The ING Orange Mortgage disaster
Written: Jun 02 '06
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Product Rating:
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Pros: Cheap
Cons: Unreliable, Slow, use bad appraisers, no one feels responsible, don't care about their customers
The Bottom Line: Do not apply for a mortgage at ING Direct. Don't be fooled by the cheap rates and the 0$ closing cost, since they may ruin your purchase.
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| okoernig's Full Review: ING Direct |
My recent experience with the ING Direct mortgage process was a complete disaster and it was almost pushing me to the point where I was unable to purchase my property.
I started the process in late April, which allowed plenty of time to complete the paperwork for a closing on June 8. For a number of reasons it took ING more than a month to complete the process. The appraisal was not received until May 30. The whole appraisal process was a nightmare. The appraiser called me, instead of one of the real estate agents. The message he left was not recognizable, so I did not have a number to call him back. When I called ING, they didn’t have any knowledge who the appraiser was and where unable to provide me his contact information. When the appraiser eventually got in touch with me he thought that my name was different and the property was in a different location? Either he received faulty information or he was completely unorganized. This alarmed me, but I gave him the contact information for my realtor. The appraisal came back with a value that was more than 10% below purchase price, which was unheard of in this area. My realtor was completely shocked and she suggested that the appraiser did apparently not know the local area very well. She is a realtor for more than 30 years in that town. Based on her suggestion I contacted a local mortgage company who used a very knowledgeable, local appraiser. The turned the appraisal around in two (!) days. The appraisal value came back with a value of 10% ABOVE the price! The bank promised me that they would do everything in their power to meet the my closing date.
I feel like I was completely let down by ING. I indicated multiple times that I needed a mortgage commitment by 5/23 (which is in my contract), which was not met, due to the appraisal. I called multiple times to induce some sense of urgency into the process. I have no idea why it takes ING 5 weeks to get the paperwork done, if other banks can turn this around in less than two weeks. Also, why is the appraisal done at the end, rather than the beginning? Another annoying factor is that due to the call center way of operation I talked to a different person every single time I called. And I guess if more than one person is responsible, no one is. When I called to cancel my mortgage application I did not have the feeling that the employee cared AT ALL that they almost ruined one of the most important purchases in my life.
Yes, ING may be cheap, 0$ closing cost is a good deal. But if it means that I cannot purchase my house in time or at all, this becomes irrelevant. My new bank came very close on the rate, but they don’t offer the 0$ closing deal. I will gladly pay the closing cost, since I have the feeling that they care about their customers and show a sense or urgency.
Recommended:
No
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Epinions.com ID:
okoernig
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Reviews written: 1
Trusted by: 0 members
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