ING DIRECT. I guess that's two words. I already had two accounts with ING, and on the same day I found the listing for the house, I decided to apply for a mortgage. I remembered that ING had a special mortgage product with only $895 in closing fees. The application and approval took six minutes. And the $895 is the real deal; there were NO additional costs at our closing. The lawyer hired to represent ING (who had never represented them before) actually said, "Wow, most banks I represent tack on $4k to $5k just because they know they can." We were shocked. ING rules. They make the closing process, which can be stressful, a breeze. Thanks to ING our close lasted 20 minutes and we saved over $5,000. Which went right into my brand new, 42,000 BTU, 60 burger capacity Weber grill.
2 comments:
Hi Lindsey - can you tell me if you got the 5 year of the 7 year? We are almost finished with our application process and getting really nervous. so many people freak out when they hear that we are even considering an arm. I think it makes the most sense for us - as we are also city people who are keeping our apartment and need low monthly payments - so we can afford to do improvements.
Gimmie a pep talk please! Or let me know if your feelings toward your loan have changed at all over time.
Thanks!
CG
Hi CG--we got a 5/1 ARM from ING Direct. This worked for us for a number of reasons:
1. It is likely that we will sell this property before five years, so the rate adjustment won't affect us.
2. The adjustment is capped at 2%, so in the event we still have the house, the WORST possible increase won't be that bad.
3. Since this was a secondary and not a primary residence, our mortage options were limited. Given ING's amazing $895 closing fees, the money we saved upfront by using their 5/1 ARM was very helpful. The $5k went right into furniture, my grill, etc.
Where are you buying your house?
Thanks for writing, L&E
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