ING Direct is paying high interest on savings (currently 2.4%) and using the money to make mortgage loans. ING Direct calls their mortgage the Orange Mortgage. It is a thirty-year adjustable rate mortgage with an initial fixed period of 5 or 7 years. The current rate is 4.681% on a 5/1 adjustable rate mortgage, which is cheaper than most 30 year fixed rate mortgages.
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