Ally Home Loans Help Center: Purchase Pre-approval FAQs | Ally (2024)

FAQs

Can you get pre approved with Ally? ›

You can get pre-approved completely online. Fill out our online application, and if you're approved, you'll be able to access your pre-approval letter within minutes.

A preapproval letter just says that a lender is willing to lend to you – pending further confirmation of details. A preapproval helps you shop for a home, because it lets the seller know you are a serious buyer.

What credit score do you need for an Ally loan? You can qualify for an Ally Bank auto loan with credit scores as low as 520, but for an Ally Bank refinance, you'll need a minimum of 620.

On average, it takes 7-10 days to get a pre-approval, although in some cases it may take less time. To speed up the home loan pre-approval time, you should gather your financial documents that the lender will require (e.g., W2s, proof of income, tax returns, etc.).

It's ideal to put down 20% of the home price, but it's not required. To find out more, check out questions on sourcing a mortgage down payment or speak with one of our loan experts. If your down payment is less than 20% of the home price, you may be required to pay private mortgage insurance (PMI).

Simply, if you're preapproved for a mortgage there is still a possibility you could be denied after. In fact, approximately 5,741 VA loans were preapproved but not accepted according to 2022 HMDA data.

However, even though prospective homebuyers get pre-approved for a mortgage before shopping for homes, there's no 100% guarantee they'll successfully get financing. Mortgages can get denied and real estate deals can fall apart — even after the buyer is pre-approved.

According to our research, APRs for refinancing start as low as 4.74% and loan terms of up to 75 months are available. Ally has a minimum credit score requirement of 580, making it easier for those with subprime credit to get approved.

Which credit bureau does Ally use? ›

Yes, the Ally Platinum Mastercard® reports your account activity to all three major credit bureaus: TransUnion, Experian and Equifax. The card will send reports to these bureaus every month, so it can help you build credit score, as long as you make your payments on time and keep your credit utilization low.

The Ally Platinum Mastercard® provides eligible consumers with a relatively straightforward way to build or rebuild credit.

Starting early on your search gives you enough time to explore different neighborhoods, view multiple properties, and find the right home for you. The best time to get pre-approved for a mortgage is between 1 and 4 months before buying a home.

If you are pre-approved or credit pre-approved for a loan before you start the home shopping process, your mortgage could close in as little as two to three weeks after your offer is accepted on a home.

Most people go through six distinct stages when they are looking for a new mortgage: pre-approval, house shopping, mortgage application, loan processing, underwriting, and closing. In this guide, we'll explain everything you need to know about each of these steps.

62% of job seekers rate their interview experience at Ally Financial as positive. Candidates give an average difficulty score of 2.7 out of 5 (where 5 is the highest level of difficulty) for their job interview at Ally Financial.

Step 4: Open your account

Opening an account with Ally only takes about five minutes, and the application walks you through each simple step. Here's the gist: Head to Ally.com. Select the account type you're interested in under the "Checking & Savings" tab.

It's worth noting that the Ally Platinum Mastercard® accepts people with limited credit, too. You should note that while the credit score requirements are lenient, there are plenty of other things that will impact your chances of being approved for the card.