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Closing
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.
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.
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.
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.
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.
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.
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.
A mortgage assignment is a document lenders use to transfer a loan to another company. This document must include info like borrowers' names, the date the mortgage was finalized and how much the loan was for.
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.
