Ally Bank Mortgage Review 2026

Ally Bank no longer offers mortgages. If you applied for a mortgage with the bank prior to Jan. 31, 2025, you had until May 27, 2025 to close. The following review is based on the bank’s previous mortgage offerings, which included conventional and jumbo loans. Compare other lender options and mortgage rate offers on Bankrate.

Pros and cons of Ally Bank

Affordability: 4.9/5

Ally Bank offered lower mortgage rates and some low-down-payment options. It scored 4.9 out of 5 stars for affordability.

• Interest rates: Ally Bank typically offered competitive mortgage rates, with APRs often below market average.
• Down payment: Ally Bank’s main loan option was a conventional loan with just 3 percent down. It also offered a $5,000 down payment and closing costs grant to low- to moderate-income homeowners in Charlotte, Chicago, Detroit, Houston, Philadelphia and some counties in Utah.
• Closing costs: Unlike many other lenders, Ally Bank didn't charge additional fees, like an origination fee or rate lock fee.

Availability: 4.5/5

Ally Bank offered mortgages nationwide to eligible borrowers, but it didn't offer government-backed loans, netting it 4.5 out of 5 stars for availability.

• Home loans offered: Ally Bank offered conventional and jumbo purchase and refinance loans.
• Footprint: The bank provided mortgages in all U.S. states.
• Where to find: Ally Bank is an online-only lender, with no branch locations. You could apply for a mortgage online or by phone.

Borrower experience: 4/5

Ally Bank made it easy to compare APRs online, but there weren't many ways to get in touch with customer service other than by phone. That contributed to a borrower experience score of 4 out of 5 stars.

• Preapproval and application process: If qualified, you could get preapproved for a mortgage online from Ally Bank. Once preapproved, applicants could upload, sign and submit documents online. The bank’s preapprovals and rate locks were powered by its partnership with Better, a digital mortgage lender.
• Transparency: Ally Bank’s website featured a customizable mortgage rate tool that helped you get a more accurate estimate of the APR you could qualify for.
• Customer service: Ally Bank’s mortgage customer service team was available Monday through Friday, 8:30 a.m. to 8 p.m. ET and Saturday, 8:30 a.m. to 1 p.m. ET.

Ally Bank has an A+ grade from the Better Business Bureau (but isn’t accredited by the organization), and its Trustpilot rating is “bad” based on over 900 reviews (at the time of this review).

What consumers say about Ally Bank

Many borrowers on Bankrate praise Ally Bank’s courteous customer service and smooth application process. Some appreciate that the bank’s technology helped them keep tabs on the status of their loan. A small portion of borrowers complain that customer service isn’t friendly or knowledgeable.

Ally Home Grant

Ally offered $5,000 down payment and closing costs grants to eligible homebuyers in Charlotte, Chicago, Detroit, Houston, Philadelphia and some counties in Utah. Among the qualifications, you must live in the property as your primary residence (no investment properties) and have an income of less than 120 percent of the area median.

Ally Bank offered both rate-and-term and cash-out refinancing options, but only for conventional and jumbo loans.

You can no longer apply for a mortgage with Ally Bank.