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, 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.
Borrowers looking for a convenient online process and a conventional loan
- Rate-and-term and cash-out refinancing
Ally Bank does not charge lender fees.
Ally Bank posts detailed rate information on its website, and rates are often updated throughout the day.
For its mortgage operation, Ally Bank has an A grade from the Better Business Bureau, but is not accredited by the organization. Ally Financial’s Trustpilot rating is 1.3 stars, or “bad.” That low score, however, is based on approximately 170 complaints primarily focused on auto loans.
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 easily on your phone.
Minimum borrower requirements
Ally Bank adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. For conventional loans, these 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 (DTI) ratio and employment history also factor into the lender’s decision when approving a home loan.
Refinancing with Ally Bank
Ally Bank 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: 5/5
- Availability: 5/5
- Borrower experience: 4.7/5
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.