ING BANKS 30 year fixed is bad!!!!!!!!!!!!!!!!!!!!

[billbaldi_IHB]

I just called ING Banks to get an int rate for a 30 year fixed and was told they don't offer them. The rep than gave me the int rate for a 7/1 which was over 6%. I told him that I could get a 30 year fixed with no points for just under 6%. He tryed to tell me that it was better to get a 7/1 or a 5/1 at a higher rate. Boy do I have stupid written on my forehead. He said you do realize the banks will not keep a 30 year fixed for 30 years because they will sell the loan. I replied with So????

 

[CalGal_IHB]

<blockquote>He said you do realize the banks will not keep a 30 year fixed for 30 years because they will sell the loan. I replied with So???? </blockquote>
Banks sell the loans all the time. I can't even remember how many times our mortgage was sold when we had one. It seems like every year we had to make payments to a different bank. It's common practice.

 

[Daedalus_IHB]

I can't believe that even today a loan rep will still try and pull that kind of garbage.

<em>They're going to sell the loan? Oh my goodness that sounds risky. Yeah, give me the 7/1 at a higher rate, and go ahead and change my blinker fluid too while you're at it.</em>

 

[OCCOBRA_IHB]

Sounds like the loan rep was a tool and desperate on top of that. I think the bonus structure was based on him pushing the crappier loans. I would question the ethics of that lender with that type of stupidity.

 

[freedomCM_IHB]

it is a much better loan: for the bank.



isn't this the way that mortgages are financed most commonly around the world? i know that it is true in canada.

 

[acpme_IHB]

i'm not supposed to refill my blinker fluid??