GMAC Mortgage: Information on Mortgage and Loan Options

2007-03-08 10:33:40

( Financial )



GMAC Mortgage offers basic mortgage solutions that include:

Fixed-rate mortgages which have a fixed interest rate throughout the life of the loan. Monthly payments are not affected by the current prevailing interest rates, which can go up and down. This is highly recommended for homeowners who plan to stay in their homes for more than seven years.

Adjustable rate mortgages wherein starting interest rates can remain fixed over the course of three months to ten years depending on the loan agreement. The interest rates vary annually, monthly or bi-annually. There is a limit to the amount of interest rate that can be charged.

Balloon payments are similar to a fixed-rate mortgage, except that it has lower interest rates, and thus accord for lower monthly payments. A higher payment amount is due at the end of the term of the loan.

The GMAC Mortgage Company also offers loans with low or no down payments needed. One program allows you to apply for a mortgage with only 80% of the value of your property. A home equity loan is taken out to cover the remaining 20% of the value of your property.

Another program can give you a secondary loan for up to a certain percentage of your property value that can be used to pay for closing costs on your loan. No down payment is required, and no further payments are expected from you after ten years, provided you are updated with your payments.

GMAC Mortgage can assist you with purchasing a property when you do not have enough funds to make a down payment. By paying a small cash amount, and with 3% down payment from secondary financing, one can take advantage of one of their housing loan programs. Approval can even be granted to people with bad credit, and no private mortgage insurance (PMI) needs to be paid.

GMAC lending can also assist people who have good credit scores, and wish to purchase a property, but do not seem to have the money to pay the down payment. By approaching GMAC Mortgage Company, one can be given the funds to make the down payment, and funds to pay for the closing costs on the property (a certain limit applies).

GMAC lending offers interest-only loans, whereby instead of making monthly payments with the interest included, one can defer the payment of the principal amount and just pay for the interest each month up to a specified period.

GMAC mortgage also provides construction financing which covers the cost of property construction and a mortgage on the completed house or property.

Above are only some of the programs that GMAC Mortgage Company offers. You may visit their website to obtain more information on the loan products they offer.


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