ING Direct Mortgage Rates

ING Direct mortgage rates overview

ING Direct takes a simplistic approach to mortgage products, offering only two types of closed mortgage rates: fixed or variable. Fixed rates are available for 1 to 5, 7, and 10-year terms and the variable rate only applies to a 5-year term. Fixed rates are guaranteed for 120 days, and if rates fall during the rate guarantee period, you are given the lower rate.

ING Direct also enforces a straightforward '25/25' prepayment program, whereupon each year you have the freedom to increase your regular payments by up to 25% of your original payment amount and throughout the year you can make lump sum payments totalling up to 25% of your original mortgage amount.

You can amortize your mortgage up to 35 years to help make your regular payments more manageable, and ING's conventional mortgage allows you to skip a payment once a year and pay it back when it is convenient for you. The interest portion of the bypassed payment is simply added to the principal amount and accumulates interest.

Should you decide to move, you can rest easy that your ING Direct mortgage is both portable and assumable. If you decide to sell your home, you can either take your mortgage with you (portable) or give your buyer the opportunity to take it over (assumable), penalty free.

Although easy to understand, it is important to compare ING Direct's mortgage rates against the more complex options offered by other lenders and brokers, to ensure you obtain the best mortgage interest rate.

Accessing ING Direct mortgage rates

Unlike traditional lending institutions, ING Direct does not have standalone branches, so you must either fill out a mortgage application online or speak with an ING Direct mortgage agent over the phone at 1-866-700-4604. To get started, connect with an authorized ING Direct mortgage broker.

ING Direct mortgage pre-approval

Once you have applied for pre-approval, you can track the status of your ING Direct mortgage application online from start to finish, all from the comfort of your home.

ING Direct mortgage application checklist

To help save you time, here is a handy checklist to provide a detailed overview of the information you will need to collect before you begin your mortgage application and obtain your ING Direct mortgage rate:

• Personal information
• Employment information
• Information about your assets (account balances, investment values, vehicle ownership, etc.)
• Information about your liabilities (such as credit cards, lines of credit, loans and leases, alimony or child support, etc.)
• Income information
• Mortgage details (term, payment frequency, amortization period, down payment, amount desired, etc.)
• Property information

More on ING Direct Canada

ING Direct is not a traditional bank. It has no branches, and because business is conducted only over the internet or by phone, ING Direct is generally able to pass those savings on to you, in the form of higher interest on deposits, with no fees or service charges on them, plus lower interest on loans. Opened in 1997, ING Direct Canada became the first profitable ING Direct in 2001, and as of 2009, ING Direct Canada had over 1.6 million clients, employing over 900 people with over $27 billion in assets.