GMAC Mortgage Refinance options may allow you to find a solution that ideally suits your financial interests. A refinance solution is meant to lower your monthly payments by either reducing the interest rate or increasing the loan term. Apart from this a refinancing option can also provide you access to the equity you have built in your home.

Sometimes you may want to shorten your loan term in order to pay less interest over the length of the loan term. In times of hardship, a government-backed refinance option known as Home Affordable Refinance Program might prove helpful provided you fulfill the eligibility requirements.

The various refinance options available at GMAC Mortgage are as follows:

• Cash-out Refinancing: It works like a home equity loan, but the fund you can generate through it can allow you to pay for a number of expenses. For example, you can use the amount to pay off an existing mortgage and meet expenses related to home improvements and debt consolidation.
• FHA and VA Refinance: These loan programs aim at providing relief in times of distress. With these options, you get additional features of low down payment, minimal closing costs and less than perfect credit score.
• Jumbo Loans: Available in fixed as well as variable rate option, these are loans that exceed the minimum amount set by Fannie Mae and Freddie Mac. For more information you can dial 1-866-964-9757.

GMAC Mortgage Refinance Rates

GMAC Mortgage Refinance Rates can be customized according to your loan requirements. Let us assume that you live in California in a single-family home that you use as a primary residence. The home value is $125,000 and you need a loan amount of $100,000. Your credit score is excellent and you want your insurance and taxes to be escrowed. Under such conditions, the GMAC mortgage refinance rates would be as follows for various loan programs:

Loan ProgramsInterest RatesPointsAPR30 Year Fixed4.875%1.3755.165%15 Year Fixed4.125%1.6254.655%5/1 Adjustable Rate3.250%1.1253.328%3/1 Adjustable Rate3.000%1.2503.249%

The website of the bank is the best source to get updated rates as well as tools that can help you know if refinancing is the best option for you. For example, you can use refinance break-even calculator or ARM vs Fixed Rate Mortgage Calculator to get a clear picture of your financial situation and what you would gain or lose with a refinancing option.

For more information, contact GMAC mortgage refinance department at 1-877-941-4622.