GMAC Mortgage is a branch of General Motors Acceptance Corporation (GMAC), which was initially a way for GM to help people buy their cars. Providing financing gave car purchasers one stop shopping when they were negotiating for their new vehicle. Well now, GMAC can help you buy a house too!
On the GMAC Mortgage website it says: "GMAC Mortgage is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC), one of the largest financial services companies in the world.
Headquartered in Horsham, Pa., GMAC Mortgage is one of the largest residential mortgage services in the nation. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers and Internet sites under the brands GMAC mortgage and Ditech, and GM Family First; a custom homeownership services program offered to GM employees, retirees and dealers."
The GMAC website is pretty good. Lots of information can be found on it, and they provide some handy "short cuts" to information that is of particular interest to those who are looking for mortgages including today's interest rates and where to find your local branch. One thing to keep in mind is that GMAC provides a variety of different kinds of financial services. Featured prominently on their home page is a "deal" where you can pay your mortgage off faster if you have a GMAC Mortgage Equity Rewards MasterCard credit card. While sometimes you can use these kinds of perks in your favour, always check the fine print on such deals. And be aware that although the credit card uses the GMAC logo, it is not actually a GMAC product.
As many sites do, this site provides a lot of information for you. They have it grouped under the heading "Learning Center". While the information looks generally good, keep in mind that GMAC has a vested interest in the decision you make and even information that looks unbiased will be stated in such a way as to make GMAC products and services look as good as possible.
With GMAC Mortgage you can be relatively assured of a stable lender. However, a stable lender does not guarantee that they are offering you the best rate. Are you getting the best deal for you? We can't guarantee that.
We also didn't find consumer complaints against GMAC. However, it's worth it to check with your local Better Business Bureau to be sure that there are no local complaints against your local branch.
The only way to be sure that you are getting a good deal for your mortgage and your credit situation is to do some footwork. The Internet is a great tool. Make use of it to get competing mortgage quotes and click on the links above to get started. Also, be sure to compare your small local lenders. Your local credit union may work extra hard to get your business, whereas you are one of thousands dealing with GMAC.
Mortgage Guide 101. Used with permission. See