Allied Mortgage Group review 2024

Allied Mortgage Group is a full-service mortgage lender with more than 30 years of experience in the mortgage industry. The company offers new loans and refinancing options and is licensed in 34 states and Washington, D.C. Keep reading to learn more about Allied, who it’s best for, and what the application process looks like. 

Best for: Flexible loan options

Allied may be a good choice for first-time homebuyers, self-employed individuals, and borrowers looking for low down payment options. If you’ve had trouble finding mortgage approval through other lenders, Allied might be a good fit.

The company offers low-down-payment options like VA loans, USDA loans, and FHA loans. Allied will also help you find state and local down payment grants, and may accept down payment gifts from family or friends.

Self-employed borrowers often face more scrutiny when attempting to buy a home. However, Allied simplifies the application process by providing other ways for self-employed workers to verify their income. 

Methodology 

To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology. 

Allied: Pros and cons 

There are benefits and drawbacks that come with every mortgage lender — here are a few considerations about Allied:

What to consider before applying 

Buying a house is a big decision, and the lender you choose plays a big role in how this process can go. Here’s what you should consider before applying for a mortgage with Allied:

• Current financial situation: Before applying for a mortgage, take some time to review your budget and figure out what kind of home you can afford. Knowing where you are financially will also help you determine the loan type you should apply for. 
• Credit score: Your credit score impacts the interest rates and repayment terms you receive on your mortgage. If your credit score is lower than you would like, you can improve it by paying your bills on time and lowering your credit utilization rate. 
• Down payment: According to Allied, you can qualify with a down payment as low as 3%, though you may have to pay for private mortgage insurance (PMI). If you don’t have enough saved for the minimum down payment, Allied might accept a gift from a friend or family member. The company can also help you find down payment assistance through a state or local program. 
• Closing costs: When you’re budgeting for a new house, don’t forget to account for closing costs. Closing costs include an appraisal, inspection, property taxes, and title fees. They typically cost between 3% and 5% of the total loan amount, though the exact amount will vary depending on your lender. 

How to apply for a loan with Allied 

There are a few ways to apply for an Allied loan — you can visit a branch location, apply online, or call the company directly. Here are the steps you’ll take:

1. Research different loan options: Before applying, research the different types of loans Allied offers so you can determine which one is right for you. For example, low-income borrowers with poor credit may want to apply for an FHA loan. If you have a good credit score and a high down payment, a conventional mortgage may be a better option. 
2. Prepare your documents: It’s a good idea to prepare the necessary financial documents ahead of time. Your lender will likely need to see copies of bank statements, pay stubs, W-2s, and tax returns. If you’re self-employed, you may need to provide a profit and loss statement.
3. Get prequalified: Next, you can get prequalified on Allied’s website. You’ll fill out a short form online, and a loan officer will contact you. 
4. Finish the application: Once you’ve been prequalified, you can submit the final application. An underwriter will review your application and financial documents.

How to qualify for a loan with Allied 

When you apply for a mortgage with Allied, you’ll need to meet certain criteria to qualify. Here are the main factors lenders look at when you go through the underwriting process:

• Income verification: You’ll need to show Allied that you have a stable source of income. You can do this by providing your pay stubs and tax returns. If you’re self-employed, you can provide your lender with bank statements from the previous two years. It’s also helpful if you can show that you’ve been in the same role for at least two years. 
• Debt-to-income ratio (DTI): Your DTI is the percentage of your gross monthly income going toward debt payments. Many lenders look for a DTI ratio below 36%, though some are willing to go as high as 43%. 
• Savings and assets: Finally, lenders will consider your savings and assets to assess whether you can cover your mortgage payments if your finances get tight.

How to refinance with Allied 

The process of refinancing with Allied is similar to obtaining a new mortgage. You’ll start by contacting an Allied loan officer to learn more about your refinancing options. If you decide to move forward, you’ll fill out an application online and provide the necessary financial documents.

Once you’ve been approved for your refinance, Allied will send you a loan estimate detailing your interest rate, loan terms, and closing costs. 

How Allied compares 

Allied offers flexible loan options, especially if you’re a first-time homebuyer or looking for a low-down-payment loan. In addition, if you’re self-employed and looking for a lender who will work with your income situation, Allied might be worth considering. See how Allied compares with other mortgage lenders before you make your decision.