RateAPY

Orange Mortgage Adjustable Rate Loans from ING Direct at 3.779% APR

Posted by: RateAPY Bank Rates News
June 10th, 2010

Refinancing? Adjustable Rate Mortgages May Be for You

Homebuyers and homeowners interested in refinancing may want to consider the benefits of an adjustable rate mortgage (ARM). ARMs can have fixed interest rates for as long as five or seven years without any adjustments, often with significantly lower rates and savings for the borrowers. For consumers who know they will move within the fixed-rate period, an ARM can be the best way to take advantage of today’s low interest rates.

ING Direct’s Orange Mortgage requires a 20% down payment or larger. No application fees or points are charged. The interest rate can adjust up or down by a maximum of 2% per year after the fixed-rate period or a maximum of 6% over the life of the loan.

ING Direct Orange Mortgage Rates and Terms as of 6/10/10

Term/Rate/APR/Payment Period

5/1 ARM/3.750%/3.779% APR/Years 1-5

7/1 ARM/4.000%/3.899% APR/Years 1-7

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