Refinancing FAQs

What is the benefit of refinancing?
The number one reason to refinance is to get an interest rate that is lower than the one your currently have. Another is to pay off outstanding debt you may have. If you refinance for a higher amount, you can use the money that is the difference to finance big purchases or to pay on debt.

If I refinance will I receive any financial penalties?
There are a few costs you may incur. One is the fee to process the application. The other is to close on your loan. The final cost you may incur is actually a cost you choose to lower your interest rate.

What benefits can GMAC mortgage offer?
Our Express Refinancing is a benefit for existing GMAC customers. By partaking in this option, you reduce your costs and time spent on filling out your applications. Since GMAC has all of your information from your previous application, you get to bypass that portion of the process.

I have heard about the option to cash out, what is this?
By cashing out, you get money in your pocket. By refinancing for a larger amount than your current loan, you can use the difference for your own needs. This can help you make big purchases, consolidate debt, or take on home improvement projects.

Does GMAC offer the choice for roll-down?
Yes we do, and it is free. In exchange for a higher interest rate, you pay no processing fee for the loan. When your existing rate is higher than the roll down, you benefit from the free option.

Is an appraisal an important part of the refinancing process?
Depending on with whom your current loan is, the essentialness of the appraisal process can range anywhere from being vitally important to simply necessary. If you have a loan from someone other than GMAC, it is vital to get an appraisal. If your loan is through GMAC you have the option for Express Refinancing, which makes the appraisal process much easier.