Easy Orange - Using Your Account
If I decide to pay off my mortgage early, are there any pre-payment penalties?
First of all, if this is an option for you – congratulations! In the event that you decide to pay off your Easy Orange within the first year, an Early Payoff Charge of 1% of the outstanding loan balance may be applied to compensate for our expenses and lost income.
When are my payments due and how do I make them?
You’ll need to make payments every other week (every 14 days). Bi-weekly payments reduce your balance faster and help you pay less interest. Compared to monthly payments, it adds up to making at least one extra payment a year knocking time off your loan. And since we encourage you to pay your mortgage off faster, we don’t charge you a fee like many banks to set up bi-weekly payments.
You’ll also need to make all your payments electronically. No paper checks please – this program is not designed to handle them. If we get one, we may charge $50 for each paper check payment received. Keep in mind that some bill pay services still send paper checks, and we will charge for these as well.
Can I make recurring payments on Easy Orange?
Yes, to save time and money you can set up an Automatic Payment Plan and have your payments regularly deducted from your external linked checking account or other ING DIRECT account. Please keep in mind it takes two bank business days to process a payment from your link. To set up your plan:
- Sign in to ingdirect.com with your Customer Number or Saver ID.
- Click the 'Transfer Money' tab.
- Select the 'Pay Monthly (recurring)' option.
It’s easy to change or discontinue your recurring payment if your needs should change down the road.
Do I need to escrow taxes and insurance fees?
We know you’re on top of your tax and insurance payments so we don’t escrow for them. We encourage you to open an FDIC–insured Orange Savings Account and set up an Automatic Savings Plan to put away your tax and insurance amount each month. Why not earn great interest on YOUR money?
Can I extend my fixed rate period?
Yes! If you qualify (meet our credit standards at the time you apply for the extension) you can use the Rate Renewal feature to extend your fixed-rate period for an additional 5 or 10 years (depending on your current loan type) at our current Easy Orange rate – all for one payment which is equal to 2 of your bi-weekly payments. You won't extend the time to pay off your mortgage and there's no need to apply for a new one and pay full closing costs. This will save you money and time from refinancing your mortgage. To learn more, simply give us a call at 1-800-464-9263.