Their qualification requirements are even more relaxed than a FHA loan’s, as well. If you are looking for a cash-out refinance, you can take out up to 90 percent of your home’s value.

GMAC can even roll your closing costs into your loan. They carry no mortgage insurance requirements and allow you to buy a home with absolutely no down payment. VA loans, on the other hand, are even more generous. The only drawback to an FHA loan is that you will need to pay a small upfront cost and an additional small monthly cost for mortgage insurance. If you are looking to do a cash out refinance, you can take out as much as 85 percent of your home’s value through GMAC’s FHA cash out refi program.

They offer low fixed interest rates and carry no prepayment penalties. While both are attractive and offer low down payments and relaxed qualification requirements, the VA program offers additional benefits for the brave men and women that are either active-duty service members or veterans.įHA mortgages allow for a down payment of as little as 3.5 percent and carry flexible approval requirements. FHA/VA Mortgage and Refinancing Ratesīorrowers who need a little bit of help to get a loan can work with GMAC to use the FHA and VA programs for their mortgage or refinance loan. This protects you from experiencing wild swings in your payment if interest rates go up. Furthermore, they cap how much the rate on an ARM can go up in a given year or over the entire life of the loan. Their adjustable rate mortgages can be fixed for three, five or seven years, with the additional opportunity to fix a refinancing loan for as long as 10 years. This is especially value with a refinancing since you can choose to take out a slightly shorter term loan, like a 25 year mortgage, to still be on track to pay your home off in a total of 30 years.īorrowers who want the low initial rate of an adjustable mortgage can also turn to GMAC. This lets you take out a new mortgage with the exact term that suits your needs. While they prominently feature their 30- and 15-year fixed rate loan products, they actually allow borrowers to create their own loan with any term between 10 years and 30 years. Investors looking for a traditional mortgage loan can turn to GMAC for excellent rates and unique terms. Traditional GMAC Mortgage Rates and Refinancing Rates In addition to providing banking and car loan services, they also provide a broad range of mortgage and refinancing options for residential customers through GMAC Mortgage their the GMAC Mortgage subsidiary. Ally is what is left of GMAC and is owned by a consortium of General Motors, the United States Treasury and other investors. Originally a part of General Motors - GMAC stands for General Motors Acceptance Corporation - GMAC is now owned by Ally Financial. GMAC Mortgage is the current incarnation of GMAC-RFC which was one of the nation’s largest mortgage companies.

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