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ING 5/1 Mortgage?
Old 12-06-2009, 08:56 AM   #1
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ING 5/1 Mortgage?

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 $ 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?


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Old 12-06-2009, 09:40 AM   #2
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Never dealt with ING but did something similar, refinanced to a 7/1 ARM (7 year fixed). Just figure out what your payments need to be to payoff in 5 years and add the additional amount to your regular payments. Worked out good for me.

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Old 12-06-2009, 10:44 AM   #3
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I just did essentially the same thing, swapping from a 15 year 5% fixed that had 8.XX years left for a 3.875% 5/5 ARM. I have heard good things about ING as a mortgage lender, although I have no experience with them. They seem to have very competitive rates, though.

If you PM me with your e-mail address, I would be happy to share the simple spreadsheet I used to evaluate the alternative loan.

The only thing I would watch for on swapping to an ARM is to model out what the worst case scenario if the loan is not paid off at the reset date. I got plenty comfy with the 5/5 loan, but could not get there on a 5/1. If you will be done in 5 years or thereabouts for sure, it would be an easier decision.
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Old 12-06-2009, 12:16 PM   #4
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I have a mortgage with ING on a rental property. Very user friendly, they make it easy to pay it down faster. Very competitive rates.

ING was in some financial trouble last year and got a bailout from the Dutch government. So I am not saving with them. But if they lend me money, the worst that can happen is that they call in the loan, which is unlikely.
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Old 12-06-2009, 11:08 PM   #5
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I had a 5/1 INGDirect mortgage for 4.8 years on the home we recently sold. Excellent experience from beginning to end. They now require a 25% down payment which is not a concern for you. I loved being able to pay the mortgage online by transferring funds from my savings account to the loan and seeing the immediate effect. I also loved not having insurance and property taxes not escrowed. Everything was transparent and very efficient.

Edit: Ads for INGDirect appeared in the top and right margin as I was posting this.
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