If you need to know how to pay off a GMAC home mortgage, you are in a good place. It must mean you have the principle amount of your GMAC mortgage available. Congratulations! Nothing could feel better than paying off a loan early. Not only will you erase a major bill from your monthly expenses but you will probably save thousands, if not tens of thousands in interest costs.
GMAC Mortgage Corporation makes it fairly easy to pay off a GMAC home mortgage early. Here are the steps you will need to take:
- Call GMAC Mortgage or click "Request Payoff" on GMAC Mortgage's official website. You can request the payoff amount by calling (800) 766-4622. Have your account number and last four digits of you social security number handy. Call this number and follow the prompts. It will ask you if you want the interest paid through date. They are asking you for the date you believe you will get the principal amount to them. Enter the anticipated date. You can also request a written payoff statement. Expect to pay a small fee for a written or faxed payoff statement.
- You may notice a difference in the balance amount. This is because the payoff amount includes the principle amount and any unpaid interest or various fees when applicable. For example, some loan agreements have a prepayment penalty. You may want to refer to your original loan agreement to see if this fee applies to you.
- Mail or wire transfer payoff. You can mail the payoff amount to GMAC Mortgage: 6716 Grade Ln. Building 9, Suite 910C, Louisville, KY 40213. You can also wire transfer the amount to: JP Morgan Chase Bank, NA for GMAC Mortgage, LLC: 1 Bank One Plaza, Chicago, IL 60606. ABA Routing Number 021000021, Wire Account number 662631175. Credit the account to GMAC Mortgage, LLC of PA. There is a $7.50 wire transfer fee. You must also include your name, loan number, remitter’s name and remitter’s phone number.
- Any excess funds will be mailed back to you. Sometimes the payoff amount is not exact. This may be because of the timing of the payoff amount reaching GMAC Mortgage. If there is an excess amount of funds it will be returned to you in about fifteen business days from the day you applied for the payoff.