Millions of Canadians trust ING Direct to provide them the lowest mortgage rates and excellent customer service. We are the best place to find information on ING mortgage rates, as we provide information on all of ING Direct’s mortgage options. You can get mortgage rates quickly and conveniently when you use our resources, and you will begin the mortgage approval process with ING Direct when you choose a rate on this page. Read on for everything you need to know about ING Direct mortgages, and use the form to get started on a mortgage that will save you a ton of money.
ING Direct Mortgage Options in Canada
Canadians who are looking for a mortgage at the lowest ING mortgage rates have three different mortgage options. Here is a list of these options and their advantages:
• Fixed-Rate Mortgage — ING Direct offers a closed fixed-rate mortgage in terms lasting 1 year as well as 2, 3, 4, 5, 7 and 10 years. Because the mortgage is closed, you cannot pay off your mortgage early without a prepayment penalty unless you take advantage of the 25/25 prepayment options, which are described below. This mortgage is a great option if you value predictability above other considerations, as your interest rate will not change over the life of the loan.
• Variable-Rate Mortgage — A variable-rate mortgage from ING Direct is available only in a 5-year term. You will be charged the ING Direct Prime Rate, which, based on market conditions, may change every 3 months. The rate might increase, but it might also decrease. Either way, your payment amount will be affected. In many cases, the variable-rate mortgage offers a better interest rate than the fixed-rate mortgage. Fortunately, you can switch over to a fixed-rate mortgage at any time for free if the variable rate increases to the point that it exceeds current fixed rates.
• Home Equity Line of Credit — You can also get a line of credit with a low interest rate from ING Direct. ING Direct calculates interest charges based on its prime rate, to which it adds a fraction of a percentage point. ING Direct requires that you have at least 20 percent equity in your home before you can qualify for a Home Equity Line of Credit at current ING mortgage rates.
SPECIAL OPTIONS FOR MORTGAGES
ING Direct offers special features that can be used in conjunction with its mortgage products. The 25/25 mortgage prepayment options are an effective way to pay off your closed mortgage before the original term ends without incurring a penalty. Once a year, you can have your mortgage payment increased by up to 25 percent. Or, you can also make extra payments each year that total no more than 25 percent of your total loan amount.
Other options include the ability to skip a payment once a year, which you will pay later. Mortgages can also be transferred to a new home when you sell, or the person to whom you sell your home can assume your existing mortgage.
What Sets ING Direct Apart from Other Lenders
Many of the aforementioned mortgage options set ING Direct apart from other mortgage lenders and make the institution worth serious consideration when you need money to buy a home. The 25/25 mortgage prepayment options, for example, are not available at many other banks. Several lending institutions do not offer transferable and assumable mortgages like ING Direct does.
ING Direct also sets itself apart in the way that it caters to new residents of the country. New residents can get what is called an unmortgage if they have lived in the country for less than 5 years, have been employed full time for 3 months or more, and can afford a down payment of at least 5 percent.
Finally, ING Direct offers a rate hold that allows applicants to hold a low mortgage rate for up to 120 days. Canadians do not even have to be pre-approved for a loan before they can lock in this rate, which protects them from rate fluctuations during the approval process. It also gives citizens more time to save for their down payment. Since the program protects individuals from drastic rate increases and allows more time to save up a down payment, the savings over the life of the loan can be incredible.
The ING Direct Mortgage Application Process
Getting a loan at reduced ING Canada mortgage rates is not a difficult process. In fact, it can be accomplished in 4 easy steps:
1. Apply for an ING Direct mortgage online. You do not need to have selected the home you want to purchase before you fill out the application, but if you have, make sure that you include information about the property on your application. Just select the mortgage rate on this page to apply for an ING Direct mortgage.
2. Gather the information that ING requests. A mortgage approval letter will be sent to you once the rate is approved. It will indicate the documents that you need to finalize the loan. An authorized ING broker will work with you to make sure that you have everything ready when it is time to close the loan.
3. About 3–5 days before your loan closes, you will meet with your lawyer to sign all the loan documents. Some provinces allow you to meet with a notary instead of meeting with a lawyer.
4. On the closing date, the funds will be disbursed to the lawyer so that you can complete your home purchase.
As long as you have good credit, it should not be difficult to qualify for an ING Direct mortgage.
Interesting Facts About ING Direct
ING Direct has a long and interesting history. Consider a few of the historical highlights of the bank that offers the best ING mortgage rates:
• ING Direct’s history goes all the way back to 1743, when it was founded in the Netherlands as Kooger Doodenbos.
• ING Direct Canada was introduced in 1997 as an expansion of the larger ING Group.
• ING Direct was the first online-only bank in Canada.
• Today, the worldwide ING Group is the 12th largest company in the world when it comes to revenue.
ING Direct Mortgage Rates: Get Started Here
ING Direct may be the best bank for your mortgage needs. Select a mortgage rate on this page to receive a call-back from an authorized ING Direct broker.
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