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GMAC Mortgage Refinance

GMAC Mortgage refinance solutions can benefit you in a number of ways if you are facing problems in making regular payments. You can find these solutions immensely helpful in avoiding future rate increases typical with ARM by switching to a fixed-rate mortgage or another lower-rate ARM. GMAC Mortgage is a leading mortgage originator in the US and it provides loan servicing to Ditech and Homecomings Financial Customers as well. Those willing to avail home loan refinancing services from the bank should contact its refinance department or speak with a loan expert at 1.877.941.4622.

How Refinancing Works

Refinancing is an ideal way to get a lower monthly payment. This can be achieved either by reducing the interest rates or increasing the loan terms. The lower the rate of interest, the lower your monthly payment will be. On the other hand, the monthly payment gets smaller as the period of paying off loan amount along with the interest and other charges gets elongated. Another way to refinance is to get your loan term shortened so that you have less number of monthly payments, thus allowing you to pay less interest over the period, and repay your loan faster and build equity quickly.

Refinancing is often a difficult decision to take as you need to consider a number of things, such as the cost of a new loan, the time period you are going to stay in the home and the amount you hope to be paying less each month. You can use Refinance Break-even Calculator available online on the website of the bank to see if GMAC Mortgage Refinance can really work for you. If you are making a switch from ARM to a fixed-rate mortgage you will find ARM vs Fixed Rate Mortgage Calculator useful in comparing payments and loan amounts.

GMAC Mortgage Refinance Options

The major refinance options available at GMAC Mortgage include the following:
  • Cash-out Refinancing: Similar to a home-equity loan, cash-out refinancing allows you to use the home equity in order to get cash for purposes like home improvements and debt consolidation. Moreover, it also helps you pay off your old mortgage, an advantage that is not possible with a home equity loan.
  • FHA and VA Refinance: Find an array of government-backed financing and refinancing solutions at GMAC Mortgage Refinance. These loans have features that are set according to the guidelines of Federal Housing Administration, which include 3.5% down payments, 3.5% equity, minimal closing costs and no credit score requirements among many others.
  • Jumbo Loans: GMAC Mortgage offers fixed and variable rate Jumbo loans as per the loan limits set by Fannie Mae and Freddie Mac. These loans can help you lock in a fixed rate, reduce interest rate and lower your monthly payments. Just call 1.866.964.9757 to find out your Jumbo loan options.
Website: https://www.gmacmortgage.com/


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