GMAC Mortgage Offers Special Mortgage Services to US Hispanic Chamber of Commerce Members and Employees

November 09, 2005

New Program Designed to Help Latino Families Achieve The American Dream of Homeownership

GMAC Mortgage Corporation and the United States Hispanic Chamber of Commerce (USHCC) recently announced a unique mortgage services program designed to reduce home financing costs for new and existing homeowners available to USHCC members and their employees. Ennio Garcia-Miera, vice president of the New Markets Group, GMAC Mortgage, made the announcement at the recent USHCC annual convention in Milwaukee, Wisconsin.

The partnership with the USHCC is one of several with Latino business organizations that GMAC Mortgage has instituted this year to assist Latino families realize the dream of home ownership. According to the Tomás Rivera Policy Institute at the University of Southern California, 84 percent of Latino renters want to buy a house and 55 percent plan on doing so in the next five years.

“We are very thrilled to partner with the USHCC to offer a variety of home-buying products that can significantly impact the costs of purchasing a home,” said García-Miera.

The special GMAC services program includes:

-- $250 off home closing fees by GMAC Mortgage

-- $3 per $1000 reduction on sale or purchase of a home through a GMAC Real Estate Realtor or when using a participating realtor

-- Competitive pricing on homeowners insurance policy through GMAC Insurance

-- $100 reduction on title insurance at closing from GMAC Home Connects

-- A special rate reduction for the life of student loans, and a no-minimum amount for new consumer accounts at GMAC Bank

“Through these special services we are excited to take our relationship with the USHCC to the next level. We believe this new program will contribute to the growth and success of USHCC members, their employees and families throughout the U.S” Garcia-Miera said.

The USHCC initiative is an integral part of a national commitment by GMAC Mortgage to make the home buying process more affordable and accessible to Latino families. Earlier this year, GMAC Mortgage launched “La Última Palabra,” a national program to establish itself as the last word in home financing with the Latino community.

For more information and to access the special services, USHCC members can call the dedicated bilingual telephone line at 1-866-389-0443.

ABOUT GMAC MORTGAGE

GMAC Mortgage Corporation, a wholly owned subsidiary of Residential Capital Corporation (ResCap), is among the nations' top ten residential mortgage servicers and originators. The company, headquartered in Horsham, Pa., originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands, gmacmortgage.com and ditech.com. GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2004, GMAC Mortgage originated $89 billion in residential mortgages, representing over 588,000 transactions. The company's servicing portfolio of more than $214 billion represents nearly 2 million customers throughout the nation.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.