No. of Recommendations: 1
Have any of you had experience with ARM mortages, with ING or elsewhere? What's the catch that I'm missing, if any?

I was able to reduce my monthly payment, eliminate PMI, and elimnate tax/insurance escrow through ING's 5-1 ARM. It'll hurt if rates go up significantly and I have to refinance, but for now it's good.

Applying online for the mortgage was easy. Troubleshooting the further process was problem-ridden. I was misled by a phone rep when I asked a question about completing required forms that had been mailed. Two weeks later when no action had been taken (as per their "application tracker" web service I called to find out what I'd been told was wrong and that I needed to resubmit a form.

Two weeks later, lack of further action led to my phone inquiry regarding application status, during which I was told to ignore the online "application tracker" because it doesn't always reflect the reality of the process. I was advised I'd be receiving a call to set up the closing meeting soon.

I emailed their ombudsperson regarding this bit of silliness, the online status that isn't.

I didn't receive the call, and inquired again. Was told I'd be called by person X within three days. I wasn't called. Called customer service to register my frustration with the process. Was called, arranged closing appointment.

Closing appointment required fees that I had been told were to be rolled into the refinance. Got cash advance check at local bank. Continued with closing until the closing agent became aware he didn't have all necessary materials. Had to stop cash advance (bank undid it without fee) and had to reschedule.

Second closing meeting was successful. I'm happy with the product.

I found the service remarkably frustrating, having been misled multiple times over the phone and holding a closing meeting with a rep that hadn't even confirmed all paperwork was in order. I'd do it again because the cost savings is worth it to me. But I'd expect a comedy of service errors and be less patient before calling when suspicious of problems.

Good luck,

Bruce
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