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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 it’s not required. To find out more, check out questions on sourcing a mortgage down payment or speak with one of our loan experts.
If your down payment is less than 20% of the home price, you may be required to pay private mortgage insurance (PMI).
You’ll typically pay 2 to 5% of the purchase price for closing costs. Keep in mind, earnest money (the amount you put down during an offer as a deposit toward your desired property) may count toward your payment. Also, paying points — getting a lower interest rate in exchange for paying more at closing — or receiving credits — getting a higher interest rate in exchange for money back at closing — also impacts your total closing cost amount.
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.
Potentially. You may be able to waive escrow if your loan type and loan-to-value (LTV) ratio qualify. Check your escrow preferences on your personalized rate table once you've applied, or contact your home loan expert for more information.
You'll receive contact info for your home loan expert.
You can also call us at 1-855-256-2559 from Monday – Friday, 8 am – 10 pm and Saturday 10 am – 4 pm ET.
There's a possibility it will be. 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.
You'll be notified if we plan to sell your loan. When you receive your Loan Estimate, check the third page under the Other Considerations section. You'll see check boxes indicating whether we intend to service your loan at Ally or transfer the servicing once your loan is funded.
This is included in your monthly payment to cover your property taxes and homeowners 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. We automatically set up this account once you’ve closed on your home. You may be able to waive escrow if your loan type and loan-to-value (LTV) ratio qualify. Check your escrow preferences on your personalized rate table once you’ve applied, or contact your home loan expert for more information.
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.
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 they're typically 2% to 5% of the purchase price.
No. Unlike most big banks and lenders, we have no lender fees. This means you pay no fees for the application, origination, processing, or underwriting of your loan.