Ally Bank Mortgage Review 2021

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At a glance

Ally Bank

NMLS: 181005

4.8

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Bankrate Score

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Loans offered

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

Available in 38 states and the District of Columbia; not available in Alaska, Hawaii, Maryland, Massachusetts, Minnesota, New Hampshire, New York, Nevada, North Carolina, Virginia, Vermont and Wyoming
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Min. credit score required

620 for conventional loans; 700 for jumbo loans

Pros and cons

Pros

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

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 is the mortgage-lending division of Ally Financial, which started offering direct-to-consumer home loans in 2016. Ally Bank had $172 billion in assets at the end of 2020. The lender provides several mortgage options, including conventional loans, jumbo loans and adjustable-rate loans in five- seven- or 10-year terms. 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. Notably, Ally Bank customers get a discount on closing costs as long as their account has been open for at least 30 days. With Ally, borrowers can complete their application online, but everything is finalized in-person. Once preapproved, you'll upload, sign and submit documents online, and lock in your rate. Customer support is available by text, phone or email throughout the process for personalized guidance along the way.

Good for

Borrowers looking for a convenient online process and a conventional loan

Loan types

  • Conventional
  • Jumbo
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing

Lender fees

Ally Home does not charge lender fees.

Rates

Ally Home posts detailed rate information on its website, and rates can be updated throughout the day.

Reputation

Ally Home has a B+ from the Better Business Bureau, but is not accredited by the organization. Ally Financial’s Trustpilot rating is 1.4 stars, or “bad.” The low score is based on approximately 130 complaints primarily focused on auto loans.

Online services

Ally Bank doesn’t have brick-and-mortar locations, so if you borrow through this lender, you’ll do so online. The lender also 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 that way.

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 a down payment of 20 percent. Debt-to-income ratio and employment history also factor into the lender’s decision when approving a home loan.

Refinancing with Ally Bank

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

Not sure if Ally Bank is right for you? Consider these alternatives

Breakdown of Ally Bank overall review score

  • Affordability: 15/15
  • Availability: 19/20
  • Borrower experience: 9/10

Review 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.

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Ally Bank consumer reviews

4.3

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180 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
138
10
2
6
24

Customer service rating

Knowledge
4.4
Level of service
4.4
Professionalism
4.3
Responsiveness
4.3

83% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with Ally Bank.

10 of 76 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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Easy. Simple. Safe

OZZ | Chicago | 11/9/2020

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Great Experience

Jonathan B | Buford, GA | 12/11/2020

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Refinanced and never left the house

TEB | Colorado | 12/17/2020

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Just Refinanced with Ally

Mr. Arizona | Phoenix, AZ | 12/31/2020

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Easy process

Susan T | Utah | 1/6/2021

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Singular focus...the customer!

J. Willie | Delaware | 1/7/2021

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Successful refinance

Scott K | Stanwood, WA | 1/9/2021

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Excellence at its best!

Happily Re-Fied Couple! | New Jersey | 1/14/2021

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Great Experience

G.Redmon | IL | 1/18/2021

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Friendly, easy process

Great refinance experience! | Broughton, IL | 1/28/2021

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
Mortgage editor