Refinance a mortgage with Ally Bank

You might choose to refinance your mortgage with Ally Bank because you want a lower interest rate or becausy Ally Bank no longer services its mortgages.

Refinance mortgage Ally BankA mortgage refinance involves obtaining a new mortgage loan and paying off your previous mortgage. You might choose to refinance your mortgage with Ally Bank because you want a lower interest rate or because Ally Bank no longer services its mortgages.

Click here to skip the article and get refinancing quotes from national lenders.

As of March of 2013, all of Ally Bank's mortgage servicing have been sold to Quicken Loans, Inc. and Ocwen Financial Corp. If you had a mortgage with Ally Bank, formerly GMAC, you probably already know that Ally does not handle its mortgages any longer. Both Quicken and Ocwen offer refinancing options through the federal Making Home Affordable (MHA) Program. Ally Bank is one of the major banks ordered by the National Mortgage Settlement of 2012 to provide relief to its customers through loan modifications, refinancing and cash payouts

Additionally, Quiken Loans offers refinance mortgages for Ally Bank customers. You may lower your rate, extend your loan term, get cash from your home or consolidate your debt with its refinancing options. Quicken offers rates today ranging from 4.25 percent to 4.689 percent depending on the type of loan you need and if you work with Quicken or a partner bank. It offers Federal Housing Administration (FHA) loans, U. S. Department of Veteran's Affairs (VA) loans and many other options.

If you want to refinance your mortgage with Ally Bank, you can choose another lender or you can talk to a loan representative with Quicken Loans. Keep in mind that a refinance of any type will have fees and closing costs, so weigh the cost-savings of a lower rate with the added costs of refinancing. If you want to compare rates for refinancing your mortgage with Ally Bank, Reply! provides quotes from national lenders.

Photo credit: Ian Muttoo via Compfight CC.

Free Quotes! Click here to get your mortgage estimates now!