Ally Bank Mortgage Review 2022 | Bankrate

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

  • ConsumerDirect Mortgage review: This online lender offers a variety of mortgage types, including some government loans.
  • Cherry Creek Mortgage review: This lender originates loans in more than 30 states.
  • SoFi mortgage review: This digital finance company also offers home loans.
  • USAA mortgage review: If you or a family member have served in the military, USAA is a strong choice.
  • Allied Mortgage Group review: 

    This lender does business in over 30 states and has branches in several.

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.