Express Applications

We all know that mortgage applications require a lot of paperwork. While it can be a hassle, the paperwork has long been a necessary part of the application process, until recently. Now there are two special GMAC mortgages that feature express applications.

The two GMAC mortgages have similar features: they are both fixed-rate mortgages that require a ten percent down payment. The down payment must be paid by the borrower; documentation verifying the availability of down payment funds is required. Finally, both mortgage applications require much less paperwork than traditional applications.

For various reasons, applicants may not be able to provide the verification documentation that is required for a traditional application. Self-employed people, for instance, normally do not have things like pay stubs and W-2 forms that verify their incomes. Express applications, then, are a great option for people who don’t have the same kinds of employment-related documents as full-time staffers would have in their possession.

The first GMAC mortgage option requires no proof of income. The applicant does not have to state their income or provide any documentation verifying their employment. The second GMAC mortgage option requires that you disclose your income on the application. Sometimes, it requires proof that you have worked within a certain field over a period of time.

Both mortgages have slightly higher interest rates than mortgages with full paperwork. This is to help offset the risk involved with lending money to borrowers whose income is not confirmed. After a short time, when you have established a track record of prompt payments, you will be eligible for refinancing for a lower interest rate.