In the continuing highlights of the top mortgage companies in the United States, Ally Bank/ResCap comes in at number four. In 2010 Ally Bank/ResCap (GMAC) based in Detroit, Michigan financed $69,542 million in loans according to MortgageStats.com This represents 4% of all home purchases in the United States. Michael Carpenter is the CEO of AllyBank and ResCap since November of 2009. The mortgage division of Ally Bank is known as GMAC Mortgage, which used to be part of General Motors. Ally Bank Mortgage and GMAC Mortgage have been absorbed by the United States Treasury with the financial meltdown in 2007 and are planning a future public stock offering to return as a public company in the future. Tom Marano is CEO for the Mortgage Operations and Capital Markets at Ally.
Should You Consider An Ally Bank Mortgage?
With all the financial troubles that Ally Bank has endured the company is on a full path to recovery and Ally still offers a large swath of financing options for the home buyer. These mortgage products include fixed rate mortgages, adjustable rate mortgages, FHA loans. VA loans and jumbo loans.
The option that Ally offers depends upon your circumstances. A Fixed Rate Mortgage is where the fixed principal and interest monthly payments that stay the same for the life of the loan. Adjustable Rate Mortgages typically lower rate mortgage for the first 3, 5, 7, or 10 years followed by annual rate adjustments. FHA Loans is fixed rate mortgage, backed by government, with flexible income and credit requirements. VA Loan is a special fixed rate, no down payment loan for eligible men and women of the U.S. armed forces. For those buying really expensive properties the Jumbo Loan offers a fixed or adjustable rate loan with a larger loan amount than a conforming loan limit.
Current interest rates for Ally are published on www.gmacmortgage.com. The website has a detailed section for refinancing or your new home purchase. There is a good amount of information to assist home purchases in the home buying process including sections on new home purchases, refinance, rates, mortgage calculators, and resources. A favorite section is the resources area that has in-depth knowledge of the loan process, what type of loan fits your needs, homeowner’s assistance, hope now program, loan calculators, which loan is right for me?, a mortgage glossary, and understanding credit.
When selecting a mortgage lender to work with it is important to make sure there are adequate resources to assist in the decision making process. Ally does offer some great programs and great resources to help you make the best decision for you and your family. Ally’s GMAC Mortgage division can be found online at www.gmacmortgage.com or call 1-877-941-4622. GMAC Mortgage offers some great options for your new home purchase or existing refinance.