I currently have a 15 year 5.375 mortage which has about 8 years remaining.
I have been looking at some of the lower interest deals out there and the ING 5/1 seems to be a very good deal (for me) at face rate of 3.75 with five year effective rate just a bit higher. Bank closing costs are $395...plus 3rd party appraisal, credit check, title, etc.
My plan would be to continue my current payment which would likely amortize the whole loan in close to the five year base period...I need to go back and actually calculate that assumption.
Seems like a good way to save some interest and actually payoff a bit sooner due to lower interest rate?
Anyone done an online mortgage with ING Orange