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Below are lists of commonly requested information you should expect to provide when you apply for your loan. You may be asked for additional documentation, depending on your situation.
Preapproval borrowers can supply this information after they sign the purchase contract.
Discount points, also called points, let you lower the interest rate on your home loan. When you buy a point, you are purchasing a lower interest rate. One discount point will cost you 1% of the loan amount.
You get a lower rate when you buy points but you also owe more at closing. So you'll want to make sure buying points makes sense for you over the long term.
| 1 point purchased | No points purchased | |
|---|---|---|
| Months Required to Break Even | 34 | n/a |
| Purchase Price | $250,000 | $250,000 |
| Down Payment | $50,000 | $50,000 |
| Loan Amount | $200,000 | $200,000 |
| Interest Rate | 4.25 | 4.75 |
| Points Paid to Lower Rate | 1 | 0 |
| Closing Cost for Points | $2,000 | $0 |
| P & I Payment | $984 | $1,043.29 |
| Monthly Payment Reduction | $59.41 | $0 |
If this homeowner bought 1 point, it would take 3 years to break even. Find out how long it will take after you refinance to break even.
To find out how much discount points can reduce your rate, please call a Loan Specialist:
1-877-941-4622 see hours of operation.
GMAC Mortgage is one of the largest residential mortgage servicers in the nation. We have over 25 years of experience offering quality service with licensed Loan Specialists. Learn more about us.
Lenders typically look at your credit, assets, down payment, income, and debt. Learn more about the loan process.
Yes. Even if you owe more than your home is worth, you may still be able to refinance and lower your monthly payment. To find out if you qualify get started online now or call a us at 1-877-941-4622. See hours of operation
Discount points let you lower the interest rate on your home loan. One discount point equals 1% of the total loan amount. Learn more about discount points.
There are a variety of home loans to meet your needs. Popular programs are: Fixed Rate, Adjustable Rate Mortgages, and government insured programs like FHA or VA.
View side-by-side comparisons of your options.
View all homebuying programs
View all refinancing programs
When you apply for a loan you’re often asked to provide income documents (paystubs, W2, tax returns), bank account statements, and a purchase agreement if you are buying a home.
Yes. If you are current on your mortgage payments, the Home Affordable Refinance Program can still help you if your home has lost value. Learn more about eligibility and how it works.
Log in to your account and you can print your 1098 statement from last year. For 1098 statements from 2 years ago or more, please call a Customer Care Representative at 1-800-766-4622, see hours of operation. Automated service is available 24/7.
Yes. Your information is secure and confidential. We use a high level of online security, called Secure Socket Layer (SSL) technology that encrypts your personal information so that no one else can read it.
If you have further questions about GMAC Mortgage, please contact a licensed Loan Specialist at 1-877-941-4622, see hours of operation or call a Customer Care representative at 1-800-766-4622 see hours of operation if you have questions about your account.