The Dutch bank ING has been growing their presence quite aggressively here in the United States – so much so in fact that Capital One acquired their savings line for $9 billion in early 2012.
Their online division, ING Direct, has also grown quite well in the fertile US soil mainly due to the low APRs they are able to offer on their adjustable rate mortgage products.
ING Direct’s home loan and mortgage line is very narrowly focused and consists of just a 5/1 ARM and a 7/1 ARM. This narrow focus has allowed them to process significant volumes of applicants even in the midst of our flimsy US housing market.
With their 5/1 and 7/1 ARM’s your rate will remain fixed for either 5 or 7 years, depending on which loan you chose, with a sigle balloon payment due at the end of the loan’s life.
Sometimes (but not always) ING will allow you to opt for an additional term once your loan is up for the “cost” of a month’s worth of mortgage payments. The problem is that you will still have to pay the balloon payment which will set you up for a fairly heavy bill.
We would suggest applying for one of these short term ARM mortgages only if you plan on selling your home sometime within the life of the loan (preferably right at the end). This will allow for you to reap the most in savings in terms of low APRs.
With the rates below you’ll get a lock period of 60 days on home loans and 45 days on refinances. The lock periods will start on the day you apply for the loan.
ING Direct ARM Mortgage Rates:
Terms and Conditions:
*The rates above are assuming loans of $250,000. The projected rate in the last column is the APR after the ballon payment has been taken into account.
Compare with today’s lowest rates in your area below.