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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 Institute of Mortgage Brokers and Lenders (CIMBL), 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:
- an interest rate based on ING Prime + 1.00%
- payment amounts are re-set every three months
- convertible to a fixed rate term of 3 years or more at any time
- a 5 year term
- a very competitive finders fee
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. Faxed or e-mailed applications are not accepted.
9. How do I send ING DIRECT a property appraisal?
The original appraisal document should be e-mailed to the ING DIRECT Broker Team at brokerinfo@ingbank.ca
10. Can appraisals be sent via e-mail?
Yes.
11. 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.
12. What is an EIQ?
An EIQ is an Express Income Qualifier mortgage with the following features:
- available to self-employed or 100% commission applicants
- LTV of 65% or less
- minimum Beacon score of 700
EIQ Product Sheet
13. How do I apply for an EIQ?
On whichever system you use to enter your client's mortgage applications (e.g. LSS, Win Morty, ECNI), ensure the words "Express
Income Qualifier" are added in the 'notes' section of the screen.
14. How are the municipal property taxes calculated on an ING DIRECT mortgage?
All installments of municipal taxes including any and all supplementary taxes are to be paid up to and including the funding
date of a mortgage. The mortgagee’s monthly tax component will be as indicated on the mortgage application. This figure will
be finalized on the date the mortgage is advanced.
The property tax calculation should be done as follows:
(Annual Taxes – Paid to Date Taxes) x 1.05 (to allow for increases)
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The property tax portion of the clients’ mortgage payments will be adjusted at the beginning of each subsequent year, adjusting
for any shortfalls or overages.
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