Princesca]

Also, I wonder if PA means 'per annum'...

 

[Swimalie]

I'm looking at the ING mortgage home page now and they are advertising


Easy Orange Mortgage 2.990% 3.050

We refinanced with them in 2002. It was a smooth process that was great for us. Lowered our payment by about $500 a month. It is an ARM so you do have to be prepared for the adjustment. Back then they had a deal that the rate would not go over 9.99%. Not sure they have that now. We ended up moving 3 years later and never got above the initial rate of 2.99% that we had back then, too.

I'm not sure where you are seeing 7% or around there. I have never seen them that high.

Here is their page with rates for mortgages http://home.ingdirect.com/products/products.asp?s=OMRates

 

[DawnM]

Now I am even more confused.

Do they even offer a 15 year fixed rate mortgage?

Dawn

I'm looking at the ING mortgage home page now and they are advertising


Easy Orange Mortgage 2.990% 3.050

We refinanced with them in 2002. It was a smooth process that was great for us. Lowered our payment by about $500 a month. It is an ARM so you do have to be prepared for the adjustment. Back then they had a deal that the rate would not go over 9.99%. Not sure they have that now. We ended up moving 3 years later and never got above the initial rate of 2.99% that we had back then, too.

I'm not sure where you are seeing 7% or around there. I have never seen them that high.

Here is their page with rates for mortgages http://home.ingdirect.com/products/products.asp?s=OMRates

 

[Swimalie]

Now I am even more confused.

Do they even offer a 15 year fixed rate mortgage?

Dawn

No and I don't believe they ever have. When we refinanced with them they offered a 3, 5 and 7 year mortgage only. They do also offer a 10 year now.

 

[DawnM]

Yes, but it still doesn't look a conventional fixed rate loan.

Dawn

No and I don't believe they ever have. When we refinanced with them they offered a 3, 5 and 7 year mortgage only. They do also offer a 10 year now.