Ally Bank Mortgage Review 2020

By Bankrate Staff

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Ally Bank

Bankrate Score

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4.2

User reviews
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( 96 )

4.8

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Ally Home, the mortgage-lending division of Ally Financial, is an online lender with roots dating back to 1919, it originally operated under the name General Motors Acceptance Corporation. It started offering direct-to-consumer home loans in 2016. Along with home loans, Ally offers a wide range of banking products (everything from nuts-and-bolts savings accounts to CDs and IRAs), making it a one-stop-shop for people who want to do all of their banking in one place.

Nationwide availability

Available in 39 states and the District of Columbia. Ally is in the process of adding New York, New Hampshire, Nevada, Maine, Minnesota, Virginia, Vermont, Hawaii, Maryland, Wyoming and Arkansas to the list of states where they lend.

Minimum credit score

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Jumbo loans require a minimum credit score of 700. Debt-to-income ratio, down payment amount and employment history also factor into the lender's decision when approving a home loan.

Loan types

Conventional, ARM and jumbo loans. Refinancing options include rate-and-term refinancing and cash-out refinancing.

Pros

  • Online application and service available to borrowers
  • Pre-approval in as little as 3 minutes
  • Pays $500 towards closing costs for those with an Ally account
  • Loan options include fixed-rate, adjustable-rate (ARM) and jumbo mortgages
  • Mortgage refinancing options, including rate-and-term refinancing and cash-out refinancing
  • As little as 10 percent down payment on jumbo loans
  • Transparent interest rates and loan costs

Cons

  • No FHA, VA or USDA loans
  • Home equity loans and home equity lines of credit (HELOCs) are unavailable
  • No brick-and-mortar locations

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Ally Bank overview

Loan types

  • Conventional fixed mortgages
  • Fannie Mae’s HomeReady program
  • Adjustable-rate mortgages (ARMs)
  • Jumbo mortgages
  • Refinancing options include rate-and-term and cash-out refinancing

Lender fees

Ally Home fees vary by loan type, but they are typically 1 percent to 2 percent of the purchase price.

Minimum borrower requirements

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Jumbo loans require a minimum credit score of 700 and come with down payments as little as 10 percent without private mortgage insurance. Debt-to-income ratio, down payment amount and employment history also factor into the lender’s decision when approving a home loan.

Ally Home adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.

Get started with Ally Bank

Borrowers can apply online with Ally's fully digital experience. There are no brick-and-mortar locations where borrowers can apply in-person. Once pre-approved, you'll upload, sign and submit documents online. You'll also lock in your rate. Customer service agents are available by text, phone or email throughout the process for personalized guidance along the way.

Hours

Monday through Friday: 8 a.m. - 10 p.m. (Eastern time) Saturday: 10 a.m. - 4 p.m. (Eastern time) (855) 256-2559

Ally Bank consumer rating and reviews

4.8 reviews
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95% recommended

Customer Service Rating

Knowledge
4.8
Level of service
4.8
Professionalism
4.8
Responsiveness
4.7
91 out of 96 rates honored
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(96 reviews)
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1 Star
87
4
0
0
5

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 10 of 96 Reviews
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Edward H
CA

5/13/2020

Great Experience

My second home loan with Ally and the transaction was as smooth as ever. Great communication, easy to use transaction portal, and friendly staff.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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LW
Charlotte, NC

5/13/2020

Great First Time Buying Experience

We bank with Ally, so have a good idea of what to expect from their online-only approach to things. They did not disappoint. We got an incredible rate, experienced amazing customer service every step of the way, and managed to buy an incredible house painlessly, even during a worldwide pandemic. Thi...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Chris D
Westchester, New York

9/30/2019

Great experience!

We have used Ally for savings accounts for a while and gave them a shot at our new home mortgage. Aaron Shierbaum was assigned to our loan and guided us all the way through. He was super helpful and responsive the whole time and gave us the confidence to stick it out with Ally. This process is never...

Ally Bank replied to this:
"Thanks for being an Ally customer, Chris! We’re glad Aaron could assist in making the home purchase process a smooth one. Congrats on your new home! ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Bill
Charleston, SC

9/5/2019

An absolute pleasure

My wife and I can't say enough good things about our experience with Aaron Schierbaum. He was so thoroughly knowledgeable, resourceful, a terrific problem solver and incredibly responsive. When I called, texted or emailed with a question or other issue, I heard from him immediately or almost so. He ...

Ally Bank replied to this:
"This is what it’s all about, Bill! Thanks for sharing your experience with Aaron – we’ll be sure to pass this great feedback along to the rest of the team. We’re proud you’ve chosen us to be your financial ally! ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Happy Ally Customer
Texas

8/14/2019

Ally is all about the customer!

We selected Ally for a 30 year jumbo loan and were very pleased. Our agent (Ryan Haupa) was a true testament to customer service. He was available at all hours, responded to our (many) emails without delay. Because of Ryan and Ally we were able to get the best rate at little to no cost. We were b...

Ally Bank replied to this:
"Hi, we love hearing you had a great experience with Ryan and the rest of the Ally Home Team! Thanks for sharing your feedback with us. ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Shaun
Alamo, CA

8/3/2019

Great Experience

I worked with Daemon Wathen and Raymond Mytholar. Both were great communicators and made this refinance process smooth and easy. Thank you!

Ally Bank replied to this:
"We're thrilled to hear you had a great experience, Shaun! We'll be sure to share your feedback with the rest of the team. Thanks for trusting us to be your financial ally! ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Rebecca B
Brooklyn, NY

7/30/2019

Great experience

The entire process went very smoothly. Daemon Wathen was calm, knowledgeable and helpful every step of the way.

Ally Bank replied to this:
"We love to hear this, Rebecca! Thanks for trusting us to be your financial ally. We’ll be sure to pass this feedback along to Daemon and the rest of the team. ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Anonymous
Laguna Hills

7/30/2019

Great Experience and great rate!

Had a great experience, pricing and smooth underwriting. Look forward to recommending and using Daemon Wathen at Ally again. Thanks Ally

Ally Bank replied to this:
"Thanks for sharing your experience with us! We’re thrilled to hear we could Do It Right for you. ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Allan S.
Canyon Country, CA

7/29/2019

Outstanding Loan Experience

When I first contacted Ally Bank in my search to find the best rate possible for my pending home purchase I was immediately impressed with Mark's knowledge, patience, straightforwardness, and the easy he made the process. From start to finish, Mark was always upfront and let me know any and all cos...

Ally Bank replied to this:
"This is what it’s all about, Allan! Mark and the rest of the team were thrilled they could help. Thanks for being an Ally customer! ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Angelica and Marcos
Broward, Florida

7/17/2019

Amazing! Definitely recommend!

Matt Vargochik was so helpful throughout the loan application process. He was so patient giving answers to all our questions, recommendations on what to do or not, and walking us through each step of the way. We loved working with Matt, Rochelle, and Ally Bank. Next time we need financing we'll defi...

Ally Bank replied to this:
"Thanks for sharing your experience with us! We’re proud to be your financial ally. ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes