Anyone have a mortgage, or refinance, through ING direct?

[psteng19]

See title and subtitle

 

[Jugernot]

I bet they don't include certain fees such as the appraisal, which can be pricey depending on where you live (mine cost $550 last year) and up front insurance, etc. Most mortgage companies require you to pay 12 months of insurance up front.... that can be $1-3K right there.

If it sounds too good to be true.....

 

[psteng19]

But they're a pretty reputable bank and all, right?
I would think that one could trust them.

 

[Jugernot]

Yes, but like I said, the closing costs I listed aren't bank fees.... they aren't connected, therefore don't have to be disclosed. Really, you could end up only paying $895 in closing costs to ING, but you may have to pay upto several thousand elsewhere like your insurance company.

It's like when you buy a car, you pay the dealer for car, but you still have to pay for the registration in your state. It's not a dealer fee, it's a fee that state charged to register the vehicle.

 

[Vic]

Higher interest rate. In general, 1 point of fee (= 1% of the loan amount) is equivalent to 0.25% interest rate.

And yeah, the $895 is the lender fee. Third-party fees, like title, escrow, appraisal, recording, etc., and recurring closing costs, like property taxes, homeowners insurance, etc. are still going to be incurred.

 

[Epic Fail]

you aren't losing much if you have to prepay the insurance? you will have to pay it anyway.

 

[Vic]

Originally posted by: Jugernot
Yes, but like I said, the closing costs I listed aren't bank fees.... they aren't connected, therefore don't have to be disclosed. Really, you could end up only paying $895 in closing costs to ING, but you may have to pay others several thousand.

It's like when you buy a car, you pay the dealer, but you still have to pay for the registration in your state. It's not a dealer fee, it's another fee altogether than the dealership has nothing to do with.

Exactly. Your property taxes and homeowners insurance are NOT a lender fee.

Your car analogy is excellent too. I hate it when people talk about OTD (or "out the door" price), because taxes and registration not only vary by state, but they're also a non-negotiable part of the transaction.

 

[PingSpike]

I thought I remembered INGs mortgage being adjustable rate as well.

Edit: Yeah, looks its a 5/1 ARM. 6.25? Whoop dee shit, local banks show fixed 6.375 right now.

 

[Capt Caveman]

ING Direct's Mortgage Site

They only offer ARMS and their rates are high, which makes up for the fixed closing costs.

 

[psteng19]

Originally posted by: Capt Caveman
ING Direct's Mortgage Site

They only offer ARMS and their rates are high, which makes up for the fixed closing costs.

Oh ok, they don't have fixed 30 yr. Blah.