Ally Bank Mortgage Review 2022

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At a glance

Visit Ally Bank website

NMLS: 181005

4.9

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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 45 states and Washington, D.C.; not available in Alaska, Hawaii, Nevada, New Hampshire or New York
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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
  • 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, 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 Bank does not charge lender fees.

Rates

Ally Bank posts detailed rate information on its website, and rates are often updated throughout the day.

Reputation

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.

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 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

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.

Ally Bank consumer reviews

4.3

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207 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
161
10
2
6
28

Customer service rating

Knowledge
4.4
Level of service
4.4
Professionalism
4.3
Responsiveness
4.3

84% 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 54 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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quick easy big team

Quick! | Chicagoland | 6/4/2021

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Easy, efficient. Great staff - every person I felt with was extremely helpful and professional. Highlly recommend Ally.

Excellent | Ft McCoy FL | 6/27/2021

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Great Experience! and Great Rate!

GREAT RATE and GREAT EXPERIENCE | Vacaville, CA | 7/1/2021

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Great process, people, and overall experience

Great people, process and tech | Wisconsin | 7/8/2021

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The timeliness or timeframe to process our refinancing was remarkable! It took a month or a day less from application to the funding of our loan! Every department involved during the process really made sure that everything is done right & customer service is great! We’re happy we chose Ally Bank for our refinancing needs. We would highly recommend them to our family & friends!

Norma D Bilbaeno | Vacaville, CA | 7/14/2021

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Always available to answer my questions.

Excellent service and kept me on task! | Little Rock Arkansas | 8/4/2021

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easiest and fastest refi

the ease of uploading all needed documents | Edmond, Ok | 8/6/2021

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Smooth as butter experience!

Sandeep | Boston | 8/27/2021

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Outstanding service

Outstanding service | Central Valley, CA | 9/1/2021

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A few minor communication issues, but overall a pretty seamless process

Big B | Sonoran Foothills | 9/22/2021

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