Ally Bank Loans Phone Number

Question 1

What is a 5/1 arm loans?

Answer

A 5/1 ARM is a mortgage in which the interest rate is same for the initial 5 years, but it fluctuates every year following that. The term 5/1ARM is due to the fact that interest rates are fixed for five years and then change to an adjustable rate for the remaining 25 years. Ally Bank Loans Phone Number.

Question 2

What credit score is required for obtaining a VA loan?

Answer

To qualify for a VA mortgage, you must have a credit score of 580 or more. The VA home loan is available to veterans and servicemen who have served 181 days in peacetime, 90 days in the war, and have served six years in the National Guard or Reserves. Spouses of military personnel who have died or those who were disabled due to their injuries are eligible. Ally Bank Phone Number.

Question 3

What exactly is a loan estimate?

Answer

If you're considering the possibility of a mortgage loan, a lender has to offer you an estimate of the loan. The estimate should contain all of the following information: The mortgage amount you are requesting The rate of interest on the mortgage The length of the mortgage installment amount for principal, interest, taxes, insurance (PITI) as well as any other payments you are required to make monthly. The total amount of money you will be required to pay over the course of the loan which includes principal and interest, as well as taxes, insurance, and other payments Ally Phone Number.

Question 4

Who is a Micro lender?

Answer

A micro loan lender is a type of financial institution, which lends money to small- or medium-sized enterprises. The amount that is typically borrowed is typically less than $50,000. They typically are entrepreneurs and others with low incomes that may not be able to obtain traditional bank loans. Since they have to take on more risk when lending to people who may not be able to repay the loan, micro lenders often charge high interest rates. However, they can also provide a valuable service by helping entrepreneurs get their business on the right track and expand. Ally Bank Loans Phone Number.

Question 5

What is a lender and what are they?

Answer

A lender can be any person or company that provides money to the borrower in return for interest. You can find lenders in credit unions, banks and payday lenders. They could also be corporate or private investors. Ally Bank Phone Number.

Question 6

What is fixed-rate lending?

Answer

A fixed-rate loan is a loan that has a fixed interest rate throughout the term of the loan. Fixed-rate loans are advantageous as the borrower knows exactly what their monthly installment will be and plan their budget according to. There is a downside that borrowers might be able to refinance to get a better rate for a new loan, if rates drop. Ally Phone Number.

Question 7

How much can I qualify for an VA loan?

Answer

The maximum loan limit is not set by the Department of Veterans Affairs (VA). Fannie Mae's as well as Freddie Mac have established conforming loan limits, which will determine how much you are allowed to borrow. These limits differ based on the location of your property. Any loan beyond these limits will be guaranteed by the VA. The VA will back any loan over these limitations. If you require more, you will have to make additional contributions. The online VA Loan Limit Calculator will assist you in determining the amount you're eligible for. Ally Bank Loans Phone Number.

Question 8

What is a loan that is forgiven?

Answer

The loan forgiveness program is a form of debt relief that permits the student to have the outstanding student loans wiped out. There are a variety of programs that provide loan forgiveness. The borrower must satisfy certain requirements to be eligible to receive forgiveness of loan debt under these programs. These include making 120 monthly qualifying payments on student loans as well as working as a teacher or office position. Ally Bank Phone Number.

Question 9

How do you remove PMI from an FHA loan?

Answer

There are a variety of ways to eliminate PMI from the FHA Loan. It is possible to do this by achieving sufficient equity in your home. Another option is to hold off until the balance on your loan is lower than 78% of the original home's value. A program dubbed "Mortgagee Release" allows borrowers the option to release their PMI after they've completed the payment of the mortgage debt to 80percent. Ally Phone Number.

Question 10

What is a "hard money" loan?

Answer

A loan with a hard-money character is one that's secured by real estate or any other asset. These loans are often utilized to finance projects that are temporary such as fix-and-flips, or construction. While hard money lenders tend to be more costly than conventional banks, they usually approve loans faster. Ally Bank Loans Phone Number.