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.

Get started to see if it makes sense for you to refinance. You can also see the difference a new loan can make with our Refinance Calculator.

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.

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.

Refinancing

30-Year Fixed ^% Annual Percentage Rate

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View Rates and Assumptions | Customize Your Rate and Payment

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Benefits of Refinancing

Make your payments work better for you

Lower monthly payments.

Whether you want to switch from an adjustable rate to a fixed rate, or just looking to increase your cash flow, refinancing may get you a lower interest rate so you can save money each month.
Pay off your loan faster.

Changing to a shorter term means you pay off your home sooner and lower the total amount of interest you're paying on it.
Take cash out.

If there's equity in your home, taking cash out adds to your mortgage but provides the option to consolidate debt, make home improvements or pay off other expenses.

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.

Take the Next Step

Why Ally

We do what it takes to live up to our name

You're counting on us to help with your financial situation, 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.

How it Works

Know what to expect ahead of time

1. Meet your Home Team and apply
Meet your Home Team and apply

Our Home Team is here to guide you through the refinance 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 help you decide if it makes sense to refinance.
Our responsibilities

Help you understand your options

Start your application
Your responsibilities

Be responsive to phone calls from us

Know your credit history and financial goals
It takes 2 minutes to get started. Take the Next Step
2. Submit documents
Submit documents

Refinancing 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 online

Complete application

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 closing agent to review and sign your closing documents. We'll let you know if anyone else 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
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 loan you want, on your terms

Term

Fixed Rate Mortgage

Adjustable Rate Mortgage

Details

Crunch the Numbers

See the difference a new loan can make with our refinance 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

See the difference a new loan can make with our refinance calculator.

FAQs

We have answers

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?
Get started to see if it makes sense for you to refinance. You can also see the difference a new loan can make with our Refinance Calculator.
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?
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.
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Refinancing

Lower monthly payments.

Pay off your loan faster.

Take cash out.

Let's Talk

Request a call

Competitive rates

The Ally Home Team®

Online access

Meet your Home Team and apply

Our responsibilities

Your responsibilities

Fixed Rate Mortgage

Adjustable Rate Mortgage

Details

Crunch the Numbers

Crunch the Numbers

Example Loan Estimate

Interest rate on page 1

Points on page 2

The Ally Home Team^®