A few months back, ING sent me a direct mail piece advertising their Easy Orange Mortgage.
ING’s Easy Mortgage is an Adjustable Rate Mortgage, or ARM, though they go to great lengths to never use the term “ARM” in their promotional pieces.
Looks like they’re at it again.
I received yet another advert pushing their 5/1 ARM.
Again, I [...]
When financing a home, there are two major types of mortgage financing, a fixed rate mortgage and an adjustable rate mortgage (ARM). A fixed rate mortgage is a loan in which the interest rate does not change during the term. Conversely, with an adjustable rate mortgage, the interest rate is periodically adjusted during [...]
I got a postcard from ING today. They are inviting me to convert my mortgage to an “Easy Orange” mortgage at the unbelievably low rate of 3.875%. As with most things that sound too good to be true, this deal almost certainly is. And a quick inspection of their website seems to indicate [...]
Q: What does it mean to be “upside down” on a loan? I keep hearing this term on talk radio shows. (Like Dave Ramsey.)
A: Usually used in the context of car loans, the term “upside down” means that the car is worth far less than the amount of money owed on the [...]
