I have a mortgage with GMAC overall they have been pretty good except for 2 things: before the closing I asked if I could pay every 2 weeks, thereby saving interest. I was told several times that was ok.
Well, I made my first payment in 2 installments. Half at the beginning of the month and the other half 2 weeks after. Imagine my surprise when I was told I was late on my payment even though I had done it on-line through their site and had made it a month early!
Well, I called and was told that I wasn't allowed to pay every two weeks that My mortgage contract states, "I will pay my monthly mortgage payment in full by the end of the month". Well, I argued with her because I did make my full payment by the end of the month, just in 2 installments. But she said that it has to be the enitre payment at once.
Well 2 weeks later, guess what? I got an offer from GMAC that if I paid a $360 "set-up fee" that I could enroll in a program that allowed me to pay every two weeks. The offer went on to tell me how much intrest I could save. Well when I read the fine print, it states that even though they take your payment every two weeks, they actually CREDIT it at the END of The Month! Just like you have to pay now! So basically you pay $360 dollars for nothing! Be aware! Read all the fine print!
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