ING mortgages?

[Soupermom]

Does anyone have a mortgage through ING? We are thinking of refinancing and their rates are down to 3.05APR! I have savings accounts with them and have been happy, just not sure about the mortgage thing?

Any comments?

 

[stewpette]

I'd like to know this too, we are looking into refinancing an ARM, and also have a savings account with ING that we have been happy with.

 

[msmayor]

That ING mortage looks like an adjustable...I personally would stay away from one and would rather have a fixed rate.

 

[CoP Luv]

They are adjustable. Research adjustable mortgages before refinancing. They are MUCH different than fixed rates.

 

[sydneysmom]

sometimes what looks good isn't always the best option.... an adjustable rate is good in the beginning, but you don't know what your payment is going to be once that comes due. I'm with everyone else, get a conventional fixed rate.

I had an adjustable rate on my previous house about 8 years ago. Well, the 5 years came pretty quick and I got a notice that my mortgage payment would be going up about another $800/ month. ( because of the rates). Holy Cow!! So I refinanced and got a conventional. You KNOW what the payment is going to be. there's no surprises. We've actually refinanced again on a 15 yr mortgage and the payment is less than it would have been on the adjustable. WHEW.

 

[pyrxtc]

they do have great rates on fixed mortgages but the great rates they have are not available for re-financing. DH and I looked into this already.

 

[nunzia]

I would read this offer VERY CAREFULLY..I was thinking of this also, but the fine print seemed to have lots of odd fees for early/extra payments, etc. Plus, the offer looked like it was a 15 year mortgage offer that was really only a guaranteed RATE for 15 years..then to be redone..and with that fee for extra payments/early payoff red flags popped up in my head. The one I was reading about wasn't adjustable.. but fixed..but the fixed rate was only for 15 years..just to clarify.
I use ING for my online bank and are happy with them, but this mortgage thing turned me off.

 

[Soupermom]

Thanks everyone for your helpful info. I think we'll stick with a bank...

 

[Swimalie]

Before we moved, we had an ING adjustable mortgage. We chose the 5 year ARM at 3.99%. The deal with them is not that bad and, for us, worked out great. The years that you are locked in depends on how many years you chose (3,5,7, etc), then it goes up 1% the following year and 2% the 2nd year. They have a lifetime maximum (ours was 9.99%).

We went with it in 2002, knowing that we would either be moving within our area or moving due to job relocation, which is what happened. It worked out great for us and we were able to save a lot for a downpayment on this house.

 

[FayeW]

I am a mortgage agent (in Canada), and often place my clients in ING mortgages. Right now their variable rate mortgage is Prime (currently 3%) minus .65%, so today you would pay 2.35%. For a 5 yr term, the rate itself is not guaranteed, but the discount below Prime is guaranteed (so no matter whether the Prime rate goes up or down, you always get .65% off).

Their 5 yr fixed rate is 3.59%, and that rate is applicable no matter what the amortization is (you can take a 5 yr term, but amortize it over 20, 25, 35 yrs, etc). On both the fixed rate and variable rate mortgages they have lump sum pre-payment privileges of up to 25% of the original mortgage balance per year, and you can increase your payment by up to 25% per year as well. Payments are weekly, bi-weekly, semi-monthly, monthly...whatever you want. There are no fees for any of these payment or pre-payment privileges.

Purely out of curiosity, could you explain what ING offers to American consumers? I'd love to know how it differs from the products they offer here.

 

[nunzia]

I am a mortgage agent (in Canada), and often place my clients in ING mortgages. Right now their variable rate mortgage is Prime (currently 3%) minus .65%, so today you would pay 2.35%. For a 5 yr term, the rate itself is not guaranteed, but the discount below Prime is guaranteed (so no matter whether the Prime rate goes up or down, you always get .65% off).

Their 5 yr fixed rate is 3.59%, and that rate is applicable no matter what the amortization is (you can take a 5 yr term, but amortize it over 20, 25, 35 yrs, etc). On both the fixed rate and variable rate mortgages they have lump sum pre-payment privileges of up to 25% of the original mortgage balance per year, and you can increase your payment by up to 25% per year as well. Payments are weekly, bi-weekly, semi-monthly, monthly...whatever you want. There are no fees for any of these payment or pre-payment privileges.

Purely out of curiosity, could you explain what ING offers to American consumers? I'd love to know how it differs from the products they offer here.

This is what stunned me about the ING one I was sent..it is very rare now to see prepayment penalties...I was seriouly thinking about it at the fixed rate it quoted since we plan on having the house paid off in about 10 years..but those fees just put me off.

 

[Swimalie]

This is what stunned me about the ING one I was sent..it is very rare now to see prepayment penalties...I was seriouly thinking about it at the fixed rate it quoted since we plan on having the house paid off in about 10 years..but those fees just put me off.

I'm curious, what fees? We had an ING mortgage and there were no fees for any pre-payment nor payment early nor extra payments.

 

[TnTWalter]

ESPECIALLY with rates at their all time low. 15 year fixed is 3.625 where I live!!

Insanely good.

Do not do ARMs if you can avoid at all. Please Please Please.

Best of luck to all.

Trish

 

[nunzia]

I'm curious, what fees? We had an ING mortgage and there were no fees for any pre-payment nor payment early nor extra payments.

I can see I should have kept that mailer..I received an offer from ING for a low rate mortgage, 15 year fixed. The fine print is what spelled out the extra fees and pre payment/overpayment penalties..I don't think it is still offered anywhere on the site...but that is the line that totally turned me off

 

[Swimalie]

I can see I should have kept that mailer..I received an offer from ING for a low rate mortgage, 15 year fixed. The fine print is what spelled out the extra fees and pre payment/overpayment penalties..I don't think it is still offered anywhere on the site...but that is the line that totally turned me off

ING doesn't do a 15 year nor do they do a fixed rate mortgage.