Ally Bank Mortgage Review 2022
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At a glance
NMLS: 181005
4.9
Bankrate Score
Loans offered
Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancingNationwide availability
Available in 45 states and Washington, D.C.; not available in Alaska, Hawaii, Nevada, New Hampshire or New YorkMin. credit score required
620 for conventional loans; 700 for jumbo loansPros and cons
Pros
- Preapproval in as little as three minutes and closings up to 10 days faster than industry average
- Transparent interest rates
Cons
- No FHA, VA or USDA loans
- No home equity lines of credit (HELOCs) or home equity loans
- No branch locations
Ally Bank overview
Ally Bank began offering direct-to-consumer home loans in 2016. The bank and lender provides several mortgage options, including conventional loans, jumbo loans and adjustable-rate loans in five- seven- or 10-year terms. Ally Bank also offers refinancing options, including rate-and-term and cash-out, but doesn't offer FHA loans, VA loans, USDA loans or home equity loan options. With Ally, borrowers can complete their application online, but everything is finalized in-person. Once preapproved, you'll upload, sign and submit documents online, and lock in your rate. Customer support is available by text, phone or email throughout the process for personalized guidance along the way.
Good for
Borrowers looking for a convenient online process and a conventional loan
Loan types
- Conventional
- Jumbo
- Fixed-rate
- Adjustable-rate
- Rate-and-term and cash-out refinancing
Lender fees
Ally Bank does not charge lender fees.
Rates
Ally Bank posts detailed rate information on its website, and rates are often updated throughout the day.
Reputation
Ally Financial’s Trustpilot rating is 1.3 stars, or “bad.” That low score, however, is based on approximately 170 complaints primarily focused on auto loans.
Online services
Ally Bank doesn’t have brick-and-mortar locations, so if you borrow through this lender, you’ll do so online. The lender also offers tips and educational articles about the mortgage-lending process on its website, and if you have the Ally Bank app, you can access your home loan easily on your phone.
Minimum borrower requirements
Ally Bank adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. For conventional loans, these key requirements include good credit (typically a FICO score of 620 or higher). Jumbo loans require a minimum credit score of 700 and a down payment of 20 percent. Debt-to-income (DTI) ratio and employment history also factor into the lender’s decision when approving a home loan.
Refinancing with Ally Bank
Ally Bank offers rate-and-term and cash-out refinancing; you can apply through the lender’s website.
Not sure if Ally Bank is right for you? Consider these alternatives
- ConsumerDirect Mortgage review: This online lender offers a variety of mortgage types, including some government loans.
- Cherry Creek Mortgage review: This lender originates loans in more than 30 states.
- SoFi mortgage review: This digital finance company also offers home loans.
- USAA mortgage review: If you or a family member have served in the military, USAA is a strong choice.
- Allied Mortgage Group review: This lender does business in over 30 states and has branches in several.
Breakdown of Ally Bank overall review score
- Affordability: 5/5
- Availability: 5/5
- Borrower experience: 4.7/5
Review methodology
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.
Ally Bank consumer reviews
4.3
205 reviews
Customer service rating
83% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with Ally Bank.
10 of 52 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.
quick easy big team
Quick! | Chicagoland | 6/4/2021
Closed a refi from start to finish in about 3 weeks. Great web-based format. I just keep uploading docs when asked. The team stretches across the country, so time zones were never a factor. When I needed someone after hours in Chicago, I spoke to someone in Pacific time. I had "task leaders," but...
Easy, efficient. Great staff - every person I felt with was extremely helpful and professional. Highlly recommend Ally.
Excellent | Ft McCoy FL | 6/27/2021
Recent widow and dreaded refinancing. Ally made the process painless. Great experience.
Great Experience! and Great Rate!
GREAT RATE and GREAT EXPERIENCE | Vacaville, CA | 7/1/2021
Overall great experience with my refinance. The process was seamless and you just have to go online and complete your tasks when prompted. There was no hidden fees and got the rate that was quoted to me. Was very pleased with the final outcome and every Ally team member was great and responsive....
Response from Ally Bank
We love hearing this. Thanks for being an Ally customer! ^SS
Great process, people, and overall experience
Great people, process and tech | Wisconsin | 7/8/2021
Of the three lenders I've worked with in my life, Ally was far ahead of the others. Their process is smooth, using modern technology. Their people are responsive and knowledgeable. And the rates were very competitive. I would highly recommend them
Response from Ally Bank
Thanks for sharing your feedback! We're proud to be your financial ally. ^SS
The timeliness or timeframe to process our refinancing was remarkable! It took a month or a day less from application to the funding of our loan! Every department involved during the process really made sure that everything is done right & customer service is great! We’re happy we chose Ally Bank for our refinancing needs. We would highly recommend them to our family & friends!
Norma D Bilbaeno | Vacaville, CA | 7/14/2021
If we have to do refinancing again in the future, Ally Bank is our best bet because I know that everything is done swiftly and accurately within a timeframe! Great customer service too!
Response from Ally Bank
Thanks for sharing your feedback! We're proud to be your financial ally. ^SS
Always available to answer my questions.
Excellent service and kept me on task! | Little Rock Arkansas | 8/4/2021
Ally did an excellent job of my refinance! Kept me on track with all the tasks. They gave me the best rate possible. The entire process was streamlined and easy.
Response from Ally Bank
Hi, thanks for your feedback. We love hearing this! ^SS
easiest and fastest refi
the ease of uploading all needed documents | Edmond, Ok | 8/6/2021
Ally made refinancing a breeze and pleasure. All of the team members were extremely helpful and professional. They made it easy to upload all documents needed and the whole process was quick and efficient. I would very highly recommend them to anyone considering getting a mortgage or refinancing
Response from Ally Bank
Hi, we're thrilled to be your financial ally! ^SS
Smooth as butter experience!
Sandeep | Boston | 8/27/2021
Ally provided me with a very seamless mortgage experience when it came to finding the right financing for our investment property. Even with some changes in life such as moving from a salaried job to a self-employed role, Ally experts like Nicholas & Hannah took the time to understand and see the pr...
Response from Ally Bank
We love hearing this! Thanks for being an Ally customer. ^SS
Outstanding service
Outstanding service | Central Valley, CA | 9/1/2021
Prompt response time, frequent updates, quick refinance time
A few minor communication issues, but overall a pretty seamless process
Big B | Sonoran Foothills | 9/22/2021
Ally made the home loan process simple and their rates are great. Gathering and submitting the info that they need was a pain, but that is required by all lenders. I would definitely use Ally again for a home loan.