GMAC MORTGAGE
GMAC Mortgage Corporation is the division of General Motors Acceptance Corporation (or GMAC) or the financial services arm of General Motors, the world’s largest automobile manufacturer. GMAC Financial Services provide a suite of financial programs including automotive financing, insurance and real estate and mortgage operations in 40 countries around the world. This international company has been part of the General Motors family since the late 1910s. GMAC mortgages were first offered in 1985, after GMAC Financial purchased Colonial Mortgage Service and Norwest Mortgage. In the late 1990s, the company bought mortgage services from Wells Fargo and unveiled the newly formed Home Services division, which provided all-inclusive services to potential homeowners from real estate assistance to home equity loans. Homebuyers can apply for GMAC mortgages in any of the company’s 200 offices across the country or through the Internet. As one of the largest mortgage providers in America, the company works with homeowners in all financial situations to help them meet their goals. GMAC mortgages are designed to provide the homeowner with a good financial package and peace of mind. Through its full-service approach, homebuyers hardly have a reason to shop around.
GMAC offers all of the most popular mortgage options, like Fixed Rate Mortgages, Adjustable Rate Mortgages, and balloon mortgages. They also work with homeowners who have little or no money for a down payment or who have had past credit problems. GMAC mortgages are also available for second properties, like a vacation home or investment, and can be used to build a new home. Refinancing your mortgage can help secure a better interest rate, lower monthly payments, or change the type of mortgage you currently have. GMAC mortgages can be refinanced with no cost by using their roll down option; although, using the roll down option may leave you with a higher interest rate. As your home appreciates and more of your mortgage is paid off, you should be able to access the funds tied into your house for necessary expenses. Whether it’s to pay off debt or start a home improvement project, GMAC offers loans and equity credit products to help you. Plus, the interest on a home equity loan is often tax deductible. Besides the backing of one of the country’s largest financial institutions, customers with GMAC get help with moving expenses. GMAC offers their clients discounts on supplies like boxes, tape, and packing material. If you finance a second mortgage, GMAC will reimburse you up to $250 on select moving products. GMAC provides its customers with a seemingly endless supply of resources to help navigate the mortgage process. At its website, GMAC offers FAQs, a glossary of mortgage terms, and comparisons of mortgage options. It also offers payment calculators, a rent versus buy comparison, and a tool to tell you how much of a mortgage you can afford: www.gmacmortgage.com
GMAC Rates on 18/08/2006:
Conforming Loans: Jumbo Loans:
30 year fixed – 6.750% 6.875%
15 year fixed – 6.500% 6.625%
5/1 LIBOR AMR – 6.625% 6.750%