Comments on: ING: A mortgage without surprises? http://simpledebtfreefinance.com/ing-a-mortgage-without-surprises/ A Simple Approach to Getting Out of Debt and Into Wealth Fri, 18 May 2012 02:11:18 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Ken http://simpledebtfreefinance.com/ing-a-mortgage-without-surprises/#comment-53955 Ken Wed, 24 Nov 2010 04:33:05 +0000 http://simpledebtfreefinance.com/?p=250#comment-53955 Now I hear from ING that they are "swamped" with applications and behind in their processing. Can anyone estimate the time delays to get from application and my acceptance to when they will even assign a title company to start the real work? what is your history with the time from application to closing for a "cash out refinance" loan. Ken Now I hear from ING that they are “swamped” with applications and behind in their processing. Can anyone estimate the time delays to get from application and my acceptance to when they will even assign a title company to start the real work? what is your history with the time from application to closing for a “cash out refinance” loan.
Ken

]]> By: Daniel http://simpledebtfreefinance.com/ing-a-mortgage-without-surprises/#comment-4500 Daniel Fri, 03 Jul 2009 20:30:03 +0000 http://simpledebtfreefinance.com/?p=250#comment-4500 ING used to be a good <a href="http://simpledebtfreefinance.com/tag/mortgages/">Mortgage</a> Lender but recent experiences with them are leaving very different impression these days. Many Lenders have worked with them in the past to provide their client with competetively priced products but now that ING has chosen to take over the appraisal process, the winds of change have taken hold on the management level there. Don't even think about using an ING Mortgage for a loan associated with a purchase as it will likely cost you thousands of dollars in delays on the closing due to policies emplemented by those whose idea of sevice are more closely aligned with what you might expect out of a North Korean ruler. If you are considering a refinance through ING directly don't let them charge you double the going rate for an appraisal you can count on coming in significantly low. Keep in mind that ING is conservative which means that unles you are only 110% sure the value of your current home is at an LTV of below 50% then you might be a prospect for a 75% LTV mortgage with ING if you are prepared to pay the extra cost! ING used to be a good Mortgage Lender but recent experiences with them are leaving very different impression these days. Many Lenders have worked with them in the past to provide their client with competetively priced products but now that ING has chosen to take over the appraisal process, the winds of change have taken hold on the management level there. Don’t even think about using an ING Mortgage for a loan associated with a purchase as it will likely cost you thousands of dollars in delays on the closing due to policies emplemented by those whose idea of sevice are more closely aligned with what you might expect out of a North Korean ruler. If you are considering a refinance through ING directly don’t let them charge you double the going rate for an appraisal you can count on coming in significantly low. Keep in mind that ING is conservative which means that unles you are only 110% sure the value of your current home is at an LTV of below 50% then you might be a prospect for a 75% LTV mortgage with ING if you are prepared to pay the extra cost!

]]> By: Joe http://simpledebtfreefinance.com/ing-a-mortgage-without-surprises/#comment-209 Joe Thu, 16 Oct 2008 19:09:31 +0000 http://simpledebtfreefinance.com/?p=250#comment-209 @ WiseMoneyMatters, That's very interesting that your <a href="http://simpledebtfreefinance.com/tag/mortgages/">mortgage</a> switched from APR to fixed. I'd say you definitely made out on that deal though! :-) I think you're right about interest rates in the next 5 years too. We're already seeing reports about 30 year fixed rates jumping half a percentage point. 7% or more seems likely given the current trajectory of the economy... but maybe that isn't a bad thing in the big picture. @ WiseMoneyMatters,

That’s very interesting that your mortgage switched from APR to fixed. I’d say you definitely made out on that deal though! :-)

I think you’re right about interest rates in the next 5 years too. We’re already seeing reports about 30 year fixed rates jumping half a percentage point. 7% or more seems likely given the current trajectory of the economy… but maybe that isn’t a bad thing in the big picture.

]]> By: WiseMoneyMatters http://simpledebtfreefinance.com/ing-a-mortgage-without-surprises/#comment-208 WiseMoneyMatters Thu, 16 Oct 2008 18:15:46 +0000 http://simpledebtfreefinance.com/?p=250#comment-208 I was sort of duped into an ARM on my house. In reality I didn't know too much about finances at the time. However, when CountryWide bought my loan, it suddenly became a fixed rate <a href="http://simpledebtfreefinance.com/tag/mortgages/">mortgage</a>. I'm honestly not sure how. Maybe the guy who filled out the original mortgage did a fixed rate instead of an ARM. Maybe the transfer process went wacko. Either way, I asked CountryWide about my loan and they assured me it was a fixed rate loan. Frankly, I'd be nervous to get an ARM unless I knew I was planning on living in the house temporarily. Otherwise, you are just asking for trouble. And frankly, with as low as interest rates are right now, it's best to try to get a fixed loan anyways as I'm sure the rates will be higher in 5 years. I was sort of duped into an ARM on my house. In reality I didn’t know too much about finances at the time. However, when CountryWide bought my loan, it suddenly became a fixed rate mortgage. I’m honestly not sure how. Maybe the guy who filled out the original mortgage did a fixed rate instead of an ARM. Maybe the transfer process went wacko. Either way, I asked CountryWide about my loan and they assured me it was a fixed rate loan.

Frankly, I’d be nervous to get an ARM unless I knew I was planning on living in the house temporarily. Otherwise, you are just asking for trouble. And frankly, with as low as interest rates are right now, it’s best to try to get a fixed loan anyways as I’m sure the rates will be higher in 5 years.

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