I'm Glad I Have A Competent Mortgage Holder
Written: Nov 11 '05 (Updated Feb 13 '07)
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Pros: Nice, easily navigable web site. Pay online works great.
Cons: Navigation requires an extra screen or two, but no big deal
The Bottom Line: I need stability and dependability in a mortgage holder. They do it well.
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| Saxguy's Full Review: GMAC Mortgage |
Thanks to the category lead, Mrisch, for adding this to the epinions database.
I’ve been with GMAC Mortgage, since very soon after my last refinance, which was a 15 year fixed rate mortgage at 5 3/8 percent with no points, done in October 2002. I did the mortgage with a local bank, who then sold the mortgage to GMAC.
In my previous mortgages, the mortgages had been sold various times. Sometimes it seemed like the mortgage holder was changing annually and the payment information was changing frequently as well. However, since GMAC bought it, I have been with them.
The transaction was very smooth. I was informed of the change through the mail, and of my options in paying by checks or through their web site, which is my choice and I have been doing so ever since GMAC took over the mortgage.
Online payment is very easy. I log in using my selected user name and password, and it takes me to a page called “my account” which lists the loan number, outstanding amount, date of last payment, amount of next payment and due date of next payment. It has a clickable option for “make payment online” which is what I use. I did have to apply by putting my bank account information in and having it validated.
The make payment online is very easily navigated and has nice options. I am able to schedule a payment today or for a future date or modify an existing future dated payment. The payment screen shows the amount for principal and interest and I am permitted to add extra payments for principal and escrow and schedule the payment or use today’s date. I then confirm the date and amount and then get a confirmation screen that has the relevant information including my bank account number blanked out except for the last 4 digits and a confirmation number.
In a second, more detailed “my account” screen, I have an option to view the last 1098 (tax) statement or any of my monthly statements for this year. It also reports year to date payments for interest and taxes.
I have never had any difficulty with how GMAC has handled the mortgage. I love the pay on site feature because it means I can effective date the payment with certainty. While I do not use the site all that much, when I have needed to use it has invariably worked. The site is fast and easily navigable. Maybe they could do what they need to in a few less screens, but I can do what I want and do it accurately and quickly.
As for the customer service, I called once to talk about switching my property insurance vendor and that call was handled quickly and competently.
Now, their home page has some very nice features for checking out available loans. By putting in your state, zip code, and type (purchase or refinance), plus the loan amount and home value, you can get quotes for the various options. This is fairly thorough, bit one criticism is that the site does not quote rates for home equity lines of credit – you need to call for that. The initial page also has a payment calculator. You also have menu options that provide background information on types of loans and for checking the status of an online application.
These work reliably as well. I check rates occasionally to see if I can do better than what I have. The invariable answer is no. However, the site returns various quotes at lightning speed. In navigating the site today, I learned that they are one of the top 10 mortgage vendors nationally.
Again, I don’t have any experience with the application process with them. However, the site works great, the customer service and processing is fine and I would recommend them as a mortgage processor and a source for quotes on mortgages. I am really happy that my loan was sold to a company as stable and effective as them.
Thanks for reading.
God bless!
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Recommended:
Yes
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