ING Direct Mortgage Foreclosure Help and Loan Modification


ING Direct Mortgage Foreclosure Help and Loan Modification

Here are some of the most important information that you will need regarding ING Direct (the operating name of ING Bank, fsb). Phone numbers, their website can also be found here.

Every five to seven years, the average American is approved of a new type of mortgage. So the question is posed on why should one pay for a higher rate for a 30 year fixed mortgage when you can pay a lower rate with better options and shorter period of time? If you happen to qualify, you can change your rate and terms for another five to seven years at present.

Here is a list of commonly asked questions, and the answers given by ING Direct:

What’s the minimum amount I need for a down payment?

To purchase a primary residence (the one you live in), you’ll need at least a 20% down payment. For a vacation home, you’ll need at least a 25% down payment. Sometimes it’s better to get a second mortgage (a home equity) rather than pay a higher interest rate on your first mortgage balance, but our Mortgage Associates can help you decide which option is best for you. The Orange Home Equity is not available when financing a second home.

What type of property can I finance?

ING DIRECT will help you get a mortgage for owner-occupied properties (your primary residence) and vacation homes. These include single family homes and condominiums/town homes. We cannot consider applications for leaseholds, investment properties (rentals), mobile or manufactured homes, log homes, dwellings with two or more units, condotels, co-ops, timeshares, properties greater than 10 acres, unimproved land, or trust-owned properties not held in a family trust.

After the fixed rate period, how do you determine my Orange Mortgage rate?

We determine your rate by taking the margin and add it to an Index to arrive at the final interest rate for each adjustment period. We use the 1-Year LIBOR as our index. For example, if the 1-Year LIBOR is 3.50% and the margin is 2.50%, the final interest rate would be 6.00%.

How long can I lock my rate?

Once you commit to an Orange Mortgage, our rate guarantee will automatically lock your rate for 60 days if you’re purchasing a home or 30 days if you’re refinancing – for FREE. This rate guarantee means you’ll be protected if rates go up.

How many years do I have to pay off my Orange Mortgage?

Payments on the Orange Mortgage are based on 30 years. So, you have 30 years to pay off your Orange Mortgage.

Are there any limits as to how much my rate can adjust?

Yes. With the Orange Mortgage, the rate can adjust – up or down – a maximum of 2 percentage points annually after the fixed term ends, and 6 percentage points over the life of the loan. The important thing to remember is that your rate can go up, down or stay the same. It can change annually after the fixed-period expires, only if the 1-year LIBOR rate changes.

What does the projected rate and payment mean that’s listed next to the current rates for the Orange Mortgage?

The government requires us to display this information. So what does it mean? The Adjustable Rate Orange Mortgage has a fixed rate and monthly payment for the first five or seven years. After that the rate can adjust up or down annually. As a result, we’re required to display what the rate and payment will be after the fixed rate period ends. Keep in mind, since we don’t know what rates will be in the future, the actual interest rate and payment may be higher or lower.

Your needs may change. Our desire to save you money won’t.

If down the road your mortgage needs change, we want you to know we’ll be here to help.

Contact Information:

Phone: (800) 464-3473
Fax Number: (888) 464-3220 (302) 255-3990
Address: 802 Delaware Ave, Wilmington, DE 19801