Ally Bank Mortgage: how to apply
In this article, we’ll teach you how to apply for the Ally Bank Mortgage. By the end of your reading, all your questions will be answered.
Ally Bank Mortgage: No waiting and no lender fees
Want to apply for the Ally Bank Mortgage but don’t know where to start? So you’re in the right place!
In this post, we’ll teach you everything about the application process so you can start your home-buying journey soon! So keep reading and find out more.
How to apply on the website
On the first application page, they’ll ask you which part of the process you are, what you are looking for with the pre-approval process, and when and where you plan to purchase a property.
Then they’ll ask you what type of home you’re interested in purchasing and what property type it would be. Also, the lender will request your personal information for a soft credit check.
Next, they will show you the loan options available, and you can choose which one best fits your current situation.
This process only takes three minutes; once it’s done, you can complete your application.
Lastly, you’ll send the requested documentation, which can be uploaded, signed, and submitted online.
Ally Bank Mortgage offers an interactive and straightforward process, so any doubt you might be answered by Ally Bank experts.
Once the application is complete, it will take only a few weeks or months to close. Although the application is online, the borrowers only meet in person to sign the closing documents.
Ally Bank Mortgage considers applicants with a FICO score of at least 620 for conventional loans. Jumbo loan applicants must have a 700 or higher credit score and a 20% down payment.
Other things are also considered, such as a debt-to-income ratio of up to 50%. And your employment history.
Find other loan options: Rocket Mortgage
If you want to look at more options, we have a great lender ready for you! Meet the Rocket Mortgage; it offers a variety of loan types and accepts applicants with lower scores.
It offers a fully online experience and a user-friendly mobile app to easily manage your account. Let’s compare below both mortgage details!
|Ally Bank Mortgage
|At least 620
|Conventional, HomeReady loan and Jumbo
|Fixed, Adjustable, FHA, VA, and Jumbo
|Minimum down payment
|It depends on the loan type
|It depends on the loan type and your financial situation.
|From 6.36% to 7.604% (it can vary and depends on the loan type)
|10 – 30 years
|Up to 30 years
Are you thinking about applying for the Rocket Mortgage? So read the following article, and we’ll fill you in on the application process details!
About the author / Beatriz Vieira
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