GMAC Mortgage
GMAC Mortgage
Personalized GMAC Mortgage Options:
"HomeStretch Plan" - An FHA fixed rate mortgage with a silent second to cover down payment and/or closing costs. Second mortgage does not require payment if you remain in the home for specified term and maintain a good payment history.
"Solutions" - A mortgage program that expands the loan ratios and loan amounts beyond underwriting guidelines. Also available to borrowers with "less than perfect credit."
"Pathways" - A fixed rate mortgage that features waived cash reserves for those with little cash available.
"The Borrower's Advantage" - A fixed rate mortgage that allows closing costs to be financed in to the loan amount.
"Settle America" - A fixed rate mortgage that allows lower down payments and flexible residency requirements.
Basic GMAC Mortgage Programs:
Fixed Rate Mortgage - A mortgage where the principal and interest payments remain the same throughout the life of the loan. Available with a variety of terms.
The Adjustable Rate Mortgage (ARM) - A mortgage that may adjust up or down throughout the term depending on market conditions. Available with a variety of terms and adjustment periods.
The Balloon Mortgage - A mortgage with principal and interest payments that do not fully repay the loan. The balance is due at the end of the balloon term. Available with a variety of terms.
First-Time Buyer/Affordable Housing Mortgages - A group of mortgage programs created to help first-time buyers and/or those with low- to moderate-income. Available with a variety of terms.
New Construction Mortgages - A mortgage for those who are buying new construction. Available programs include fixed and adjustable with a variety of terms.
InterestFirst Mortgage - A mortgage with "interest only" payments for the first years of the loan. Monthly payments adjust midway to cover principal and interest for the remaining term.
GMAC Mortgage Government Programs:
FHA - A mortgage guaranteed by the Federal Housing Administration. Available programs include fixed and adjustable with a variety of terms.
VA - A mortgage guaranteed by the Veterans Administration. Available as a fixed rate program. Must be a veteran to qualify.
GMAC Mortgage Home Equity:
Home Equity Line of Credit - A second mortgage line of credit that can be opened based on the equity in your property. Payments are not required until the money is used and are based on the amount of line that is drawn.
Home Equity Loan - A second mortgage loan based on the amount of equity in your property. Payments are fixed throughout the loan term and are made on a monthly basis.
Financial contracts are very confusing. Before signing yourself to a major long term commitment, have an attorney familiar with financing and taxes examine the documents and explain the details.
A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.
Whether buying a new car, or a used car, or selling a vehicle; first check KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide.
For complete information on all your financial needs, turn from GMAC Mortgage to the Loan homepage.
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