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GMAC Mortgage Insurance

GMAC Mortgage Insurance protects lenders from financial losses in case of a default on mortgage payments by the borrower. Known as Private Mortgage Insurance (PMI), it is usually a requirement when the borrower has a loan amount that is higher than the 80 percent of his/her home's value. In other words, PMI is often a requirement in situations when the down payment is less than 20 percent. The borrower pays the premium, the amount of which forms a part of the closing costs and the monthly mortgage payments. The cost of GMAC Mortgage Insurance also includes charges for title insurance and hazard insurance, and sometimes also mortgage life insurance.

Title insurance provides coverage against loss caused by defects of title. Hazard Insurance on the other hand is a way to safeguard the interest of insured in the event of a property loss or damage. Term life insurance which is paid by the borrower ensures that the debt will be cleared even in the event of a death. Homeowner's Insurance helps a homeowner pay for the loss due to the damage, theft, etc. Talk to a loan expert at 1.877.509.4622 to know more about GMAC Mortgage Insurance.

GMAC Mortgage Insurance Department

For all issues regarding insurance payment and claims, you can address your mail to the following department.

GMAC Mortgage Insurance Claims Department
GMAC Mortgage
3451 Hammond Avenue
Waterloo, IA 50702

In case you receive an insurance renewal notice and a request for payment despite GMAC Mortgage maintaining an escrow account on your behalf, you can send back the notice to the following department. Do not forget to mention your account number on the bill.

GMAC Mortgage Corporation
P.O. Box 57003
Irvine, CA 92619

Fax Number: 949-770-7683

Website: http://www.gmacmortgage.com/


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