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With its lightning-fast preapprovals and lack of lender fees, Ally Bank has taken pains to be customer-friendly. Ally is especially focused on jumbo loans, but it doesn’t offer FHA or VA loans.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing
Min. credit score required
620 for conventional loans, 700 for jumbo loans
Nationwide Availability
Available in all U.S. states
Min. down payment
3% for conventional conforming loans, 10.01% for jumbo loans
The customer 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. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
It was a breeze working with Ally Bank. The process was easy and they were with me every step of the way. They were always 10 steps ahead of my real estate attorney which made my home buying process a success. Simply an amazing company.
Christos Baroutoglou
07847 (Sep 21, 2022)
Did my mortgage through Ally and the whole process from pre approval to finish was super easy and basically straight forward. Very streamlined and they let you know what they need throughout the process and it is easy to give it to them. The team you deal with throughout the process have been very n...
Fantastic!
Chicago (Sep 15, 2022)
NMLS: 181005
4.9
Bankrate Score
Loans offered
Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing
Nationwide Availability
Available in all U.S. states
Min. credit score required
620 for conventional loans, 700 for jumbo loans
Preapproval in as little as three minutes and closings up to 10 days faster than industry average
Transparent interest rates
No FHA, VA or USDA loans
No home equity lines of credit (HELOCs) or home equity loans
No branch locations
With its lightning-fast preapprovals and lack of lender fees, Ally Bank has taken pains to be customer-friendly. Ally is especially focused on jumbo loans, but it doesn’t offer FHA or VA loans.
To create its Bankrate Score, Bankrate’s editorial team rated Ally Bank 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.). We derived its overall score by considering three basic factors.
Loan cost is a deciding factor for many borrowers. The affordability nature of loans differ from lender to lender, so comparing costs is key. Ally Bank doesn’t charge lender fees, and it posts detailed rate information on its website, often updated throughout the day. The bank’s mortgage rates are right in line with Bankrate’s averages, so shop around — you might find you get a better deal elsewhere.
Availability factors can make the overall mortgage-application process smoother or more challenging. Ally Bank only offers conventional loans, both conforming and non-conforming if you’re buying a higher-priced property. It doesn’t offer FHA, VA or USDA loans, which might be limiting for some borrowers. The bank is licensed to lend mortgages in all states, but be sure to confirm it’s available in your area before you start the process for a preapproval.
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 several hundred complaints (at the time of this review). However, its JD Power score is near the top of the pack of large loan originators. The bank doesn’t have brick-and-mortar locations, so if you’re looking to get a mortgage, you’ll do so online. The bank 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. If you have questions about a mortgage, you can call the bank at 888-925-2559, Monday through Friday from 8 a.m. to 11 p.m. ET or Saturday, 9 a.m. to 7 p.m. ET.
You can apply for a purchase loan or a refinance on Ally’s website. The company’s process is similar to other online lenders. Here are some tips for streamlining the process:
Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
Gather personal and financial documents. With any lender, you must supply documentation proving your income, assets and debts. These documents typically include:
Those who are self-employed might also need to include additional information and undergo an income audit. This might include asking an accountant to verify your income is stable by speaking with customers; reviewing business records, like P&L statements; or taking other steps.
Provide details about the property. If it’s a purchase mortgage, you’ll need to supply the address of the home you’re buying and submit to an appraisal. If you’re refinancing, you may or may not need an appraisal.
This lender refinances existing mortgages, and its refi process is similar to the purchase process. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the lender’s website.
Ally's fast preapprovals and rate locks are powered by its partnership with Better.com, a digital mortgage company. In 2019, Ally said it would turn to Ally to create “a new end-to-end digital experience for consumers looking for a mortgage loan from Ally.
Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.
Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:
Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.
Bankrate’s methodology page spells out our rating process in greater detail.
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Rating: 4.9 stars out of 5
4.9
Bankrate Score
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Loans offered Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term |
Min. credit score required 620 for conventional loans, 700 for jumbo loans |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional conforming loans, 10.01% for jumbo loans |
Down payment 3.5% for FHA loans |
Down payment 3% for conventional conforming loans, 3.5% for FHA loan, none for VA loans, 10%-15% for jumbo loans |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states |
NMLS: 181005
4.3
214 ratings
This lender has 7 reviews.
82% of customers would recommend this lender.
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.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
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.
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?