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Ally Bank Mortgage Review 2023

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At a glance

Ally Bank

NMLS: 181005

4.9

Rating: 4.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing

Location

Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans; 700 for jumbo loans

Pros and cons

Checkmark Pros

  • Preapproval in as little as three minutes and closings up to 10 days faster than industry average
  • Transparent interest rates

Close X 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, you can complete your application online, but everything is finalized in-person. Once preapproved, you'll upload, sign and submit documents online, and lock in your rate.

Ally Bank is good for

Borrowers looking for a convenient online process and a conventional loan

Breakdown of Ally Bank overall score

  • Affordability: Ally Bank’s mortgage rates aren’t as competitive compared to those of some other lenders, but it doesn’t charge loan fees.

  • Availability: Qualified borrowers in all states can get a mortgage through Ally Bank. You won’t be able to get a government-insured loan here, however.

  • Borrower experience: Some customers have shared less-than-stellar feedback about the bank online, but the complaints aren’t typically tied to mortgages, but rather banking services or auto loans.

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.

Affordability: 5/5

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: 5/5

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.

Borrower experience: 4.5/5

Ally Bank began offering home loans in 2016. It 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).

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.

Refinancing with Ally Bank

Ally Bank offers rate-and-term and cash-out refinancing; you can apply through the bank’s website.

Alternatives to Ally Bank

Ally Bank consumer reviews

logo

NMLS: 181005

4.3

Rating: 4.3 stars out of 5

214 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
164
10
2
7
31

About consumer ratings

Customer service rating

Knowledge
Rating: 4.4 stars out of 5
4.4
Level of service
Rating: 4.3 stars out of 5
4.3
Professionalism
Rating: 4.3 stars out of 5
4.3
Responsiveness
Rating: 4.3 stars out of 5
4.3

82% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with Ally Bank.

of 24 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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Written by

Jeff Ostrowski

Senior mortgage reporter

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor