Speaking of mortgages... 2.625%, 5-yrs, $750K... @ ING

Quote from trendy:

Easy Orange are FIXED rate loans, not ARMs. Thought you would have known that. Also, they require you to make bi-weekly electronic payments. Max loan amount is $750k

http://home.ingdirect.com/products/products.asp?s=EasyOrange
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1. I know all about it. I have one.

2. You apparently don't read carefully. I never said "Easy Orange is an ARM". (The fact is that it's a 5-year fixed rate with option to renew at the then current rates... and priced like 5/1 ARMs today... only "lower priced". And regardless of the loan's mechanics, it's a big money saver because of the low rate. But it's not for everybody. You have to be financially strong to qualify. And as for the bi-weekly part... it's approximately correct to say that each 2-week payment is 1/2 the normal monthly payment. No problem at all.)

So, who's the DUMBASS now?
 
Aaah ok, The op refinance from the 5/1 ARM to the easy orange. He get the better interest rate compare to his 5/1 ARM from before. So he make the bet in 5 years interest is the same (then he renew maybe?) He save $55,000 of interest in this 5 years. If the interest go up against him, he just pay off the balance because he have the money. So he is safe, and he save so much money in the 5 years.
 
Quote from Scataphagos:



So, who's the DUMBASS now?
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Uh, that would still be you. Read your own posts.

Quote from Scataphagos:


If you're taking the risk of going the ARM route, might as well get the best rate.
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Quote from Scataphagos:



Again.. if you're "taking the ARM risk", better to get the best rate. In my case, I'm getting paid $55,000 to take that risk for [only] the next 5 years.
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Quote from trendy:

Uh, that would still be you. Read your own posts.
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I didn't say "it's an ARM". You inferred. Likely will renew at rates better than an ARM, too.
 
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