Ally Bank Mortgage Review 2021
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
NMLS: 181005
4.4
Bankrate Score
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Find my best matchesLoans offered
Conventional, ARM, jumbo loans, HomeReady; refinancing options include rate-and-term refinancing and cash-out refinancingNationwide 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 WyomingMin. 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
- 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)
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
142 reviews
Customer service rating
89% of reviews would recommend this lender
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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.
Great First Time Buying Experience
LW | Charlotte, NC | 5/13/2020
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...
Great Experience
Edward H | CA | 5/13/2020
My second home loan with Ally and the transaction was as smooth as ever. Great communication, easy to use transaction portal, and friendly staff.
Ally Rocks!
Scottsdale Happy | Scottsdale, AZ | 8/6/2020
We recently refinances a jumbo loan. The entire process was seamless. Every Ally team member was fantastic. Responsive. Knowledgeable. Fantastic experience. Great rate, no cost to us.
Online excellence.
Claudia Mortorff | Royal Oak, Michigan | 8/11/2020
Used Ally because they are all online already and very handy during a pandemic. Everyone was helpful and pleasant to work with. They were exceptionally patient with my less than normal technical skills. Every question was answered quickly and clearly. I am very pleased with my experience.
Easy, Affordable, Quick Refinance
Doug R | Griffith, IN | 8/22/2020
The process was smooth and fast (24 days in and out). Our advisors were helpful and it was easy to schedule appointments with them. We got $500 off since I already had an auto loan with Ally. The tasks were clear and easy to do online quickly. A notary came to our house to close and it was done!
Amazing experience
Mendez family | North Port, FL | 8/22/2020
I refinanced my home with Ally Bank. Besides the great interest rate I had an outstanding customer service experience. Would recommend to anyone looking to finance a new purchase or refinance their existing home. Great job Erik, Jen, and Charmaine.
Very easy, very helpful, extremely smooth process
NANDAKUMAR | CA | 9/8/2020
Ally Bank had several teams working to refinance my mortgage and the process was very easy and straightforward. Questions I asked were responded to within 24 hrs, different team members called to make sure I was on track and if I had any questions as well as the tasks panel made everything super ea...
Easy. Simple. Safe
OZZ | Chicago | 11/9/2020
I love that I bought a home through an app. It was easy to make any instant changes. They made the process simple to understand and simple to get through. I felt safe with their high security measures as well as not having to have close contact with all the people involved with purchasing a home. I ...
Great Experience
Jonathan B | Buford, GA | 12/11/2020
The entire refinance reprocess was smooth even with a couple hiccups on my part we were still able to close within a month. As someone in the business I was amazed at the ease of going through the process and how quick we completed it.
Refinanced and never left the house
TEB | Colorado | 12/17/2020
The process was smooth and easy, I liked that you could check the progress at anytime on the dashboard. "To do" items are highlighted with easy uploading of documents. If I needed to talk to anyone I could email, chat, or call. We closed faster than I imagined on our refinance, got a great rate, and...