July 13, 2011
Here are some features of the ING Direct "unmortgage" mortgage.
1.Mortgage percentage rate is non-negotiable, so posted rate is as stated (ie: everyone gets the same rate).
2.Lump sum payments of up to 25% of your original mortgage can be paid down at any time.
3.Regular payment amount can be increased by up to 25% of the original amount every year.
4.120-day mortgage rate hold. What this means is you can ask for a mortgage "rate hold" with ING Direct before taking a mortgage with them…and it will be valid for 120 days.
For example, if I have a 5-year fixed rate mortgage hold with ING today, the rate will be 3.89%. However, once I decide to lock in with ING and take a mortgage with them sometime during the 4-month hold period, I will receive their best posted 5-year fixed rate mortgage that occured during this timeframe. For example, if during this timeframe the rate dropped to 3.49%, I will receive this better rate. Similarly, if the rate has increased to 4.25%, the rate of 3.89% will still be honoured. YOU MUST ASK FOR A MORTGAGE RATE HOLD in order to take advantage of this feature. If you are in the process of looking for a home, do ask for a mortgage rate hold if you are considering ING. It is free and you are not forced to take a mortgage with ING should you decide in favour of another lending institution.
5.Fixed or variable mortgages available.
6. 1-10 year terms...up to 35-year amortization (30 years high ratio mortgage).
7.Multiple mortgage repayment options (weekly, bi-weekly, monthly, semi-monthly, accelerated weekly or accelerated bi-weekly).
8.Skip a payment - you are allowed to skip a mortgage payment once per year, should you so choose.
9.Portable and assumable - take the mortgage with you when you move, or allow your home buyer to take over the mortgage without penalty.
10.Mortgage Life Insurance available.
ING Direct Mortgage Rates (as of August 3rd, 2011)
5 Year Variable: 2.25%
1 Year Fixed: 3.19%
2 Year Fixed: 3.59%
3 Year Fixed: 3.69%
4 Year Fixed: 3.69%
5 Year Fixed: 3.89%
7 Year Fixed: 4.79%
10 Year Fixed: 4.99%
ING Direct Historical Mortgage Rates:
Here is a comprehensive list of all ING Direct Mortgage rates from June 17th, 2009 until the present: http://www.ingdirect.ca/en/acc.....mtgfxd.jsp It is useful to be able to compare past rates with current ones.