More information of Fixed-rate mortgage loan
Ally Bank online bank offers its fixed interest rate mortgage loans to all individual customers who wish to purchase a home to use as a primary residence or for occasional vacation use.
With this mortgage you will not have to worry about the price of money going up or down, you will always pay the same every month, and you will know from the beginning the total amount of interest you will pay, avoiding surprises and gaining peace of mind.
What is the cost of this mortgage?
It is difficult to give a global answer to this question, since depending on the different parameters we can obtain different interest rates and commissions.
The best thing to do is to carry out a simulation on the Ally Bank website, providing specific data on the house you want to buy and your creditworthiness.
We have done a test with a $200,000 home in California, with a credit score of 760 or more, a term of 30 years and a down payment of $40,000 (20%) and we have obtained an APR of 6.41% and a monthly payment of $998.
What is the minimum down payment?
The minimum down payment you have to put down is 3%, without having to use Private Mortgage Insurance if you use Fannie Mae's HomeReady program.
If you are unable to use the HomeReady program, you can go below the 20% down payment by taking out PMI.
How do I apply for an Ally Bank fixed mortgage?
You can apply through the bank's website or mobile app. In a few minutes you will receive a response and, if it is positive and it looks good to you, you can continue with the process by sending the necessary documentation.
In addition, with Ally Bank you can also choose a variable interest rate mortgage, where the amount of the payment fluctuates according to the SOFR index.
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