Easy Orange (ING) mortgage

[PJJ]

Hi Mamas,
Anyone used this particular product?

Thinking of a refi--the rate is 4.25 for 5 years with a 30 year amortization.

Anyone done this, or have suggestions?

TIA

[Cheshire]

So it adjusts in 5 years?

Right now you could probably find a 30 year fixed rate between 5% and 6% if you have great credit and money to put down.

[llamalluv]

Originally Posted by Cheshire

So it adjusts in 5 years?

Right now you could probably find a 30 year fixed rate between 5% and 6% if you have great credit and money to put down.

Try 4.75 to 5.25. Rates are LOW and odds are on ARMs adjusting UP in the next 5 years.

[Delicateflower]

Interest rates are most likely at or near the lowest they'll be in a very long time. This is the time you absolutely MUST get a fixed rate.

[PJJ]

yes

Originally Posted by Cheshire

So it adjusts in 5 years?

Right now you could probably find a 30 year fixed rate between 5% and 6% if you have great credit and money to put down.

Yes, one would have to re-fi in 5.

I was thinking of doing it only for the term and paying off.

We owe 11.5 years on a 6% fixed currrently and I pay extra all the time.

[Delicateflower]

But in 5 years when you refi all the rates will be high. This is the time when you want to lock in the low rate.

[PJJ]

ING now at 3.875

How about now mamas?

Any ideas?

I have 8.5 years now to pay off and think I can pay off the whole thing in five before the re-fi happens.

TIA for your ideas.

[TiredX2]

Well, have you run the numbers?

You think you can pay it off in 5 years? Is that paying at your current rate or at a higher rate? If you paid off your current mortgage but at the higher rate how long would it take you? How are you figuring closing costs into this?

I was considering basically the same thing at one point, but with $5K+ of closing costs it just didn't make financial sense for us.

[Logan's Mom]

I think you would have to run the numbers and look at the cost associated with refi. I'm pretty sure they have a calculator on bankrate.com that would be helpful.

[sunflower.mama]

The only thing I can add is look for a no closing costs loan. We just did a 30 year, 4.875 with no points and zero closing costs. No downside.