GMAC-RFC yesterday announced details of its enhanced non-conforming mortgage range. Rates start at just 5.24%, with a choice of competitive discounted and fixed rates that are available on a status or self cert basis.
The range was designed after careful analysis of market data that showed that borrowers have a wide range of varying levels of adverse credit.
Jeff Knight, head of marketing services at GMAC-RFC, says: “One thing that we found in our research was that the majority of non-conforming borrowers had just minor levels of adverse credit. These new rates are designed with the needs of such borrowers in mind and are very close to mainstream rates, allowing intermediaries to punch their true weight.”