ING Direct Refinance

L

luckything

Hi,

I'm planning to refinance my mortgage with ING Direct, but I need someone/mortgage broker who has a good relationship (or maybe connection) with ING.

Could someone help me with this?
Thanks in advance.
 
ING do 99% of their business via mortgage brokers. Almost all mortgage brokers can write ING loans. It's actually more telling if a broker can't write an ING loan.

Is there a specific reason why you're picking ING? (I don't have any objection to them, just curious).
 
Any broker worth his peanuts will have access to ING. A 'good' relationship won't get you much more out of the deal, so make sure they are a great overall broker. :)
 
Is it for a lower rate?

If so - ask your current lender to match before jumping ship.

ING can be a bit painful at times for investors - particularly with cashouts.

Cheers

Jamie
 
Peter_Tersteeg said:
ING do 99% of their business via mortgage brokers. Almost all mortgage brokers can write ING loans. It's actually more telling if a broker can't write an ING loan.

Is there a specific reason why you're picking ING? (I don't have any objection to them, just curious).
Click to expand...

Because I have fixed-rate loan with them. Honestly, I'm happy with them and would like to stay. All I want is to increase the loans / refinance. I'm kinda hoping "a good relationship broker with ING" will help me with this.

Hope this makes sense.
 
luckything said:
Because I have fixed-rate loan with them. Honestly, I'm happy with them and would like to stay.
Click to expand...

Even if a broker said 'I can get you a loan with a lower rate and more flexibility down the line when you want to refinance'?

What does being 'happy' with ING mean? And what do you get by staying?
 
you can do the top up direct. ING make no allowance for relationships when approving loans, so dont pick a broker on that criteria. But do pick a broker who might be able to have a good long creative look and see what you might have missed.
 
luckything said:
Because I have fixed-rate loan with them. Honestly, I'm happy with them and would like to stay. All I want is to increase the loans / refinance. I'm kinda hoping "a good relationship broker with ING" will help me with this.

Hope this makes sense.
Click to expand...

It does make sense.

Ignoring the relationship bit with ING (it really doesn't come into it much to be honest), they certainly do have very competitive fixed rates and they have been so for quite some time.

There are one or two lenders with lower fixed rates under the right circumstances (especially if you're interested in a split loan), but when someone simply wants low fixed rates, ING is usually one I'd shortlist.

If you've got an existing fixed rate loan over the property with a given lender, it would likely be very costly to move the property elsewhere.
 
alexlee said:
Even if a broker said 'I can get you a loan with a lower rate and more flexibility down the line when you want to refinance'?

What does being 'happy' with ING mean? And what do you get by staying?
Click to expand...

It's all depends on the cost, especially the break-cost of the fixed-rate. If the cost of staying is more than changing, then I will move on the new bank.

CJay said:
Oh the subconscious misogyny! :p

What's the purpose of the topup of funds? Depending on the cashout purpose, ING can make the process feel similar to walking over hot coals.
Click to expand...

The purpose is to buy another IP (without telling them). :D
So, does it mean that it's tough to get a top-up with ING?

tobe said:
you can do the top up direct. ING make no allowance for relationships when approving loans, so dont pick a broker on that criteria. But do pick a broker who might be able to have a good long creative look and see what you might have missed.
Click to expand...

Ok, so what you are saying is "good relationship broker with ING" means nothing, when we want a top-up?

What about upfront valuation for the top-up?

Thanks All.
 
Peter_Tersteeg said:
It does make sense.

Ignoring the relationship bit with ING (it really doesn't come into it much to be honest), they certainly do have very competitive fixed rates and they have been so for quite some time.

There are one or two lenders with lower fixed rates under the right circumstances (especially if you're interested in a split loan), but when someone simply wants low fixed rates, ING is usually one I'd shortlist.

If you've got an existing fixed rate loan over the property with a given lender, it would likely be very costly to move the property elsewhere.
Click to expand...

Thanks Peter.
So, what is you suggest me to do?
 
luckything said:
Thanks Peter.
So, what is you suggest me to do?
Click to expand...

Contact myself or one of the other brokers. We all post a fair bit so you should be able to find someone you're comfortable with.


Odds are the cost of breaking an existing fixed rate would exceed any benefit, the most likely outcome is that it's best to stay with ING. You'd need to contact ING and ask for a payout figure. In my experience if the fixed rate you're paying is higher than the current variable rate, it's probably going to cost more to break the fixed rate than what it might potentially save.

You can do an increase with ING. They're not the ideal lender for cash out increases but it certainly is possible. The best way to go about this would be dependent on a deeper understanding of your existing financial situation and what your future plans are.
 
luckything said:
Ok, so what you are saying is "good relationship broker with ING" means nothing, when we want a top-up?

What about upfront valuation for the top-up?

Thanks All.
Click to expand...

Define good relationship. 1 average sized loan paid on time does not equal good to them it equals contractual obligation. Large borrowings paid on time maybe I suppose but not sure it has much to do with their approval criteria at the end of the day.

Some brokers can order upfront vals with ING, I used to have this option but I got bumped to general broker status as I don't do much with them presently. Not sure about the others here.
 
I'm not sure getting upfronts is that difficult with ING or whether you need a particularly strong relationship...from my experience, you just have to ask. Nicely of course. :)
 
As Marty said - decent ING volume writers will have automatic access to upfronts.

If they don't - they can try asking their BDM too.

Cheers

Jamie
 
Jamie M said:
As Marty said - decent ING volume writers will have automatic access to upfronts.

If they don't - they can try asking their BDM too.

Cheers

Jamie
Click to expand...

What is the upfront valuation & the purpose of it?
Can we ask about the upfront valuation ourself (without broker)? Any fees associated?

Sorry to ask basic questions. I just want to know.
Thanks.
 
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