Ally Bank Mortgage Review 2021

By Bankrate Staff

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.

At a glance

Ally Bank

NMLS: 181005

4.4

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Loans offered

Conventional, ARM, jumbo loans, HomeReady; refinancing options include rate-and-term refinancing and cash-out refinancing
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Nationwide availability

Available in 40 states and the District of Columbia; not available in Hawaii, Massachusetts, Maryland, Minnesota, New Hampshire, New York, Nevada, Virginia, Vermont and Wyoming
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Min. credit score required

620 for conventional loans; 700 for jumbo loans

Pros and cons

Pros

  • Preapproval in as little as three minutes and closings up to 10 days faster than industry average
  • Pays $500 towards closing costs for those with an Ally account
  • Loan options include fixed-rate, adjustable-rate (ARM) and jumbo mortgages and refinancing options
  • 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) unavailable
  • No brick-and-mortar locations

Ally Bank overview

Ally Home, the mortgage-lending division of Ally Financial, is an online lender with roots dating back to 1919. It started offering direct-to-consumer home loans in 2016. Ally Home provides several mortgage options for homebuyers:

  • Conventional fixed-rate mortgages in 15- and 30-year terms
  • Fannie Mae’s HomeReady program
  • Adjustable-rate mortgages (ARMs) in 5-, 7- and 10-year terms
  • Jumbo mortgages with down payments as little as 10 percent without private mortgage insurance (PMI)
Ally Home also offers refinancing options, including rate-and-term and cash-out refinancing. It doesn't offer FHA loans, VA loans, USDA loans or home equity loan options. Ally customers get a discount on closing costs as long as their account has been open for at least 30 days. Borrowers can complete their application online and everything is finalized in person. Once preapproved, 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.

Loan types

  • Conventional
  • ARM
  • Jumbo loans
  • HomeReady
  • Rate-and-term refinancing
  • 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

Ally Home adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. 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 (PMI). Debt-to-income ratio, down payment amount and employment history also factor into the lender’s decision when approving a home loan.

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Ally Bank consumer reviews

4.5

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121 reviews

5 stars
4 stars
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1 stars
101
7
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10

Customer service rating

Knowledge
4.5
Level of service
4.6
Professionalism
4.5
Responsiveness
4.6

90% of reviews would recommend this lender

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Write a review of your experience with Ally Bank.

10 of 27 reviews

The consumer 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.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Great First Time Buying Experience

LW | Charlotte, NC | 5/13/2020

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Great Experience

Edward H | CA | 5/13/2020

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Ally Rocks!

Scottsdale Happy | Scottsdale, AZ | 8/6/2020

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Online excellence.

Claudia Mortorff | Royal Oak, Michigan | 8/11/2020

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Easy, Affordable, Quick Refinance

Doug R | Griffith, IN | 8/22/2020

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Amazing experience

Mendez family | North Port, FL | 8/22/2020

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Very easy, very helpful, extremely smooth process

NANDAKUMAR | CA | 9/8/2020

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Easy. Simple. Safe

OZZ | Chicago | 11/9/2020

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Great Experience

Jonathan B | Buford, GA | 12/11/2020

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Refinanced and never left the house

TEB | Colorado | 12/17/2020