Phillips, formerly Executive Vice President and Chief Operating Officer of Marriott Vacation Club International. Lantern's senior management team is expected to include certain GMAC employees as well as William T. In connection with the acquisition, Centerbridge formed Lantern Asset Management, LLC ("Lantern"), a new asset management company that will manage the resort finance business.
and its related entities ("Centerbridge") announced the acquisition of the resort finance business of GMAC Commercial Finance LLC ("GMAC"), a subsidiary of Ally Financial Inc., primarily consisting of a $1.0 billion portfolio of loans related to timeshare resorts throughout North America. 23 /PRNewswire/ - Centerbridge Capital Partners, L.P. GMAC offers plenty of options that home buyers can choose from.NEW YORK, Sept. Home prices are low, and now may be the time to take advantage of the housing market before home prices go back up. Home buyers should do their home work before choosing which mortgage product they should buy in order to find the right mortgage loan. There is plenty of information made available to the consumer about all the different mortgage products that GMAC has to offer. Down payments are around 10 to 20 percent of the total value of the home.Īpplying for a GMAC mortgage is made simple by going online and visiting the GMAC website. GMAC usually requires a certain amount of down payment on a home when applying for a mortgage, unless the borrower is qualified for a no down payment VA loan. 30 year mortgage loans typically have a higher interest rate on the loan than 15 year mortgage loans. In other words, the length of the mortgage loan will play a key role on the amount of interest the borrower will pay. The term in which these mortgages are being applied for will also impact the amount of interest the borrower will pay on their loan. Jumbo loans are typically used for larger property purchases that accede to the amount that is usually associated with purchasing a new home. Jumbo loans that are offered by GMAC come with a fixed rate or an adjustable rate interest, depending on the size of the loan. Only those who are retired and are Veterans from the armed forces can use a VA loan. The Veterans Association guarantees the mortgage, which allows the mortgage company to offer low interest rates with no down payment. GMAC also offers VA loans, which are loans that are specifically designed for Veterans. FHA loans are used for low income housing families. GMAC offers FHA loans to reach a target audience that are considered in the lower income range. FHA loans are loans that are backed by the government. Adjustable rate mortgage loans usually will have an interest rate that will adjust every year after the period of the fixed rate is over. After a certain period of time during the life of the adjustable rate mortgage, interest rates will go up.Īdjustable rate mortgages have an interest rate that will adjust after 3 years, 5 years, 7 years, and 10 years depending on which type of adjustable rate mortgage the customer is applying for. Adjustable rate mortgage loans that are offered by GMAC come with a fixed rate that is typically lower in the beginning of the contract. Payments on this type of loan will remain the same during the entire life of the contract. Fixed rate mortgage loans offered by GMAC have a fixed rate that will last throughout the duration of the mortgage contract, like other fixed rate mortgages. GMAC also offers special mortgage loans like VA loans, FHA loans and jumbo loan mortgages.Įach type of mortgage gives the homeowner options with how they would like to finance or refinance their mortgage. They offer low competitive rates on mortgages and GMAC also offers competitive rates with mortgage refinancing as well. GMAC has been offering mortgage loans to their customers for over 25 years. There are variable rate, fixed rate, adjustable rate, and many other types of mortgages that people have to choose from. There are many financial institutions that offer different types of mortgage loans to their customers. Mortgage loans are an absolute necessity for the majority of the population to afford to purchase a new home.
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