Is GMAC mortgage a good company to do business with?

I signed up for a home loan with them. I have read reviews of GMAC that make me question my decision. I realize that i should have discovered my concerns earlier. Does anyone else have a loan with them and has the experience been positive? Any suggestions on whether to prepay points or just keep the rate as is? Any ways to get a loan with less than 20% down and not pay P.M.I.? I heard either get a 80/20 loan or agree to pay a higher interest rate and get a larger loan which includes the P.M.I. costs. There has to be another way.

Answer:
I've had 2 previous mortgages with GMAC, no problems at all. Paying points to lower the rate may be a good decision. if you plan to remain in the home for a long period of time. Otherwise you won't get your money back.
There are a LOT of people with GMAC mortgage,very few have trouble.
I believe Ditech is a subsidiary as well.
If you don't put down 20% or more, you will have to pay PMI.
I had GMAC for years before I refi'd. I never had a moments trouble with them and was sad to see them go when I switched.
I had them for main mortgage and 2 refi's. Their fees were much higher than the bank I switched to for my current Refi. Before I switched, Ditech wanted $3K in fees for closing costs. My new bank $350.

80/20 loan is the safest for any bank. Otherwise, you pay more in fees and points for a more riskier loan.
As interest rates continue to go up it is getting to the point where paying PMI might not be the bad option. I work for a national mortgage company and we can do 80/20's or just one loan over 80%

Second mortgages for the 20% became popular when the rates on a equity line (or second) were 4-5 % but now prime is 8.25 and it isnt as good of a deal anymore.

email me if you would like me to call you to talk about it. I work as a mortgage consultant for a national lender.
Our 45 branch company funds loans every minute with no PMI.

We are licesned in all 50 states and 16 Canadian provinces.

Personally, I am a nationally known credit expert, author and speaker. (www.LearnAboutCredit.com and DavePetersTalks.com) I'd happliy assist you.

Dave Peters
866-328-3755
very good company-never had any trouble with them
Try the links in http://www.hot8sites.com/mortgage/. for all information on mortgages

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