Homecomings Mortgage—Using Technology To Give You A Home

2007-03-08 10:33:40

( Financial )



Homecomings mortgage products are offered to you by Homecomings Financial, an affiliate of GMAC Mortgage Company engaged in the loan servicing business. Homecomings mortgage operations along with GMAC mortgage products have made GMAC lending operations a substantial part of the real estate industry.

You will experience how effectively Homecomings Financial has harnessed technology to provide for your housing needs when you take out a Homecomings mortgage. Unlike GMAC mortgages which are offered through direct lending centers, Homecomings mortgage comes through a network of over 7,000 brokers.

Their products come in a wide variety. In addition to the usual menu of mortgage products offered by the standard home financing company, you will find Homecomings mortgage options that have loan terms as long as forty years, particularly for subprime loans. These 40-year adjustable-rate mortgages are a recent innovation.

You will get to know the details when you talk to your mortgage broker. You will find that the company has invested heavily in software systems that simplify the complicated work of your mortgage broker. The company made these investments to ensure that Homecomings mortgage brokers will be able to give you all the information you want about the different Homecomings mortgage products.

One software system, introduced only recently, enables Homecomings mortgage brokers to give you different scenarios about loan amounts and price. You can view multiple options simultaneously. The moment you decide on a product, the broker can get approval on the spot. In contrast, most automated underwriting systems can only give an indication whether a loan has good chances of approval.

Another system allows the mortgage brokers to reduce the costs of conducting property appraisals, and thus reduce the closing costs that you need to pay when taking out a Homecomings mortgage. If you’re considering refinancing, this automated valuation system gives you accurate estimates on the current value of your home.

Because of this technology, you have little difficulty taking out a Homecomings mortgage to purchase the home you want.


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