When you obtain a GMAC mortgage, you are borrowing from one of the larges mortgage lending companies in the world.
This can save you a lot of money.
Through the company you have several GMAC mortgage products you can choose from depending on your personal financial situation.
Traditional Mortgage Products
You can obtain one of the more basic GMAC mortgages in the form of a fixed-rate mortgage, an adjustable rate mortgage, or a balloon mortgage.
With a fixed-rate mortgage, the interest rate remains the same for the length of the loan. This GMAC mortgage is designed for those homeowners who plan to reside in their homes for more than seven years.
An adjustable rate mortgage starts out with a low interest rate, decreasing the initial monthly payments and increasing the loan amount for which you qualify. This type of mortgage is good for homeowners who plan to refinance or sell their homes at the end of the initial fixed rate.
A balloon mortgage has a fixed-rate but lower monthly payments than a fixed rate mortgage. This GMAC mortgage is available in five or seven year terms at that time the balance of the loan is due.
Low Down Payment Loans
You can also obtain a GMAC mortgage that requires a low down payment or no down payment at all. For buyers that do not have a down payment but do not want to incur the charge of private mortgage insurance, the HomeFlex GMAC mortgage uses a primary loan for 80% of the home price and a home equity loan to finance the other 20%.
The HomeStrenth loan decreases your down payment to $500, finances your home using one loan, and lends you a second loan of up to 4% to cover closing costs and down payment. After ten years of on-time payments, the second loan is forgiven.
Low Payment Mortgages
Initial low monthly payments are a concern for many first-time home buyers. With an interest-only GMAC mortgage, homebuyers can defer their principle payments for a period of time. Since the borrower is only paying interest, he or she can often qualify for a larger loan. With an interest-only GMAC mortgage, borrowers have the option of making principle payments, if desired.
Adjustable rate mortgages and balloon mortgages, mentioned previously, are other low payment GMAC mortgage options.
Solution for the Self-Employed
Obtaining a mortgage can be difficult for homebuyers who are self-employed because it is harder to prove income.
With the GMAC mortgage, Expressway, homebuyers are given a flexible option for obtaining a mortgage. There is no verification of assets or income with this mortgage, so the self-employed who are not such good record keepers aren’t penalized by being denied for a mortgage.
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