I'm looking to refinance my mortgage with ING Direct? Any feedback?

I am also a Mortgage advisor for a correspondent lender located out of New Jersey, We service and provide loans in over 40 of the United States.

Many of these companies you see advertised on TV (Ditech, ING, E-Loan etc) are able to give you the advertised rates, they wouldn't be able to offer them if they didn't exist, the problem is getting you QUALIFIED for these rates, many programs are very specific regarding the amount of the loan compared to the value of the property (LTV), the amount of your payment compared to your total monthly income (DTI), does the loan have a prepayment penalty, your credit history and your credit score. The higher the LTV and DTI, the more risk for the lender, therefore you ger a higher interest rate, same holds for poor payment history and a low FICO score.

Sometimes the advertised rates are based on extremely risky loan programs (Option ARM's, Neg-Amortization etc) that an average person has no business getting into. You could send in payments for 30 years and still owe the same amount you started with!!

As for the costs, the next time you see one of their commercials, pause it on the disclaimer screen (if you have a DVR or TiVo) and read it. The $695.00 that they charge is for their application fee, all other fees associated with the loan are still owed, but since they are not "their" fees, they can get away with marketing like that. (this doesn't mean they are not getting paid) Most companies who do business like this will charge you a higher rate than what you could get elsewhere, when a company writes a loan for a rate over par they get paid a premium for the higher rate from whomever buys the loan from them.

Now on to the points, a "point" equals 1% of the total loan amount (eg. $100,000, 1 point = $1,000.00). Points can also be known as Loan Origination Fees or Loan Discount Fees. Points paid on a Mortgage are tax deductible and in most scenarios make sense for the borrower to include in the loan in return for the lowest rate possible. Again, this is scenario specific and your situation might dictate that something else makes sense for you.

Most of the companies outlined above are big shops, with a large sales force, they are extremely happy to hire kids fresh out of college to recommend mortgages to you. They still live at home, have no mortgage of their own to pay and hardly any responsibilities, They are told what the hot product of the month is and that is what they pitch you as the "Best" option. These companies bank on name recognition as opposed to real mortgage experience.

If you would like to expand your options and speak to someone who can truly outline a plan for you, give me a call. Information is free in this world and I am willing to share my expertise.

Sean M. Levis

Real Estate Mortgage Network

240 Cedar Knolls Road, Suite 303

Cedar Knolls, NJ 07927

(877) 401-9800 x3620

Slevis@remn.com

False advertisement...

Im a mortgage broker here in downtown chicago...

Ive had SO many clients that ive closed loans with that had talked with ING, went through the process, and sure enough at closing, the truth comes out...

ING hopes that you will not notice or you at that point will just sign because you have alreay went that far into the process...(sent documents, paid appraisal, signed forms & disclosures, etc.)

Any company that claims they only make $695 from a mortgage loan, and doesnt charge any points is lying to you...

In a mortgage, whether it be a purchase, or a refiance, there are third party costs that CANNOT be waived...

YOU HAVE TO PAY A TITLE COMPANY TO DO A TITLE SEARCH, TITLE INSURANCE, AND TO HAVE A CLOSING... a mortgage company cannot do a loan without paying a title company...

You also have to pay for a crdit report, and an appriasal... You have to pay for the processing, and you have to pay for underwriting...

Now besides those fee's, nmortgage companies can make money on your interest rate (by giving you a rate higher then what you qualify for) and also off an origination or broker fee...

These are fee;s that can be waived..

For instance, my company has $0 origination fee, and $0 broker fee's... We get paid by putting another loan into our investors portfolio...

Now ING is a broikerage that sells your loans the day after they close it for you...SO, THEY ONLY WAY FOR THEM TO MAKE $$$ FROM DOING A LOAN FO RYOU IS TO UPSELL YOUR RATE, AND CHARGE EXTRA FEE'S....

They are NOT partnered with any investors, therefore they do not get paid like a correspondent lender like myself does... They cannot close a loan with $0 fee's, becaue they would BE OUT OF BUSINESS!!!!!!!!

Its all a catch to get you to do business with them... Its no different then the commercials you see saying interst as low as 5%...The only person getting a 5% in this world would be Bill Gates, or Donald Trump (or people along those lines)

The rest of the regular world will NOT qualify for that, but these companies that advertise those rates will get thousands of calls from people who saw those commercials.....

If you truly want a mortgage loan with ACTUAL LOW COSTS, you need to talk with a correspoindent lender...There are only two in the entire state of illinois... Providential Bancorp is the leading correspondent lender (which i work for, and have for 8 years)

Dont just take my word, let the numbers speak for themselves...\

Give me a call, ill take a brief look at your information, and i will give you an analisys...

I guarantee to give you a better loan then ING is offering, and will make SURE that you get what you agree upon from day one...

Good Luck either route, i look forward to speaking with you!!

Jason Fry

Licensed Mortgage Banker

Providential Bancorp

jasonf@providential.com

312-264-6448

ING is a company that has made its brand around simply marketing adjustable rate mortgages. There has been much, much press around the dangers of ARMs, you may want to consider a fixed rate at a reputable lender. I don't believe ING offers fixed rates.

You may want to consider calling

http://www.countrywide.com/ - Countrywide - Largest Lender

http://www.ahmadvantage.com/home - American Home Mortgage - Top 10 lender, very aggressive

http://www.indymachomeloans.com/ - Top 10 lender