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About ING DIRECT
About Products and Services
1. What is the ING DIRECT lending area?
The lending area includes all of Canada.
2. To what associations does ING DIRECT belong?
ING DIRECT is a member of the Canadian Association of Accredited Mortgage Professionals (CAAMP), the Alberta Mortgage Brokers
Association (AMBA) and the Mortgage Brokers Association of British Columbia (MBABC).
3. Does ING DIRECT offer a finder’s fee or volume bonus program?
Yes! Please contact your head office or your ING DIRECT Sales Representative for details on the current program.
4. On what types of properties does ING DIRECT offer Mortgages?
ING DIRECT offers first mortgages on rental and owner-occupied single-family residences, condominiums, duplex, triplex and
fourplex.
5. Does ING DIRECT offer Variable Rate Mortgages?
Yes. The ING DIRECT Variable Rate Mortgage features:
- payment amounts are re-set every three months from IAD date
- convertible to a fixed rate term of 3 years or more at any time
- a 5 year closed term
- a very competitive finders fee
- Must qualify based on Bank of Canada benchmark rate
6. Does ING DIRECT offer multiple advance (or progress advance) mortgages?
ING DIRECT offers single-advance mortgages only.
7. Does ING DIRECT offer high ratio mortgages?
ING DIRECT is able to offer high ratio mortgages through the use of Genworth Financial Canada and CMHC.
8. How do I send ING DIRECT a Mortgage Deal?
Mortgage applications can be submitted via Filogix or MorWeb. Faxed or e-mailed applications are not accepted.
9. How do I order an Appraisal for ING DIRECT?
Appraisals must be ordered and sent directly to ING DIRECT from Centract www.BrokerWorx.ca, NAS www.nationwideappraisals.com or Solidifi www.solidifi.com
10. How are the ING DIRECT rates guaranteed?
ING DIRECT guarantees the best rate for 120 days for all mortgage deals (Purchase, Switch, Refinance) and terms. The rate
will be held from the date of application if the timeframe to closing is less than 120 days. Commitment or Approval letters
must be signed by clients to ensure these rate guarantees.
11. How do Clients access their Home Equity Line of Credit (HELOC)?
Clients can access the funds in their HELOC by transferring them electronically to an external chequing account at another
financial institution over the phone or online. This takes 1-2 business days. It is recommended that Clients set up a THRiVE
Chequing Account, so that they can access their funds through the ING DIRECT Chequing Account as well.
12. What is the payment schedule for the HELOC?
Payments are due on or before the 21st of every month. If an unscheduled payment exceeds the minimum payment required, the
automatic payment will not be withdrawn. If no payment is received, ING DIRECT will automatically apply the minimum amount
from the Client's payment account.
13. How do Clients make payments to their HELOC?
Payments are automatically scheduled to come out of the Client's selected payment account. Payments can be made from their
THRiVE Chequing Account, Investment Savings Account (ISA), or from an external chequing account with another financial institution.
14. What is the commission for the HELOC?
$300 flat rate is paid for the HELOC (regardless of the limit) when it is set up in conjunction with a mortgage. If it is
a standalone HELOC you will receive 50bps plus the Value Bonus.
15. When is the commission paid?
The commission for the HELOC will follow the current mortgage commission payout schedule. Deals funded from the 22nd of the
previous month to the 7th of the current month will be paid out on the 14th. Deals funded on the 8th of the current month
to the 21st of the current month, will be paid on the 28th.
16. Does ING DIRECT collect Municipal Property Taxes?
ING DIRECT no longer collects the Municipal Property Taxes on behalf of the Client. Clients are strongly encouraged to take
advantage of the flexible Prepayment options that are available through their Municipality.
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