CHARLOTTE, NC, July 27, 2021 /PRNewswire/ — Ally Home, the mortgage lender of Ally Bank, today announced the launch of RefiNow, a home financing option to better serve borrowers struggling to qualify for other refinancing options. Barriers that hinder lower-income homeowners from refinancing often cause borrowers to refinance at a slower rate than those with higher incomes. RefiNow is helping more borrowers take advantage of today’s low mortgage interest rates, while continuing to promote a stronger, safer housing financing system — all in keeping with Ally’s commitment to “doing it right” for current and future homeowners.
“Historically low rates make it an exceptional time to refinance your mortgage, but until now, many low-income consumers — the people most in need of financial assistance — have been unable to qualify for traditional refinancing options and take advantage of these lower rates. “, say Glenn Brunker, president of Ally Home. “Via RefiNow, Ally Home is committed to helping borrowers save money each month through lower interest rates, while also enabling them to build equity, grow wealth and promote economic mobility.”
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RefiNow is available to borrowers with a Fannie Mae backed mortgage who want to refinance their primary residence. To qualify, borrowers must have a current income equal to or less than 80% of the applicable median income for the location of the property in question. The RefiNow program also requires a loan-to-value ratio of 97% or less, a debt-to-income ratio of 65% or less, and a minimum FICO score of 620.
Additional eligibility requirements include a reduction in the homeowner’s interest rate by at least 50 basis points and at least $50 in monthly savings on mortgage payments. Borrowers eligible for the RefiNow program will not be charged an appraisal fee. For more information, visit Fannie Mae RefiNow | rose.
About Ally Financial Inc.
Ally Financial (NYSE: ALLY) is a digital financial services company committed to its promise to “do it right” for its consumer, commercial and corporate clients. Ally is comprised of a leading independent auto finance and insurance company, an award-winning digital direct bank (Ally Bank, member FDIC and Equal Housing Lender, which offers mortgage loans, point-of-sale personal loans, and a variety of deposit and other banking products), a corporate finance company for equity sponsors and medium-sized companies, and stock brokerage and investment advisory services. A ruthless ally for all things money, Ally helps people save well and earn well so they can spend on what matters. For more information, visit www.ally.com and follow @allyfinancial.
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SOURCE Ally Financial