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

Bankrate Score

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4.2

User reviews
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( 96 )

4.8

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 originally operated under the name General Motors Acceptance Corporation. It started offering direct-to-consumer home loans in 2016. Along with home loans, Ally offers a wide range of banking products (everything from nuts-and-bolts savings accounts to CDs and IRAs), making it a one-stop-shop for people who want to do all of their banking in one place.

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

  • Online application and service available to borrowers
  • 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 with Ally's fully digital experience. There are no brick-and-mortar locations where borrowers can apply in-person. Once pre-approved, 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.

Hours

Monday through Friday: 8 a.m. - 10 p.m. (Eastern time) Saturday: 10 a.m. - 4 p.m. (Eastern time) (855) 256-2559

Ally Bank consumer rating and reviews

4.8 reviews
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95% recommended

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

  • Exclusive Ally Home Team to help you every step of the way
  • Consistently competitive rates that help you save
  • Products to meet your unique needs

Customer Service Rating

Knowledge
4.8
Level of service
4.8
Professionalism
4.7
Responsiveness
4.8
0 out of 0 rates honored
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(96 reviews)
5 Star
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2 Star
1 Star
87
4
0
0
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 7 of 7 Reviews
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Happy Ally Customer
Texas

8/14/2019

Ally is all about the customer!

We selected Ally for a 30 year jumbo loan and were very pleased. Our agent (Ryan Haupa) was a true testament to customer service. He was available at all hours, responded to our (many) emails without delay. Because of Ryan and Ally we were able to get the best rate at little to no cost. We were b...

Ally Bank replied to this:
"Hi, we love hearing you had a great experience with Ryan and the rest of the Ally Home Team! Thanks for sharing your feedback with us. ^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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Bill
Charleston, SC

9/5/2019

An absolute pleasure

My wife and I can't say enough good things about our experience with Aaron Schierbaum. He was so thoroughly knowledgeable, resourceful, a terrific problem solver and incredibly responsive. When I called, texted or emailed with a question or other issue, I heard from him immediately or almost so. He ...

Ally Bank replied to this:
"This is what it’s all about, Bill! Thanks for sharing your experience with Aaron – we’ll be sure to pass this great feedback along to the rest of the team. We’re proud you’ve chosen us to be your financial ally! ^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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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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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
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JOSHUA
WA

1/7/2020

Ally made a mistake and stole $550

Do not use Ally or their partner Better. I applied for loan and the 3rd question asked was if my home had been for sell in last 6 months to which I replied YES. They approved me for the loan and charged me for the appraisal. I then spent weeks faxing in over 43 documents they required. Then j...

Ally Bank replied to this:
"We’re sorry to hear your dissatisfaction, Joshua! Our team has confirmed they have your information, and will be in contact with you soon to discuss this further. ^SS"
Knowledge
1.0
Level of service
1.0
Professionalism
1.0
Responsiveness
1.0
Rates honored:
No
Would recommend:
No
Mortgage closed:
No