How do I get pre-qualified for an Ally home loan?

You can get pre-qualified completely online. Fill out our online application, and if you're approved, you'll be able to access your pre-qualification letter within minutes.What you should know about getting pre-qualified with us:We'll check your credit. During pre-qualification 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 30-45 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-qualified. We'll only ask for documents if you want to move forward with your application.

What does it take to get approved for a home loan?

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.

What's the difference between my interest rate and my Annual Percentage Rate (APR)?

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.

How is my home loan interest rate determined?

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.

Does Ally offer programs for first-time home-buyers?

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.The details: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.

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Why Ally

We do what it takes to live up to our name

You're counting on us to help you reach an exciting milestone, that's why we do everything we can to make you feel comfortable and confident along the way. It's just the right thing to do.

Competitive rates

You don't have to go far to find the right loan. With consistently competitive rates and options tailored to fit your financial situation, we make it our goal to help you achieve yours.

The Ally Home Team^®

Our loan experts are trained and committed to be on your side every step of the way. When you work with us you get:

Dedicated support – we provide you with a knowledgeable team of loan experts to help you through the home loan experience, from application to close.
Frequent updates – we check in with you regularly to answer any questions you may have along the way and ensure you meet your closing date.
Communication options – you choose how you’d like to be contacted: by phone or email.

Online access

We give you the option to keep track of all your loan-related documents online, from any device. Convenient and secure, you'll always know what we need, what’s already done and where your application stands.

First-time Buyer Tips & Tools

Let's Talk

Give us a call now

1-855-256-2559

Monday - Friday, 8 am - 10 pm ET

Saturday 10 am - 4 pm ET

Request a call

Give us a little information and a home loan advisor will call you to discuss your options.

Get Pre-qualified

How it Works

Know what to expect ahead of time

Buying a home is a big investment. Before setting your sights on a home, you should
have an idea of how much you can spend.
See What You Can Afford

1. Get pre-qualified
Get pre-qualified

Our Home Team is here to guide you through the home loan experience. This means you'll have a loan advisor, loan coordinator and closing coordinator with you every step of the way. After you reach out, we'll introduce you to a licensed loan advisor who will look at your information and let you know how much you may qualify for.
Our responsibilities

Help you understand your options

Provide a pre-qualification letter if necessary

Start your application
Your responsibilities

Be responsive to phone calls from us

Know your credit history, financial goals and what you're looking for

Select a property and make an offer
It takes 2 minutes to get started. Take the Next Step
2. Submit documents
Submit documents

Buying a home comes with a lot of documentation, so you and your loan coordinator will be in close contact during this time. There will be documents you'll need to submit, as well as documents you'll need to review and sign – but we've made this part a little easier by giving you the option to do this all online. What to Prepare
Our responsibilities

Provide status updates

Introduce you to the appraisal company and set up an appointment

Review your documents
Your responsibilities

Upload, review and sign documents

Pay appraisal company
This usually takes 1-2 weeks, but the faster you get your documents to us, the faster we can finalize approval.
3. Underwriting
Underwriting

This is when we look at everything you sent us and make a final decision on your loan. Your loan coordinator will provide an update every few days so you'll always know where your loan stands.
Our responsibilities

Confirm documents and review appraisal

Finalize approval

Provide rate and loan term options
Your responsibilities

Submit additional documents if needed

Lock in your rate if you haven't already
It usually takes 2-3 weeks to make sure your documents are accurate and your application is complete.
4. Closing day
Closing day

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.
Our responsibilities

Prepare closing documents

Confirm your closing date and time

Coordinate with title office
Your responsibilities

Review and sign your closing documents

Pay closing costs if necessary
Expect to spend 1-2 hours at closing.
5. After you close

After you close

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.

Today's Rates

Get the home you want, on your terms

Term

Fixed Rate Mortgage

Adjustable Rate Mortgage

Details

Crunch the Numbers

Estimate your home-buying budget with our affordability calculator.

We're unable to show you our rate and payment options right now. Please check back later.

Our Annual Percentage Rates (APRs) are accurate as of NN/NN/NN and can change daily. This information reflects rates for borrowers with excellent credit in the state of California and a $300,000 conventional loan with 20% down for a single-family home in that state. The monthly payment amount we show doesn’t include taxes or insurance and assumes NNN monthly payments for a NN. View Jumbo Loan Options View Conventional Loan Options

30-Year
Monthly Payment	Points	Interest Rate	APR

Crunch the Numbers

Estimate your home-buying budget with our affordability calculator.

FAQs

We have answers

You can get pre-qualified completely online. Fill out our online application, and if you’re approved, you’ll be able to access your pre-qualification letter within minutes.

What you should know about getting pre-qualified with us:

We’ll check your credit. During pre-qualification 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 30-45 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-qualified. We'll only ask for documents if you want to move forward with your application.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.

The details:

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.
Was this helpful?

Still have questions? Visit our Help Center.

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