If you’re interested in buying a home, you may be wondering if Ally home loans are a good option. The company offers several types of mortgages, including those with a low down payment and a high interest rate. To get started, you can fill out an application online or over the phone. Prequalification is the first step, and requires basic information about your location, property type, and email address. If you’re accepted, a credit check will follow.
Once you’ve completed the application form, you will need to submit the required documents to the company. You’ll work closely with your loan coordinator to complete the required documents. You can do this online or by phone, but you’ll need to send the documentation to Ally. You’ll need to provide proof of your income, assets, and student loan payments. The Ally loan coordinator will set up an appraisal company to verify your income and assets.
Before deciding whether Ally is the right choice for you, make sure you have a good credit score. Ally requires a credit score of 620 or higher, and a higher score means a better interest rate. Also, make sure there are no negative marks on your credit report. The lender will make a hard inquiry into your credit report. If you have any recent late payments, bankruptcy, or any other negative information, it’s critical that you clear any negative items off your credit report.
Another major benefit of Ally is that their application process is quick and easy. Its online platform provides easy application forms and a fast preapproval. And because it doesn’t charge any lender fees, many people have turned to Ally as a mortgage lender. However, there are some drawbacks to this lender. As with any financial product, Ally’s customer reviews are not completely positive. Most customers say they’ve been unhappy with the service and product.
As an online bank, Ally has a limited footprint. The company offers mortgages in certain states and Washington, DC, but not in New York. In addition to jumbo and conforming mortgages, Ally also offers regular rate-and-term refinancing, cash-out refinancing, and personal loans. Ally doesn’t offer government-backed loans, but they do accept refinancing mortgages.
Another advantage of Ally is that you can make a 20% down payment. In addition to this, they also have competitive mortgage rates. The down payment amount is based on several factors, including your credit score, employment history, and debt-to-income ratio. In general, Ally does not require a credit score higher than 620, although the minimum for jumbo loans is 20%. If you are a first-time homebuyer, Ally is a good choice for many people.