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Ally Home FAQs
If you started an online application, you can access your information and continue your application here.
No, but it's still a good idea to get one anyway. A home inspector checks the electrical, heating, air and other systems of the house to make sure they're working properly, as well as the foundation, roof, insulation and other areas to make sure the home is structurally sound. If you choose to get a home inspection, experts recommend doing so before you negotiate a final offer.
Yes. When it's time for you to get a home appraisal, we'll introduce you to the appraisal company and set up an appointment.
You'll meet with your real estate agent and closing agent to review and sign your closing documents. Depending on your state, you may also meet with your lawyer, the seller or the title company – but we'll let you know exactly who will be joining you as the day gets closer.
Your rate is based on today's mortgage rates and current housing market, but we also factor in your credit score, property location, loan amount, type and term to get you a personalized, up-to-date rate.
This is when we guarantee a certain interest rate, at a certain price, for a specific amount of time. This provides peace of mind if rates rise during the loan application process.
It makes the most sense to try and lock in your rate once you sign a purchase agreement. This is typically 30-60 days prior to closing.
We understand that sometimes things come up and closing can get delayed. We'll let you know in advance what will happen if it looks like your closing date will need to be moved.
Every situation is different, but it usually takes anywhere from a few weeks to a few months to go from application to closing. To learn more about what to expect in each part of the home loan process, see how it works.
Closing costs will vary, but they're typically 1% to 2% of the purchase price. We'll be able to give you a more accurate estimate of closing costs after you tell us more about the loan you're looking for.
Every situation is different, but when we review your home loan application, we look at your:
Credit score. This is determined by things like payment history and how long you’ve had credit. We’ll use this number to figure out how likely you are to pay back your loan and what interest rate you'll get.
Debt-to-income ratio. This percentage is your total monthly expenses divided by your gross monthly income.
Down payment. This is the amount paid up front when you purchase a home and isn't part of the loan. The higher the down payment, the less risky you seem to a lender — which could mean a lower interest rate, too.
Employment history. We want to make sure you’ll be able to afford your home, so proof of income is important.
It’s a good idea to get pre-approved so you know how much you can afford and set a realistic budget. Plus, a letter from us gives you more leverage when house-hunting, putting you in a stronger negotiating position when you’re ready to make an offer.
You can enroll now to get online access or log in to your home loan account if you have one already. Then you'll be able to view home loan details, make payments, get documents and access other information online.
We understand unexpected expenses or challenges put a strain on finances. If you’re unable to keep up with your payments, let us know as soon as possible, and we’ll do everything we can to help.
Log in to your home loan account and choose Message Center. Send us a note about your situation and we’ll have someone get back to you about next steps.
You can also give us a call at 1-866-401-4742. We’re available Monday through Friday, from 8:30 am – 8 pm ET, and on Saturday from 8:30 am – 5 pm ET.
Log in to your home loan account and choose Payments. Then select Automatic Payments.
Log in to your home loan account, then choose See Your Documents. You’ll be able to view, download or print all your statements, tax forms, and more.
You can get pre-approved completely online. Fill out our online application, and if you’re approved, you’ll be able to access your pre-approval letter within minutes.
What you should know about getting pre-approved with us:
We’ll check your credit. During pre-approval we only perform a soft credit check, which does not affect your score. Later on in the process we may perform a hard credit check (with your permission, of course). Keep in mind, any other home loan credit checks within 45 days are treated as one inquiry, so multiple inquiries during this time won’t additionally impact your score.
There are no fees or documents needed to get pre-approved. We'll only ask for documents if you want to move forward with your application.
With a fixed-rate loan, your interest rate won't change and your monthly principal and interest payments will stay the same over the life of your loan.
With an adjustable rate loan, your interest rate is fixed for the first 5, 7 or 10 years (depending on your term) and may adjust every 12 months based on current market rates after that. You'll likely have a lower interest rate and APR for the initial period of an adjustable rate loan than you would with a fixed rate loan.
This amount depends on the type of loan you choose — but the higher the down payment, the less risky you seem to a lender. It's ideal to put down 20% of the home price, but you should speak with one of our loan experts to see what your options are.
If your down payment is less than 20% of the home price, you may be required to pay private mortgage insurance.
Also known as "discount points", this is an upfront fee, calculated as a percentage of your total loan amount, and is paid directly to the lender at closing in exchange for a reduced interest rate. You have the option to choose the number of points and how many you buy when discussing rate options with your loan expert.
Since every loan is different, we won't have a complete list of documents needed until further along in the process, but we'll usually ask for copies of your:
- Most recent pay stubs
- Employment records
- Bank statements
- Tax returns
Other documents we may need:
- Letter of explanation for gaps in employment greater than 30 days
- Proof of other income or assets
- Divorce decree/separation agreement
- Proof of all judgements/liens have been paid in full
- Landlord information to verify rent payments
- Proof of student loan payments
This is when we look at everything you sent us and make a final decision on your loan. It usually takes 2-3 weeks to make sure your documents are accurate and your application is complete. Your loan coordinator will provide an update every few days so you always know where your loan stands.
Private mortgage insurance (PMI) is a part of the loan payment and protects the lender if a borrower defaults on a home loan. You may be required to pay PMI if your down payment is less than 20%.
This is included in your monthly payment to cover your property taxes and homeowner’s insurance as necessary. This amount is kept in a separate account by your loan servicer and payments for taxes and insurance are made on your behalf.
This is the amount you pay the day you close on a home and includes any fees charged as part of the home loan process. Closing costs will vary, but it's typically 1% to 2% of the purchase price.
The interest rate is the rate of interest charged on a home loan and can be fixed or variable (adjustable), depending on which loan you choose.
The APR is a measure of the cost to you for borrowing money, the APR includes your interest rate, points, fees and other charges associated with your loan – that's why it's usually higher than your interest rate.
- Single-family homes
- Multifamily homes
- Second homes
- Investment homes
A loan is considered jumbo if it exceeds the conforming (standard) loan limits. In most areas, this is $510,400, but varies by location.
We require a 10% down payment on all jumbo loans.
Not always. Sometimes lenders will keep your loan and you can pay them directly each month, but it's not uncommon for them to sell the servicing rights to a loan after you close. This frees up credit lines and enables them to lend money to other borrowers.
When you get a home loan with us, we'll let you know within 15 days of closing who will be servicing your loan and where to make future payments. While you won’t be paying us directly, the terms of your loan won’t ever change and you can always reach out to us if you have any questions.
Right now we offer loans in every state except Hawaii, Massachusetts, Maryland, Minnesota, New Hampshire, New York, Nevada, Virginia, Vermont and Wyoming
Yes. Fannie Mae's HomeReady mortgage program is designed to help first-time buyers and those who have limited down payment funds or unique circumstances.
Standard loan terms. We offer a 30-year fixed rate term for this program.
Flexible down payment options. You may be able to put as little as 3% down with the potential to save on Private Mortgage Insurance.
Homeownership education course. To help set you up for financial success, you’ll need to complete an online education course as a requirement for your loan.
Get started online today.
This document provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. It also gives you information about the estimated costs of taxes and insurance, and how the interest rate and payments may change in the future. Lenders are required to provide you with a Loan Estimate within 3 business days of receiving your completed loan application.
Our Mortgage Playbook has everything you need to know to get your head in the home-buying or refinancing game.
From information on what it takes to get a loan and available options, to understanding common home loan terms, we’ll set you up for success so you can take the next step with confidence.