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ING Direct Orange Mortgage Offering 4.50% ARM

March 12, 2009 | Mortgage Loans | No Comments
ingdirect-mortgage1

If you are in the market for a mortgage to purchase a new home or looking to refinance your existing home, then you should seriously consider ING DIRECT Orange Mortgage.   While other banks offer lower rates they cover these usually with much higher closing costs.  An ING DIRECT mortgage comes with no points and very low closing costs, usually only an appraisal and the title search.

You can get a free locked in rate for 60 days when buying a home or 30 days when refinancing with a 5/1 adjustable-rate mortgage with an interest rate 4.5% and a 7/1 adjustable-rate mortgage with an interest rate 4.75%.

The 5/1 adjustable-rate mortgage after five years adjusts annually to reflect current market rates or you can pay $750 to modify your loan and lock in the going rate for another five years.  So you can get this rate for 10 years.

The 7/1 adjustable-rate mortgage after seven years adjusts annually to reflect current market rates or you can pay $750 to modify your loan and lock in the going rate for another seven years.  So you can get this rate for 14 years.
 
For loans with values of $500,000 the 5/1 adjustable-rate is 4.841% and the 7/1 adjustable-rate is 4.996%.  A down payment of at least 25% to buy a home, or 25% equity to refinance.

For more information visit INGDirect.com.

 

 

 

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