GMAC Financial Services offers a home equity line of credit which you can draw cash from a source based on the equity on your home. It can be used to make purchases as you would a credit card.
Gmac cancelled our 300,000 equity line of credit because we were late one month. Our monthly payment was only 2.64 per month as we had only borrowed $200 in order to keep the acoount open. We missed one payment when we were out of the country for 45 days. When this was called to our attention, we immediately paid the installment and doubled it. There were numerous times when we had also paid double the premium.
It is shameful that a company like Gmac would treat their customers in this way. A cancellation for only 2.64. Our appealed was denied. Gmac does not deserve to get any bail out money.
GMAC refuses to let me cancel this even though I'm not using it, and they are charging me a yearly fee for having it available. What a ripoff!
Gmac has been a lifesaver! I can't stress this enough. My husband lost his job and he found another one which was going to start 3 months later. We had no choice but to take out a credit line on our house. This freed up some money for our disposal until John found a new job. We got a pretty good rate on the payback.
| Type | Today | Week Ago |
|---|---|---|
| 15 Year Fixed | 4.62%  |
4.67% |
| 30 Year Fixed | 5.15% | 5.15% |
| 1 Year ARM | 3.48% |
3.51% |
| 5/1 Year ARM | 3.62% |
3.68% |
| Type | Today | Week Ago |
|---|---|---|
| Line of Credit | 4.89%  |
4.88% |
| 10 Year Loan | 7.47% | 7.47% |
| 15 Year Loan | 7.61% |
7.60% |
| Type | Today | Week Ago |
|---|---|---|
| Interest Checking | 0.28% | 0.28% |
| Money Market/Savings | 0.38% | 0.38% |
| 12 Month CD | 1.13%  |
1.15% |
| 60 Month IRA CD | 2.40% |
2.41% |
| Type | Today | Week Ago |
|---|---|---|
| Cash Back Cards | 12.66% |
12.68% |
| No Annual Fee Cards | 12.08% |
11.97% |
| Reward Cards | 12.75% |
12.61% |
| Small Business Cards | 11.01% |
10.94% |
| Student Cards | 13.77% |
13.49% |
| Platinum Cards | 12.26% |
12.11% |
