GMAC Mortgages

2008-10-22 17:49:01

( Financial )



Company Background of GMAC

GMAC is a wholly owned subsidiary of General Motors. It was established in 1919 for the purpose of providing financing services to buyers of GM vehicles.

Since then, the company has expanded into three major lines - vehicle financing, home mortgages and insurance. Clients included not just individual customers, but also corporate sectors, particularly wholesale financing for dealer franchises. It now has the world's largest vehicle financing services, extending to over 40 countries worldwide.

Applying for GMAC Mortgages

The company offers a one-stop system where you can find properties for sale, apply for a GMAC lending package, and even buy home insurance.

You can even apply online for GMAC mortgages to buy or refinance a home. You need to register yourself first so that you create an online record that you can easily check and update anytime. The registration process includes electing a login name and password to secure your records. You can fill in the online loan application form. You have the chance to update it before submitting.

You can log in and out of your online GMAC account anytime to check on your loan application status. GMAC lending policies are quite similar to that of other companies. Approval of GMAC mortgages will depend on your income level, the value of the property, your amount of equity in the property, and your own credit history.

Managing Your GMAC Mortgage

When your GMAC mortgage application has been approved, you can start managing your account online. You can keep track of all your payments of fees and regular amortizations. You can even make arrangements to transfer funds from a deposit account directly to pay your GMAC mortgage. Better yet, you can also open a GMAC savings account where you can deposit the funds to service your GMAC mortgage obligations.

Finally, you can also buy home insurance cover directly through the GMAC group, instead of having to buy it elsewhere. You can even link your GMAC premium payments to your GMAC deposit account for greater convenience. You will never worry about forgetting to pay your premiums as well as your debts. You just need to make sure that you have enough account balances to shoulder these obligations.


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