to help you figure out how refinancing could affect your finances. Provide information like the date you initially purchased your home, current rate, neighborhood, and goal for refinancing, and Ally calculates your new monthly payment amount, interest rate, and term length.You can choose between rate-and-term refinancing and cash-out refinancingRate-and-term refinancing is probably what you think of when you hear the term "refinance.
Cash-out refinancing is an option if you have gained equity in your home. You receive a new loan for the value of your home rather than for the amount you currently owe. Subtract the amount you owe from your home value, and you receive the difference in cash. With a cash-out refinance, your goal might be to solve cash flow issues or use the money in another way. Ally will pay $500 toward closing costs for existing members, Ally will contribute $500 to your closing costs.
If you have a government loan and want to refinance it to another government-backed loan, or if you want to refinance your regular mortgage to a government-backed loan, you'll have to go through a company other than Ally.On the website, click "Get Started" in the top right-hand corner. Enter the information about the property you want to refinance, andwill provide you with a quote within a few minutes.