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Interesting Mortgage Option with SUPER Low Rate
I received an email today from INGDirect touting a new mortgage product that they're offering. It's not for everyone, but for the right buyer it could be a sweet deal. The basic terms are as follows:
5 year loan term, with option to extend for 5 more years at then current rates 30 year amortization Free Bi-weekly payments to help pay down principal more quickly 25% down-payment required No points Available for loans up to $750,000 Ridiculously low 3.524% APR interest rate! I see this loan program as being ideal for a very specific type of borrower who fits the following criteria:
1. Capable of putting down 25%
2. Receives a bi-weekly paycheck, making the bi-weekly payment feature both an interest-saver and a budgeting convenience.
3. Plans to own the home for 5 years or less, or can pay off the mortgage in full in 5 years if necessary
For a buyer fitting these criteria, this program locks them into a very low interest rate for five years, which is as long as they plan to be paying the loan anyway. The bi-weekly payment feature also allows them to pay down principal more quickly than if they made monthly payments, which ... more

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