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ING 5/1 ARM 5.90% APR, $555 Closing Costs


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#1 ABOUTBENS

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Posted 23 September 2005 - 07:26 PM

ING sent me a pre-approval letter for the above stated mortgage terms. You have to be a customer for the flat $555 closing costs and apply and commit by 10/31/05. They also have a "lowest rate promise" where your rate is guaranteed for 90 days on a home purchase. biggrin.gif

#2 markber

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Posted 23 September 2005 - 10:06 PM

QUOTE(ABOUTBENS @ Sep 23 2005, 12:26 PM)
ING sent me a pre-approval letter for the above stated mortgage terms.  You have to be a customer for the flat $555 closing costs and apply and commit by 10/31/05.  They also have a "lowest rate promise" where your rate is guaranteed for 90 days on a home purchase. biggrin.gif
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I am a moron when it comes to real estate stuff. Are these terms much better than what you can get from an average bank?

Thanks,

Mark

#3 ABOUTBENS

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Posted 24 September 2005 - 02:41 PM

For comparison sake, ING included a flyer with APR's of some other lenders for the same type of loan (source: bank sites as of 9/9/05):
Countrywide 6.335%
ETrade 6.210%
Bank of America 6.144%
E-Loan 6.321%
Obviously the larger your mortgage the bigger the difference the 5.900% would save you. I've purchased two homes with the closing costs being $2000 or more, so the flat fee of $555 for closing costs seems to be a good deal as well.

#4 markber

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Posted 26 September 2005 - 01:00 AM

QUOTE(ABOUTBENS @ Sep 24 2005, 07:41 AM)
For comparison sake, ING included a flyer with APR's of some other lenders for the same type of loan (source: bank sites as of 9/9/05):
Countrywide  6.335%
ETrade  6.210%
Bank of America  6.144%
E-Loan  6.321%
Obviously the larger your mortgage the bigger the difference the 5.900% would save you.  I've purchased two homes with the closing costs being $2000 or more, so the flat fee of $555 for closing costs seems to be a good deal as well.
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Thanks for your explanations! The ING offer seems like a real good deal.


Mark





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