Fastest Non-Refi Ever
September 15, 2011
Driving into work on Tuesday morning, I rang up ING Direct to see if we/PiC could take advantage of their Mortgage Blowout.
Their teaser rate was a 5-year fixed for 2.55% (2.606% APR).
They were also offering:
* Rate Renewal feature – If you qualify, you can relock your rate and extend your fixed rate period for another 5 years at the Easy Orange rate offered at that time – all for one payment which is equal to 2 of your bi-weekly payments (maximum payment of $5,000).
* No points or hidden fees
* Free bi-weekly payments – Pay down your mortgage faster with an extra payment each year.
We did a brief rundown on the building itself, the loan, and the most recently assessed value of the property. It turns out that our/his loan to value ratio is still at 75% and ING is requiring a 65% LTV ratio so the highest loan they would offer at the moment is still $70k less than what we’d need to fully refi the loan.
For a crazy, crazy moment I seriously considered throwing some cash at the loan to make it happen but that only lasted a split second. My old anti-debt Pay-It-DOWN instincts rearing up. You know how that goes.
We’ll pass for now but I’ll be keeping an eye on the whole mortgage situation now that we’re getting closer to merging finances and therefore getting closer to putting me in charge.
*ahem*
But c’mon. We all know that I’m going to be the CFO of this family even if I am learning to share.
Holy CRAP that is cheap! Don’t blame you for wanting to throw money at the mortgage to lock it in.
Wow!