Eliminate or reduce refinancing costs

It may sound counter-intuitive, but the simple fact is that refinancing can be expensive. It involves most of the same fees involved with closing a regular mortgage. Processing fees, application fees, appraisal fees, points, and so forth: all these costs are typically charged before you ever benefit from the savings from a lowered interest rate. GMAC Mortgage has created two affordable alternatives to footing these costs upfront.

The first option is called a roll-down refinance. With roll-down refinancing, GMAC Mortgage requires no fees upfront. That means it will cost you nothing to refinance. Instead, you’ll pay a somewhat higher interest rate. With roll-down, refinancing is a no-brainer: if the new rate is lower than your old rate, you will begin saving money immediately.

The other option is called roll-in refinance. With this option, you simply tack on the closing costs to the principal of your new GMAC mortgage. That way, you pay nothing upfront. Roll-in refinance is a good option for anyone, but can be particularly helpful to borrowers who are considering a move in the near future.

Whether you choose to pay closing costs upfront, a roll-down refinance, or a roll-in refinance, GMAC Mortgage will make the process as painless as possible. If you are an existing customer, you probably won’t have to bother with a lot of paperwork. If you are a new customer, you’ll be happy to learn about the company’s philosophy of making closing convenient for the customer. Either way, you’ll have more time to sit back and enjoy the savings from your refinanced loan.