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ING 5/1 ARM 5.90% APR, $555 Closing Costs
Started by ABOUTBENS, Sep 23 2005 07:26 PM
3 replies to this topic
#1
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.

#2
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. 

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
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.
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
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.
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.
Thanks for your explanations! The ING offer seems like a real good deal.
Mark