Many people dream of having their own house. After all, there is nothing more satisfying than knowing that the house you are living in is truly yours. However, buying a house is not really a walk in the park. Houses are very expensive and not everyone has the cash to make a full payment for a house. So, a number of people have no choice but to secure home loans from a bank or from a private lender. However, the usual amortization period of most home loans is thirty years and some homeowners do not like that arrangement because they want to pay off their loans earlier than that. These home owners could opt to apply for an orange mortgage.
An orange mortgage is an adjustable rate mortgage (ARM) which is based on a thirty-year mortgage plan but with an initial fixed rate period of five, seven, or ten years. Orange mortgage loans are becoming popular, especially online where the loans are being offered by ING direct, because of the short term arrangement and because of the mortgage rate which is lower compared to the traditional type of home loans.
Orange mortgage loans are aptly nickname “easy orange” because of the ease of application and because of the benefits that it can afford people who avail of the loans. Residents who want to purchase a house or homeowners who need help refinancing their current home loans can apply for orange mortgage loan either by phone or online. They can talk to a loan broker who can tell them all about the loan, discuss the current mortgage rate, and offer them a quote. Usually, the loan applicants can borrow up to $750,000.
Moreover, orange mortgage loans have low closing costs, have no points, and no “sudden secret” fees. Orange mortgage loans also have a rate guarantee feature wherein the rates will be locked for loan applicants for a period of 60 days on home purchases or 45 days on current loan refinances. Everything that the applicants have to pay is identified initially so there will be no unpleasant shocks later. In addition, instead of having to pay around $5,000 in order to close the loan, the applicants can avail of the loan for less than $1,000 thereby saving them huge amounts of cash.
Orange mortgage loans allow the borrowers to make bi-weekly payments so the loan can be paid in no time. But if the loan cannot be repaid within the initial fixed rate period, the borrowers can always renew their loan for another period. What is more, since an orange mortgage loan is an adjustable rate mortgage, the people who avail of the loan can save money if the cost and the interest rate of the loan go down after the initial fixed rate period. Then again, borrowers could also choose to relock their rate for another period using the rate renewal feature which ING direct usually offers.
So if you want to buy a new house or need some assistance in refinancing your current mortgage, check out orange mortgage loans. Just pick up a phone or visit the website of the lender which offers orange mortgage and talk to a loan broker so that you can see how orange mortgage loans compare to other loan products or to your present home loan.
