GMAC Mortgages

GMAC Mortgage History

GMAC Mortgage Corporation is a division of the General Motors Acceptance Corporation. GMAC Financial Services, which is the parent organization of GMAC Mortgage, encompasses insurance, real estate, auto loans, and commercial finance. This international company has been part of the General Motors family since the late 1910s.

GMAC mortgages were first offered in 1985, after GMAC Financial purchased Colonial Mortgage Service and Norwest Mortgage. In the late 1990s, the company bought mortgage services from Wells Fargo and unveiled the newly formed Home Services division, which provided all-inclusive services to potential homeowners from real estate assistance to home equity loans.

Homebuyers can apply for GMAC mortgages in any of the company’s 200 offices across the country or through the Internet. As one of the largest mortgage providers in America, the company works with homeowners in all financial situations to help them meet their goals.

GMAC Mortgage Divisions

GMAC services are available from several different departments, including:

• GMAC Mortgages: GMAC provides residential mortgages is available through GMACMortgage.com or its toll-free number 1-877-941-4622. You can also find a branch office in your hometown, where you can work with a representative in person.
• GMACHomeSolutions.com: Home Solutions provides a wide range of financial products to homeowners, including home warranties and the BiSaver program, which allows biweekly mortgage payments. This plan helps you pay off your mortgage quicker and saves you money on long-term interest.
• DiTech.com: Founded in 1995 and bought by GMAC in 1999, DiTech provides customers with fast and fair home financing options, including first and second mortgages and equity loans.
• CalDirect: Formed in 2003, CalDirect is GMAC’s answer to providing California homebuyers with quick settlements and low mortgage costs.
• GM Family First: GM Family first is a program offered to GM employees and its related companies. The program waives appraisal costs and guarantees that GMAC will hold the mortgage for the life of the policy.

Working with GMAC

GMAC mortgages are designed to provide the homeowner with a good financial package and peace of mind. Through its full-service approach, homebuyers hardly have a reason to shop around.

Buying a Home

GMAC offers all of the most popular mortgage options, like Fixed Rate Mortgages, Adjustable Rate Mortgages, and balloon mortgages. They also work with homeowners who have little or no money for a down payment or who have had past credit problems. GMAC mortgages are also available for second properties, like a vacation home or investment, and can be used to build a new home.

Refinancing an Existing Mortgage

Refinancing your mortgage can help secure a better interest rate, lower monthly payments, or change the type of mortgage you currently have. GMAC mortgages can be refinanced with no cost by using their rolldown option; although, using the rolldown option may leave you with a higher interest rate.

Using Your Home’s Equity

As your home appreciates and more of your mortgage is paid off, you should be able to access the funds tied into your house for necessary expenses. Whether it’s to pay off debt or start a home improvement project, GMAC offers loans and equity credit products to help you. Plus, the interest on a home equity loan is often tax deductible.

Fringe Benefits

Besides the backing of one of the country’s largest financial institutions, customers with GMAC get help with moving expenses. GMAC offers their clients discounts on supplies like boxes, tape, and packing material. If you finance a second mortgage, GMAC will reimburse you up to $250 on select moving products.

Resources from General Motors Acceptance Corporation

GMAC provides its customers with a seemingly endless supply of resources to help navigate the mortgage process. At its website, GMAC offers FAQs, a glossary of mortgage terms, and comparisons of mortgage options. It also offers payment calculators, a rent versus buy comparison, and a tool to tell you how much of a mortgage you can afford. Several helpful worksheets are also available like the debt worksheet and the financing checklist.