Ally Bank Mortgage Review 2020

By Bankrate Staff

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Ally Bank

NMLS: 181005

Bankrate Score

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3.9

User reviews
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( 102 )

4.7

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.

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 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.

Nationwide availability

Available in 39 states and the District of Columbia. Ally is in the process of adding New York, New Hampshire, Nevada, Maine, Minnesota, Virginia, Vermont, Hawaii, Maryland, Wyoming and Arkansas to the list of states where they lend.

Minimum credit score

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. Debt-to-income ratio, down payment amount and employment history also factor into the lender's decision when approving a home loan.

Loan types

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

Pros

  • Pre-approval in as little as 3 minutes
  • Pays $500 towards closing costs for those with an Ally account
  • Loan options include fixed-rate, adjustable-rate (ARM) and jumbo mortgages
  • Mortgage refinancing options, including rate-and-term refinancing and cash-out refinancing
  • 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) are unavailable
  • No brick-and-mortar locations

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Ally Bank overview

Loan types

  • Conventional fixed mortgages
  • Fannie Mae’s HomeReady program
  • Adjustable-rate mortgages (ARMs)
  • Jumbo mortgages
  • Refinancing options include rate-and-term and 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

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. Debt-to-income ratio, down payment amount and employment history also factor into the lender’s decision when approving a home loan.

Ally Home adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.

Get started with Ally Bank

Borrowers can apply online.

Hours

Monday - Friday: 8 a.m. - 10 p.m. EST Saturday: 10 a.m. - 4 p.m. EST Sunday: Closed Contact: (855) 256-2559

Ally Bank consumer rating and reviews

4.7 reviews
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94% recommended

Ally is a leading digital financial services company where our commitment to customers has been our focus for 100 years. We are a relentless ally for your financial well-being.

  • Expert guidance through closing
  • Phenomenal rates that help you save
  • Products to meet your unique needs

Customer Service Rating

Knowledge
4.7
Level of service
4.7
Professionalism
4.7
Responsiveness
4.7
0 out of 0 rates honored
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(102 reviews)
5 Star
4 Star
3 Star
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1 Star
91
5
0
1
5

The 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.

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Showing 10 of 11 Reviews
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Chris D
Westchester, New York

9/30/2019

Great experience!

We have used Ally for savings accounts for a while and gave them a shot at our new home mortgage. Aaron Shierbaum was assigned to our loan and guided us all the way through. He was super helpful and responsive the whole time and gave us the confidence to stick it out with Ally. This process is never...

Ally Bank replied to this:
"Thanks for being an Ally customer, Chris! We’re glad Aaron could assist in making the home purchase process a smooth one. Congrats on your new home! ^SS"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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LW
Charlotte, NC

5/13/2020

Great First Time Buying Experience

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...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Edward H
CA

5/13/2020

Great Experience

My second home loan with Ally and the transaction was as smooth as ever. Great communication, easy to use transaction portal, and friendly staff.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Scottsdale Happy
Scottsdale, AZ

8/6/2020

Ally Rocks!

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.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Claudia Mortorff
Royal Oak, Michigan

8/11/2020

Online excellence.

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.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Doug R
Griffith, IN

8/22/2020

Easy, Affordable, Quick Refinance

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!

Knowledge
4.0
Level of service
4.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Mendez family
North Port, FL

8/22/2020

Amazing experience

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.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Name Withheld
WA

8/11/2020

Straight Forward, Simple Loan Experience.

I applied for a home mortgage refinance with Ally in June 2020 attempting to take advantage of the historically low interest rates and shorten my current 30 year term to 15 to save on overall interest. I shopped around to about 15 different lenders, in the end my goal was to get the best rate with t...

Knowledge
5.0
Level of service
4.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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AshburnMom
Carlsbad, CA

8/29/2020

Poor Closing Experience

What they are really good at - selling the product and the paperwork process. What they are bad at - the closing

Ally Bank replied to this:
"Hi, this isn’t the experience we want you to have! If you’ll reach out to MortgageECR@ally.com with your full name, and phone number, we’d like the opportunity to discuss this further and make things right. We’re here to help! ^SS"
Knowledge
2.0
Level of service
2.0
Professionalism
2.0
Responsiveness
2.0
Rates honored:
Yes
Would recommend:
No
Mortgage closed:
Yes
Closed on time:
Yes
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Clovis CA Refinance
CLOVIS CA

1/6/2020

Terrible experience

After 75 days and $4000 of extension fees, I decided to pull the plug on the loan. I have $8000 a month of qualifying note receivable monthly income that they ignored for 74 days. To get them the documents that they needed to verify that income, would have set this for closing another 15 days and a...

Ally Bank replied to this:
"Hi, this isn’t the experience we want you to have! If you’ll reach out to MortgageECR@ally.com with your full name, and phone number, we’d like the opportunity to discuss this further and make things right. We’re here to help! ^SS"
Knowledge
1.0
Level of service
1.0
Professionalism
1.0
Responsiveness
3.0
Rates honored:
No
Would recommend:
No
Mortgage closed:
No