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ING Direct Mortgage
|ING Direct has brought solutions to all mortgage-related issues right at your doorstep. A leading brand, a powerful financial backup and an innovative approach are what making ING Direct Mortgage a popular choice for many homeowners in the United States. Serving people with a wide range of loan and refinance products under the brand Easy Orange Mortgage it conducts business using sophisticated Internet and telecommunication technologies.
With absolutely no overhead and operational costs associated with running a large number of branches at different locations, the bank can offer loan programs that have no fees, easy application process, lowest closing costs, and great rates. Besides home loans, it also offers checking and savings solutions with Electric Orange SM checking and savings accounts, and investment solutions with Share Builder.
ING Mortgage Review
ING Direct is the name of the division under which ING Bank, FSB operates in USA. It was founded in 2000 and in 2007 it acquired Atlanta based NetBank, thus expanding its reach even further. The headquarters is located in Wilmington DE. The present CEO of ING Direct is Arkadi Kuhlmann.
ING is a Dutch financial institution with presence in nearly 50 countries across the globe including Australia, Canada, Spain, Italy, France, Germany and the UK. ING Group is one of the largest financial companies in the world by revenue with over 85 million customers worldwide that include more than 7 million in the US alone.
The USA customers can reach this branchless bank through an online platform ingdirect.com and also over phone and by mail. The banking services can also be accessed from any of the Café located in cities like Chicago, Los Angeles, Wilmington, New York City, Philadelphia, St Cloud and Honolulu.
ING Direct Mortgage Rates
One advantage with ING Direct Mortgage Rates is that you get a lock-in period of 60 days in case of a home buying loan and 45 days in case of a refinance loan absolutely free. As Orange mortgage is primarily an adjustable-rate mortgage with the guaranteed fixed rate applicable only in the first few years of the program you are open to market risks once the fixed-rate period is over. Here is a sample of the interest rates the bank offers under the Orange brand for home purchase and refinance loans.
|Products ||Interest Rate ||APR ||Monthly Payment|
|5/1 ARM ||3.250% ||3.314% ||$1,088.02|
|7/1 ARM ||3.500% ||3.432% ||$1,122.61|
Moreover, tools and resources like payment calculator, insurance calculator and Orange home loans solutions finder will help you choose the right product online.
ING Mortgage Wholesale
For brokers, lenders and other professionals, ING has put in place an online Orange Gateway, which allows them to view current rate sheets and rate history, access disclosures and various other kinds of forms and other documents, use online resources and see latest announcements. One can also obtain complete product details and detailed wholesale manual, but to use the Orange Gateway one needs to sign in with their unique login ID and password. For various kinds of questions pertaining to loan specifications, operations procedures, etc, one can call either 866-464-9617 or 866-464-9615. They can also email at email@example.com or firstname.lastname@example.org.
ING Direct Easy Orange
ING Direct Easy Orange is a 30 year loan amortization program with the benefit of fixed rate in the first 5 years. The rate is as low as 2.99% with an APR of 3.050% and there are also the advantages of bi-weekly payments, low closing costs, reasonable down payment, and the fast and easy electronic payment system. Moreover, you stand a good chance to qualify for the rate renewal feature, which allows you to avail the fixed-rate benefit for another 5 years at the existing Easy Orange rate. All you need to apply for ING Direct Easy Orange loan program is a credit score of over 700 points.
ING Direct Mortgage Payment
It is just a simple affair to pay mortgages using the Automatic Payment Plan of the bank. You just need to sign in with your login ID and click over a few buttons to have the amount transferred from your checking account. Note that the usual payment date is the first day of every month.
To payoff a loan the bank charges one percent of the outstanding balance as an early payoff fee. Your decision to switch or prepay your loan early may incur losses to the bank or investors. That is why there exists prepayment penalty or discharge fee, which is based on the interest rate differential that is arrived after the calculation of break costs. To make a discharge request in Australia, one needs to fill out a form and pay out all the outstanding amounts at the time of settlement.
ING Direct understands pretty well the lacunae in the US government’s Home Affordable Modification Program (HAMP) and offers solutions to bypass those. This is the reason why it is able to maintain an impressively low redefault rate for loans that it has modified half a year ago. It is 8% against the industry average of 25%. Mortgage modification at ING Direct is usually achieved through the unique rate renewal feature of a loan program.
ING Direct Customer Service
For complaints and more information contact ING Direct Mortgage Customer Service. Here are the complete contact details for ING Direct Customer Service Department:
Automated Phone Number: 1-888-464-7868
New Customers: 1-800-464-3473
Existing Customers: 1-888-464-0727
Fax Number: 1-888-464-3220, 1-302-255-3990
P.O. Box 60
St. Cloud, MN 56302-0060