ING Direct - Orange Key Official thread.

[freefreefree]

Thanks for the info.

[sweet sparrow]

Will it make a difference to those who are not seeking a second mortgage? And is the fee to discharge from the mortgage when you finish an additional fee?

Have you heard of Royal and BMO getting involved yet?

[MortgageQueen]

Will it make a difference to those who are not seeking a second mortgage? And is the fee to discharge from the mortgage when you finish an additional fee?

Have you heard of Royal and BMO getting involved yet?

No, if you are SURE you will not need a 2nd mortg within your term, it will not matter. But keep in mind unforseen occurance. An accident, serious illness, etc. can be softened considerably by drawing on that equity in emergencies. That will no longer be open to you.

You see, if the income earner suffers one of the above. . . how eager do you think ING will be to forward you more credit?? Not --- likely.

Or another scenario is you may want to use existing equity as collateral on another investment. Once again, ING holds all the cards. You are at their mercy.

In regards to the end of your term, YES, you will pay an additional fee IF you change Lenders. . .that's the whole idea. If you have to pay an extra $500 or more, they're hoping you'll stay with them to "save" that expense.
If you don't mind being manipulated, then by all means. . .

Royal and BMO unfortunately do exactly the same.

Whenever possible, I place my clients with Lenders that respect their freedom of choice and don't have hidden agendas.

[guessboi]

^ Does this change apply to current mortgage?

I got my ING mortgage in Oct 2010.
I have two mortgages. 1 with TD for my Condo and 1 with ING.
...I figured out my TD one is a collateral mortgage after my ING broker told me. So at the end of the term, if I go elsewhere, they will still charge me a penalty??? FML.

[FrugalNotCheap]

lolololol!

[Carlotta]

Good post. And good info.

It also means the institution has you over a barrel when it comes time to renew. Let's say that National Bank will give you a 2.5% mortgage, but your current mortgage is with ING. You tell ING that you can get 2.5% and they tell you that they are only willing to offer you 3%, but that you are more than welcome to switch. It will only cost you $$$ to transfer your mortgage out. So in order to save the transfer fees, you end up paying more in interest for the next five years.

And as stated.... you may not think you will ever need a second mortgage. But I'm pretty sure that the majority of people with second mortages never intended that to happen! Unfortunately, LIFE happens... kids, a new roof, illness, overspending.... there are a multitude of reasons you may need additional funding in the future.

[MortgageQueen]

^ Does this change apply to current mortgage?

I got my ING mortgage in Oct 2010.
I have two mortgages. 1 with TD for my Condo and 1 with ING.
...I figured out my TD one is a collateral mortgage after my ING broker told me. So at the end of the term, if I go elsewhere, they will still charge me a penalty??? FML.

Not to worry Guessboi, your existing ING is NOT a collateral charge.
ALL ING mortgs. funded after Dec.10/11 will be Collateral charge, so you're safe.
I'm assuming each mortg. is for different properties? If you're with TD, talk to your broker; they can probably still negotiate a better deal for you. (when you're ready)

[MortgageQueen]

Good post. And good info.

It also means the institution has you over a barrel when it comes time to renew. Let's say that National Bank will give you a 2.5% mortgage, but your current mortgage is with ING. You tell ING that you can get 2.5% and they tell you that they are only willing to offer you 3%, but that you are more than welcome to switch. It will only cost you $$$ to transfer your mortgage out. So in order to save the transfer fees, you end up paying more in interest for the next five years.

And as stated.... you may not think you will ever need a second mortgage. But I'm pretty sure that the majority of people with second mortages never intended that to happen! Unfortunately, LIFE happens... kids, a new roof, illness, overspending.... there are a multitude of reasons you may need additional funding in the future.

Impressively well informed Carlotta! You are dead on with the National and ING illustration.
I am ever so sad to say that National has started doing the collateral charge too, but regardless. . . .the principle still applies.

You're also right about the 2nd mortgage. I think most people are not currently ina position to need one nor could they see the need in the forseeable future, but life has a way of throwing those curveballs, doesn't it?
I hate to see anyone forced to get a 2nd mortgage, but our homes are investments and investments are for future needs. How "close" that future may be is not always a choice we get to make. . .

[guessboi]

Not to worry Guessboi, your existing ING is NOT a collateral charge.
ALL ING mortgs. funded after Dec.10/11 will be Collateral charge, so you're safe.
I'm assuming each mortg. is for different properties? If you're with TD, talk to your broker; they can probably still negotiate a better deal for you. (when you're ready)

Yes different broker + different properties.
Both are 5 yr closed variable. -.6 for the TD since 08 and -.8 for the ING since 2010. I chose a different broker and with ING because I found out TD is a collateral.

[MortgageQueen]

Yes different broker + different properties.
Both are 5 yr closed variable. -.6 for the TD since 08 and -.8 for the ING since 2010. I chose a different broker and with ING because I found out TD is a collateral.

Well, the GOOD news is, you have excellent rates that are no longer available and won't be again for indefinite future.

Secondly, you escaped the collateral charge from ING. Just be careful if you ever decide to "Re"finance with them.

When the time comes with TD, your broker will know what to do. (if they're good) I'd try to negotiate with them best rate. Keep in mind. . .using a broker to do this won't cost you anything, so it would be senseless not to use them.

If TD plays hardball, your broker will look for a Lender who is very competitive at that time and negotiate terms that will make you happy. . .

[smackioio]

Hello everyone

From now to December 31, If you open an account with ING Direct and use an orange key, the referrer and the referred, will both earn 50$ instead of the normal 25$.

Here is an ING Orange Key you can use to get the 50$ bonus (PM me for more offers) :

17495883S1

After opening an account(chequing and/or saving), you have to deposit an initial 100$ to earn the (free) 50$!
That's a nice "freebie".
You can withdraw your money after the initial deposit and the bonus.

There is no limit of bonus per account.

Here's the english source: http://www.ingdirect.ca/doublebonus/
Here's the french source: http://www.ingdirect.ca/doubleprime/

You can ask any question concerning ING Direct in this thread.

I can help you sign up or guide you through the process. Thanks.

[ministry22]

From now until December 31st, when you open an ING DIRECT Account with $100 or more, we'll start you off with a $50 Holiday Bonus*! That’s double the usual amount.
So whether you open an Investment Savings Account, THRiVE Chequing™, RSP, Tax-Free Savings Account, or GIC with a $100 or more, you’ll get a $50 head start. Or if you're looking for a mortgage, why not get the unmortgage® from ING DIRECT and qualify for a $50 bonus too! It’s all in the spirit of giving…and getting.

Here's how easy it is:

1. Complete the online Enrollment Form. Don't forget to include the Orange Key you received.
2. If you've opened an Investment Savings Account, RSP or GIC, write a pre-printed personal cheque, payable to you, for $100 or more for your first deposit. The $50 Bonus will be added to your first deposit.

[smurfete]

There are many links to these orange keys but MANY do not inform that it's a referral they are receiving.
BTW I have one too! -- It's in my signature!

[freefreefree]

Feel free to use mine below

[conway]

My Orange Key is:
34407850S1