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.

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

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.

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.

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.

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.

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 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.

Your ING DIRECT card allows you to withdraw cash from your ING DIRECT account(s) at any bank machine. When using one of our ABMs, you can withdraw Canadian and US cash, check account balances, and change your card PIN. Only one card can be issued to each Client and can access a maximum of 3 accounts: 1 CAD ISA, 1 USD ISA, and 1 Credit Account. There cannot be more than 1 ISA attached to the card at one time. On the ABM screen, the ISA is 'Savings' and the Credit Account is 'Chequing'.

The minimum down payment on owner-occupied property must be 5% of the purchase price. On rental properties, the minimum down payment has to be 20% of the purchase price with ING DIRECT.

Both a reverse mortgage and a home equity loan use the equity you have built up in your home to provide you with readily available cash. They differ in that with a home equity loan you must make regular monthly payments of principal and interest. However, with a reverse mortgage you do not make any monthly mortgage payments for as long as you stay in the home.

Yes. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. The funds you would receive in the reverse mortgage would be used to pay off whatever existing mortgages you have on the property.

Yes, an ING DIRECT unmortgage is portable and assumable. The port must be completed within 120 days after the sale of your property. A person assuming your mortgage must apply and meet our standard credit criteria.

If you are pre-approved for an unmortgage, we will guarantee your rate for 120 days. Naturally, if rates go down during that period, you will get the lowest rate.

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.

We don't charge you for the services we provide. Should you decide to take out a mortgage with the lender we have referred you to, we will receive a commission from this lender.

No equity is required for a 2nd mortgage or home equity line of credit from Second Mortgage Quotes.com. We offer 125% second mortgages for first time homebuyers in most states. We offer 100% second mortgages in all 50 states.

Yes, Skylight will accept money order deposits via mail and will post the funds to your account. Skylight also has an agreement with MoneyGram (18,000 locations nationwide) to accept cash for deposit to your Skylight account. Please check with MoneyGram for associated fees. You can also use your account for any direct deposit transaction such as, travel reimbursements, state tax refund checks, spouses pay check, etc.

Yes, we can get an approval in principle for you so that you know exactly how much you have to spend on a property. It also allows you to confidently place your deposit on your new home.