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| ING Direct Mortgage Star Ratings |
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When we first arrived at the ING Direct Easy Orange website, we were
impressed by it’s simplistically. We liked how ING Direct's website gets
right to the nuts and bolts of the Easy Orange product without
overwhelming the potential customer with what seems like endless amounts
of information that some other mortgage loan websites do. When
navigating through each section of the Easy Orange mortgage product, we
were always presented with a simplistic explanation of each aspect of
the product. Our team really liked that along with the key concept of
their Easy Orange product, they explained why it is a benefit to you,
the consumer. For example, they state that the benefit of bi-weekly
electronic mortgage payments means that your loan will be paid off
sooner.
Applying for an Easy Orange loan is quite simple. You first go through a
simple pre-qualification screen. If you meet their pre-qualification
criteria, you are moved to the meat of the application. This part of
the application process takes about 10 minutes. In many cases, you will
receive an approval decision within minutes of submitting your complete
application.
The Star Reviews team applauds ING DIRECT for being "direct" with their
fee information and Easy Orange product details. We were very impressed
with the detailed breakdown of the estimated closing costs by zip code.
In the mortgage loan websites reviewed by our team, it is a rare to see
the closing costs displayed, let alone in such detail.
Key ING Direct Mortgage Features- Low interest rate fixed for 5 years
- No points
- Low closing costs
- Bi-weekly electronic payments
- Solutions calculator (provides estimate closing costs breakdown)
Favorite ING Direct Feature
The low 5 year interest rate of 3.75% (3.777% APR) cannot be beat (May 2010). With the low rate and bi-monthly payment feature, at the end of the 5 years, the consumer will have a much lower principal balance than a mortgage loan with a higher interest rate and traditional payment methods.
All ING Direct Features- Low interest rate fixed for 5 years
- No points
- Bi-weekly electronic payments
- Balance due in 5 years
- Rate renewal option after 5 years
- Free rate lock in on 60 day purchase upon application acceptance
- Online, mail or phone closing
- Solutions calculator (provides estimate closing costs breakdown)
- Easy Orange FAQ section
ING Direct Pricing
There are no application fees for applying for an Easy Orange mortgage loan with ING Direct. There are also no points associated with this loan. Origination fees vary by state and daily interest rates, but $1,875 is the average origination fee on a $250,000 mortgage loan.
ING Direct Customer Service
Customer service can be contacted through phone at 1-800-464-3473 (new customers) or 1-888-464-0727 (existing customers) or 1-866-327-4599. Star Reviews was impressed by the extensive call center hours from 8am to 8pm, 7 days a week. An additional automated interactive phone number (1-888-464-7868) was provided to assist customers during non-call center hours. General questions can be sent to sales@ingdirect.com. ING Direct also provides their address ING DIRECT P.O. Box 60 St. Cloud, MN 56302-0060 and fax number (1-888-464-3220 or 1-302-255-3990) on their website.
When we called the ING Direct phone number on a Tuesday late afternoon, we found that we were on hold for about 4 minutes. However, once our hold time was over, we were transferred to a knowledgeable and friendly agent who was able to answer our questions concerning the Easy Orange mortgage product.
Upside
- Low closing costs
- No points
- Low 5 year fixed rate
- Great for savings minded people
- Detailed closing cost information provided
Downside
- Cannot borrow more than 75% of the home value (translation you need 25% down or 25% equity in your home)
- $750,000 maximum loan amount
- Must have a great credit score
- 1% of current balance prepayment penalty
- Only primary residences apply
- Rate renews after a 5 year period
- Cost to renew after 5 years is 2 bi-weekly payments
- Property and school taxes are not escrowed
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