Comments on: Disturbing Mortgage Ad from ING Direct

By: john

john — Wed, 03 Mar 2010 23:16:35 +0000

I used to love ING too. now im almost convinved that they dont know which direction to go in. Within a few years they wil be taken over by someone else as well.

Anyway, they qualified me several months in a row (rates were going down so i wanted the best one) So now i want to renew and suddenly i dont qualify anymore?? Hmmmm. why? they wouldnt tell me. They didnt even call back to tell me. i called and found out that it was denied internally within a couple days. Where’s the customer service??? Where’s the courtesy? where’s the deal about them wanting work and abide by federal law in modifying rates? I have nothing else on my credit that wasnt there a couple months ago but i want to take advantage of the rate renew feature as a customer… They said no very harshly and said they would reconsider if i gave them a substantial amount of upfront cash to refinance… Ridiculous and absurd. I’m parting ways with them. Every account will be moved elsewhere. Sorry ING, if you would not have been a DICK about it, no one would be saying anything negative. but true.

By: frustrated customer

frustrated customer — Sat, 06 Feb 2010 00:57:16 +0000

I have been beyond frustrated with my INGDirect mortgage. (Note: I LOVE LOVE LOVE their savings accounts!!)

However, ING’s home retention department honestly wins the “worst customer service EVER in the history of the universe” award.

And sharing in the frustration: http://twitter.com/INGDirectSucks

By: J

Wed, 13 Jan 2010 22:25:09 +0000

Ing is great for those who have a lesser mortgage than there old $750 fee. Mine is currently at 4.95 and I can refi it for $660 to a FREE locked in rate of 3.875 for 5 more years or 4.125 for 7 years. I have to decide to accept the locked in rate by the 25th of the month. You can play the rate game and lock in every month if you like to secure your best chance of finding the bottom on rates. Plus they are very competitive with the ARM rates and if you keep working on extra principle payments during the length of your ARM, you will come out ahead as long as rates do not spike anytime soon.

By: M

Thu, 31 Dec 2009 04:53:52 +0000

Beware ING’s rate renewal. I signed up with ING just because of this feature 3 years ago. I took advantage of this last year and saved money.

When I called to sign up again 2 days ago I was told that I do not qualify for rate renewal at this time. Because of the crashed Arizona housing values I now owe more than my house is worth. They run stats and if you are in this situation, you are not eligibile for the rate renewal.

Housing values better turn around within 4 years or I am screwed

By: John G

John G — Mon, 14 Dec 2009 18:26:19 +0000

Currently they have a $2500 cap on the amount this rate renewal costs, so it won’t get to the $3300+ price you’re referring to.

When you can decrease your rate to something available right about now, you are very likely to save a lot every month – unless you have recently refinanced.

I’m considering this rate renewal, but I need to read more about it. I assume right now that the terms are the same, except for a 3% penalty for paying off the mortgage within 1 year.

If I do go for it, I’ll make sure to update this comment.

By: Susan

Susan — Mon, 23 Nov 2009 22:32:20 +0000

We were offered the rate renewal option for one month’s mortgage payment for us is $599 and got a 7/1 arm for 4.125 and our previous rate was 5.375 since we were unable to refi after a year at this rate since LTV was now 97%. Our new payment is $520 per month now. Very happy we were able to get this new rate. I have been with ing for past 5yrs with mortgage and online savings account.

By: Gerald

Gerald — Tue, 10 Nov 2009 20:04:23 +0000

Hi,

I refinanced recently with ING in part due to their flat-fee rate renewal offer of $750. They have now changed this and it would cost me quite a bit more to renew.

It seems that this is dishonest at best and illegal at worst. I used to like ING but now I would recommend against it to anyone.

By: Bob

Bob — Tue, 29 Sep 2009 02:35:39 +0000

I’d be HAPPY if they did the rate renewal for 1 months mortgage. $441 is a lot cheaper than $750!!!

By: Albert James

Albert James — Tue, 29 Sep 2009 00:49:51 +0000

I started doing business with ING Direct shortly after they opened doors. I had a direct, online-only, no frills savings account. I loved the interest rate, over 7%.

ING later came out with a mortgage product. We signed up.

Long story short, 5 years later, we try to take advantage of their simple “$750″ rate renewal, and we are told the cost to renew the rate increased to one months mortgage! For us, that’s about a 4.5x factor.

I used to love ING and their products, considered them innovative, even cutting edge. Unfortunately, my ultimate opinion about them is that they are simply luring in customers with high savings rates, low mortgage rates, the promise of easy/cheap rate renewals, then bait and switch.

A few years ago I would have violently disagreed with your article, but I believe you have been proven right.

Albert

By: chessgames56

chessgames56 — Sat, 07 Mar 2009 15:53:13 +0000

Hi all. Be careful of the sharky waters out there, and don’t be fooled by a teaser rate. Also, remember that since the prime lending rate is at almost 0% (.25%), any ARM is likely to increase, so it’s probably better to get a fixed rate mortgage now. Also, be aware that once you’re pre-approved, ING will charge you $350.00 if you back out later. This means that you may be locked into the loan before you get your loan package and understand all the details. My advice is to never initiate any contract under these conditions. Refinancing can be a complicated and stressful process, so it is best to educate yourself before hand, and do not give your credit card number away to acquire a loan or lock in a special rate.