ING Direct Mortgage Rates September 2, 2010

ING DIRECT offers mortgages for purchase transactions as well as refinances at competitive interest rates.  ING DIRECT  is the operating name of ING Bank which is headquartered in Wilmington, DE.   ING DIRECT does banking business online, over the phone and by mail. ING Direct mortgage applicants can apply online or over the phone.

As an online mortgage lender, ING Direct delivers home mortgages with low closing costs and fees.  ING Direct mortgage’s are not without closing costs such as the title search, appraisal, flood certification fee and other third party fees that must be paid at closing.  Based on the information from ING Direct on their mortgage products, the first page of the loan application can estimate closing costs. 

There is no application fee associated with the ING Direct mortgage application.  There is also no origination points charged to obtain an ING Direct mortgage.

ING Direct’s online mortgage application form is quite simple and easy to navigate.

ING Direct mortgages are available on purchase transaction with a minimum down payment of 20%.  ING Direct mortgages can be obtained for owner occupied properties and vacation homes with a down payment of 25% needed for vacation home mortgages.

One of the reasons ING can offer competitive mortgage rates is that the loan programs are for adjustable rate mortgages.  Since most home loans are not held for than five years, the ING DIRECT mortgage options are for a 5/1 adjustable rate mortgage and a 7/1 adjustable rate mortgage.  

With the adjustable rate mortgages offered by ING DIRECT, the mortgage rate can adjust either up or down at a maximum of 2 percentage points annually after the fixed term ends, and cannot increase by more than 6 percentage points over the life of the loan.  The mortgage rate will not change during the initial fixed period of either 5 or 7 years.

Current ING Direct mortgage rates include:

5/1 adjustable rate mortgage has a mortgage rate of 3.25% and an APR of 3.396%
7/1 adjustable rate mortgage has a mortgage rate of 3.50% and an APR of 3.499%

Once an application is accepted by ING DIRECT, the mortgage rate is guaranteed for 60 days for purchases and 45 days for a refinance even if mortgage rates go up.

The ING DIRECT mortgage rate information is current as of September, 2, 2010.  Mortgage rates are subject to change at any time and all home loans are subject to bank approval.  The mortgage rates listed are based a loan amount of $250,000.00 and a 20% down payment. 

For more information on the mortgage loans and mortgage rates offered by ING DIRECT, the mortgage lender can be reached at 1-866-327-4599.