lelliot3
12-03-2004, 11:36 PM
I have no connections to INGDirect. I'm just a satisfied customer and I want to let others know about them.
INGDirect is a "virtual" bank that only exists on the web. Ever seen the big orange ball advertising the bank? I have been using them for about 9 months for savings because they pay 2.25% on any balance. While checking my account, I noticed they were advertising first and second mortgages. NO (that would be $0) lender costs, excellent rates, and excellent service. Right now they are running a special $500 rebate on first mortgages. They also do not sell their loans and they do not escrow taxes and insurance. Variable rates only but my last three loans have had lives of 2 yrs, 1 yr, and 9 mos.
I decided to apply and was approved in about 2 hours. I had to fax the purchase agreement and a paystub and sign and fax three or four other pieces of paper. We closed today which was 30 days from my approval date. The lawyer that closed the deal and did the title work gave them kudos. She said non-local lender deals (I now live in a small town) are usually a chore because the lenders send tons of "unnecessary" paperwork that is not organized. She said the INGDirect paperwork (which was emailed to her) was concise, accurate and organised. She also commented on the absence of lender fees (plus a $500 rebate). She had never seen anything like it.
I had also signed up for a HELOC at the same time as the first mortgage. INGDirect offers 90/10 deals with NO PMI. I was going to put 20% down but as it turned out, I could not get the right funds in the right place at the right time so I ended up taking a draw on the HELOC. I will pay that off next week, but it sure was handy to have the flexibility.
With the rebate, we ended up with about $2,000 in costs (appraisal, title insurance, title search, endorsements, survey, recording fees, closing fee...) on a $240,000 loan. Very efficient and fair as far as I am concerned.
When you call the mortgage department, anyone/everyone can answer your questions about status, etc. because every document is scanned in as it is received and they must take excellent notes on every call. And the customer service reps definitely have brains in their heads.
Sorry for the long message but it's so weird to be satisfied after closing a loan! :thumbsup:
INGDirect is a "virtual" bank that only exists on the web. Ever seen the big orange ball advertising the bank? I have been using them for about 9 months for savings because they pay 2.25% on any balance. While checking my account, I noticed they were advertising first and second mortgages. NO (that would be $0) lender costs, excellent rates, and excellent service. Right now they are running a special $500 rebate on first mortgages. They also do not sell their loans and they do not escrow taxes and insurance. Variable rates only but my last three loans have had lives of 2 yrs, 1 yr, and 9 mos.
I decided to apply and was approved in about 2 hours. I had to fax the purchase agreement and a paystub and sign and fax three or four other pieces of paper. We closed today which was 30 days from my approval date. The lawyer that closed the deal and did the title work gave them kudos. She said non-local lender deals (I now live in a small town) are usually a chore because the lenders send tons of "unnecessary" paperwork that is not organized. She said the INGDirect paperwork (which was emailed to her) was concise, accurate and organised. She also commented on the absence of lender fees (plus a $500 rebate). She had never seen anything like it.
I had also signed up for a HELOC at the same time as the first mortgage. INGDirect offers 90/10 deals with NO PMI. I was going to put 20% down but as it turned out, I could not get the right funds in the right place at the right time so I ended up taking a draw on the HELOC. I will pay that off next week, but it sure was handy to have the flexibility.
With the rebate, we ended up with about $2,000 in costs (appraisal, title insurance, title search, endorsements, survey, recording fees, closing fee...) on a $240,000 loan. Very efficient and fair as far as I am concerned.
When you call the mortgage department, anyone/everyone can answer your questions about status, etc. because every document is scanned in as it is received and they must take excellent notes on every call. And the customer service reps definitely have brains in their heads.
Sorry for the long message but it's so weird to be satisfied after closing a loan! :thumbsup: