ING Direct Foreclosure Process, Loan and Mortgage Modification Programs
Mortgages are very important in the lives of Americans. They rely on this in order to own a home. For every 5 to 7 years, one can be approved of a new type of mortgage. People have always wondered why it is necessary to get a fixed mortgage with a higher rate that can be paid in 30 years. There are also available mortgages with a lower rate that can be paid in a short period of time. Since it is possible to change the rate and terms of mortgages within 5 to 7 years, people choose the one with the longer term.
ING Direct Foreclosure Assistance and Mortgage Modifications
How much do I have to pay to make a down payment?
Every property has a different down payment requirement. Primary residence needs at least 20% down payment. A vacation home requires 25% down payment. It is recommended to get a second mortgage instead of opting to pay a higher interest rate for the first mortgage. ING Direct representative will be able to assist you when choosing the best option. The Orange Home Equity may not be recommended for those with a second home.
Are there any specific types of properties that can be financed?
Properties that can be applied for a mortgage include the primary house and vacation houses. ING Direct will be able to assist in the mortgage of these properties. Properties that are not included in loan modification are the investment properties, application for leaseholds, log home, manufactured homes, condotels, co-ops, dwelling with 2 or more units, properties bigger than 10 acres, trust-owned properties not part of a family trust.
How can the Orange Mortgage rate be determined after the fixed rate period?
The rate of the loan modification is determined by getting the margin and adding it to the Index to get the interest rate of the adjustment period. The basis that ING Direst uses is the 1-year LIBOR index.
For how long can the rate be locked?
There is a lock-in period for the Orange Mortgage for 60 days for buying a home. On the other hand, you have a 30 days lock-in period if you are refinancing. They ensure that you are protected from increasing rates.
How long do I have to pay my Orange Mortgage?
You can pay your mortgage for 30 years.
How much is the limit that the rate be adjusted?
Orange Mortgage rates can be adjusted up to a certain limit. The limit is 2 percentage points per year once the fixed term ends. In addition to this, there is also 6 percentage points that can be adjusted over the whole loan period. Rates may change or not within a year’s time. This is only based on the 1-year LIBOR rate if it changes.
What are the projected rate and payment mean that can be seen listed after the current rates for the Orange Mortgage?
There is an Adjustable Rate that has a fixed rate with a monthly payment for 5 to 7 years. Since you can apply for a loan modification after this time frame, it can go up or down per year. This is why the government has required to put the rate next to the fixed rate.
What if our needs change eventually?
ING Direct is open to loan modification packages as the need arises. They will always be willing to assist their clients get loan modification programs to ease their financial worries.
Phone: (800) 464-3473
Fax Number: (888) 464-3220 (302) 255-3990
Address: 802 Delaware Ave, Wilmington, DE 19801