GMAC Mortgage

Notice: Effective Feb. 1, 2013, GMAC Mortgage is no longer accepting applications for home loans. Parent company Ally Financial has sold its mortgage origination operations to a new owner and is divesting itself of mortgage servicing functions as well.

Loan applications submitted to GMAC Mortgage prior to that date will still be processed and the company will continue to service current mortgages until they can be transferred to a new servicer. For more information, visit

The following material is being maintained for reference purposes.

About GMAC/Ally

GMAC Mortgage is a division of Ally Financial, Inc., a Detroit-based bank holding company. The company was founded in 1919 as the General Motors Acceptance Corporation to provide auto loans to GM customers. Over time, the company added operations in insurance, mortgages, commercial finance and online banking; the GMAC Mortgage division was established in 1985. In 2010, the parent company GMAC LLC changed its name to Ally Financial.
GMAC Mortgage is licensed to originate mortgages in all 50 states. The company maintains an interactive web site that allows borrowers to apply for a mortgage or refinance online, check their loan history, view current mortgage rates and request information about current or future lending, among other services.
GMAC Mortgage is an authorized lender for both FHA and VA mortgages.
For those who are seeking to buy a home, the company offers a searchable database of repossessed   properties offered for sale by GMAC Mortgage.

Mortgage Rates

GMAC Mortgage offers competitive mortgage rates for both home purchases and refinancing. Of course, the actual rate you obtain will depend on a variety of factors, including the type of loan you apply for, your credit history, the size of your down payment or amount of home equity (loan-to-value ratio) and the current market mortgage rates, among others.
Borrowers can choose from among several loan options when buying a home with GMAC Mortgage. The company offers fixed-rate mortgages in conventional terms such as 10, 15, 20 or 30 years, or borrowers may opt for a specific term such as a 17-year fixed-rate mortgage. Adjustable rate mortgages (ARM) offer lower mortgage rates up front and are available in terms of 3/1, 5/1 and 7/1 years.
Jumbo loans are available for borrowers seeking a mortgage greater than $417,000.
Bad credit history is not necessarily a barrier to getting a home loan with GMAC Mortgage. They have programs designed to help people with less-than-perfect credit still obtain a mortgage at a reasonable rate. Down payment programs, combined with private mortgage insurance, also can help first-time homebuyers qualify for a loan with GMAC Mortgage.

Refinance Rates

GMAC Mortgage offers several different mortgage refinance programs. They offer refinance options to reduce interest rates, change an ARM to a standard mortgage or to reduce a jumbo loan to a conforming mortgage. Cash-out refinancing is available for homeowners who wish to borrow against the accumulated equity in their home. GMAC Mortgage also works closely with the FHA and VA and can refinance current mortgages into a secure FHA or VA loan.
Refinance rates are similar to those on a regular mortgage and follow the same guidelines. These include credit history, available equity, time period for loan and current market rates. GMAC has many options available to its customers and will be able to match you to the right type of refinance program that will meet your needs.
Loan options are the same as on standard mortgages, including fixed-rate mortgages with standard or custom repayment periods, and ARMs (see details under Mortgage Rates).

Home Equity Loans/HELOCs

GMAC Mortgage does not currently provide home equity loans or home equity lines of credit (HELOCs).  Their only home equity loan option is a cash-out refinance, where you refinance your current mortgage and receive a lump-sum cash payment in return for reducing your accumulated equity.

GMAC Mortgage Information

General inquires may be mailed to:
Ally Mortgage
ATTN: Customer Service
P.O. Box 951
Horsham, PA 19044

You may also call toll-free 1-877-247-ALLY (2559) to speak with a mortgage specialist.

For more information visit them at

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