GMAC (Ditech) Mortgage Refinancing and Modification Options

Homeowners who have a mortgage with Ditech (GMAC) must use President Obama’s stimulus plan to get a home loan refinance or modification. Obama’s Making Home Affordable plan will give homeowners the opportunity to get a flat rate as low as 4.5% through a refinance or mortgage modification. Here’s some information for homeowners looking to save money with this plan:

Homeowners everywhere are now eligible to use this plan, even if they were denied Ditech before. The guidelines in Obama’s stimulus plan give cash incentives to mortgage lenders like Ditech, to reduce their risk and allow them to approve more applications. Millions of homeowners can use this plan, and here’s some more information.

The home to be refinanced must be the actual homeowner’s primary residence. This plan will not assist people on vacation, second or rental properties.

Mortgage interest rates can be reduced to 2% due to the need for mortgage lenders and banks to meet the plans’ guidelines. One such guideline is that a homeowner, after a loan modification, must pay no more than 31% of their home loan’s gross monthly income each month. To do this, interest rates may be reduced to 2%.

Mortgages can be refinanced or modified to 20, 30 or even 40 years in order to meet the requirements of the Obama plan.

Homeowners everywhere can use this plan to their advantage and get an affordable monthly mortgage payment with it Loan modification or refinancing. When a homeowner uses a mortgage lender as reputable, scale, and experienced as Ditech does, they can rest assured that the best people in the industry handle the issue. Millions of homeowners can easily save a few hundred dollars a month, just by taking the time to talk to Ditech. Start saving now and take appropriate action.

Source by Michael Petrone

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