GMAC Mortgage offers nearly a century of experience

One of the nation's largest mortgage servicers, GMAC Mortgage is a wholly owned subsidiary of Ally Financial, which serves more than 12.5 million consumer customers around the world. With more than $182 billion in assets as of September, 30, 2012 , Ally Financial offers a solid backing to the mortgage business.

The General Motors Acceptance Corp. (GMAC) started in 1919 as an auto financing company. Renamed Ally Financial in 2010, the financial institution provides auto financing, mortgage financing, insurance products, direct banking and commercial finance.

Mortgage products

GMAC Mortgage, headquartered in Fort Washington, Penn., has been providing home loans for more than 25 years.

The company offers a variety of home loan products including fixed-rate and adjustable rate mortgages, conventional loans, jumbo loans, FHA and VA financing for both home purchasers and refinancing homeowners. Borrowers can choose a loan term of 10, 15, 20, 25 or 30 years or create a personalized loan term to meet a specific desired payoff date.

Homebuyers can take advantage of the "Purchase Power Mortgage" program that eliminates the following fees:

Underwriting fee
Appraisal fee
Settlement fee
Lender title fee
Credit report fee
Document prep fee
Flood certification fee
Recording fee

The company also pledges to close your loan on time and will give you a $500 gift card if they miss the settlement date.

You can also save on interest payments, build equity faster and pay off your loan earlier with a weekly or biweekly payment plan under GMAC's accelerated payoff plan.

The GMAC website offers a variety of resources for consumers including a rent vs. buy calculator, a monthly payment calculator and a tool to help you evaluate which loan program will best meet your needs.

Deposit accounts

Ally Bank offers online banking and deposit accounts including certificates of deposit, savings accounts, money market accounts, IRAs and online checking accounts. You can transfer money between accounts online and with mobile banking, and use Popmoney to pay a babysitter or send money to a friend. All deposit accounts are fully FDIC insured to the maximum limit of $250,000 per depositor.