ING DIRECT offers a 5 year closed Variable Rate Mortgage, with an interest rate that is 0.90% below the ING prime rate. At any time, you can convert the variable term into a fixed rate term of 3 years or more without charge. The 25/25 Prepayment Options are available on the Variable Rate Mortgage.

The mortgage payments can be made from any designated bank account. You can either make payments from an ING DIRECT Investment Savings Account or your external bank account, the choice is yours.

ING DIRECT, the minimum mortgage amount and maximum amortization period offered is $50,000 and 40 years respectively.

The minimum time it takes for us to fund a mortgage is 10 to 15 business days; however, if there are special circumstances you can give us a call at 1-866-700-4604 and we'll discuss your options.

Mortgage payments alter in conjunction with the base rate set by the Bank of England. The actual variable rates of interest change from lender to lender, as they set their own standard rates.

RSP (Retirement Savings Plan) is a federally registered tax-deferral plan designed to encourage Canadians to save for their retirement. Funds and interest earned on investments are tax-sheltered as long as the earnings stay in the plan. ING DIRECT provides RSP Investment Savings Accounts and RSP GICs across Canada, and RSP Mutual Funds in most provinces. Mutual funds are offered by ING DIRECT Funds Limited, a wholly-owned subsidiary of ING Bank of Canada.

When adding money to your mortgage, you can access up to 95% of the value of the property. For example, if the property is worth $100,000 you might be able to borrow up to $95,000. For debt consolidation, home renovations etc., you also have the option to increase the amortization period up to a maximum of 40 years to keep your regular mortgage payments low.

The first step in getting a mortgage with ING DIRECT is to complete an application over the phone or online. The application is normally decisioned within 1 to 2 business days. Once the application is approved, a dedicated mortgage specialist is assigned to help you every step of the way and collect the necessary information. Afterwards, you will meet with your lawyer to sign the mortgage documentation and finalize the mortgage.

You do not have to worry about informing your existing lender. Once you have authorized us, we will request a payout statement and payout the mortgage with your existing lender. There should not be any penalty involved with your existing lender if your mortgage is coming up for renewal. However, there may be a penalty if you are breaking a term with your existing lender. ING DIRECT will not cover the penalty, discharge fees etc.

with all other products from ING DIRECT, there are no fees or service charges to apply for a mortgage with ING DIRECT. Like all mortgages, there are other expenses associated with purchasing a new home or adding to an existing mortgage. To help, we have developed a handy closing cost checklist which will help you estimate the total cost of buying a home. ING DIRECT gets the property appraised through independent and accredited appraisers on its approved list.

Fixed rate mortgage payments remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change. Most Irish lenders offer fixed rates over 1, 2, 3, 5, 10, and up to 20 years. The advantage of this type of mortgage is that it allows the lender to budget much easier. It is popular for first time homebuyers and those who are worried about the risk element of rising repayments, as it offers some protection from the threat of rising interest rates.

With mortgages you pay a price for certainty. You generally pay more for a fixed rate mortgage because the lender is taking the risk as to what the rates will do by fixing the rate for you. You generally pay less for a variable rate mortgage because it is you that is taking the risk of uncertainty as to how interest rates will move - up or down. When you take out a fixed rate mortgage, your interest rate will never change throughout the term.

Variable or floating rate mortgages provide that the interest rate chargeable will change on a periodic basis during the term of the loan according to a pre-determined formula. This formula is typically based on the prime-lending rate set by the Bank of Canada, approximately every six weeks. For example, your variable rate mortgage may fluctuate at a rate of prime less 0.50% over the term or the mortgage.

For self-employed people, ING DIRECT offers a special product. To qualify for this product at least one applicant must be self-employed or have 100% commission based income. Under this product, applicant(s) are not required to confirm net or gross income but must confirm their status as self-employed and that they have no income tax arrears.