Ally Bank Mortgage Review 2024 ~ Latest News

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Min. Down Payment

Min. Credit Score

Min. Down Payment

Min. Credit Score

Min. Down Payment

Min. Credit Score

What Types of Mortgage Loans Does Ally Bank Offer?

Ally Bank, which brands its mortgage division as Ally Home, provides a few types of home loans, including:

Fixed-rate loans – 15, 20 and 30 years.
Adjustable-rate mortgages – 5/6, 7/6 and 10/6.
First-time homebuyer loans.
Jumbo loans.
Fixed- and adjustable-rate refinance loans.

How Does Ally Bank Work?

Ally Bank offers preapproval and a personalized quote in as little as three minutes, which can then be used during the homebuying process. Once the full online application is complete, you provide the necessary documentation, which you can upload, sign and submit online. The loan process can take from a few weeks to a few months from application to closing. Borrowers only meet in person to sign closing paperwork.

What Are the Product’s Terms, Fees and Conditions?

Unlike some lenders, Ally Home charges no lender fees – meaning no application, processing, underwriting or origination fees. However, borrowers may pay for appraisal fees, title search and title insurance, recording fees, escrow deposits, prepaid interest and optional mortgage points.

While Ally offers some home loans with a down payment of as low as 3%, others, such as jumbo loans, require a minimum down payment of 20%.

What Discounts Does Ally Bank Offer?

Ally Home does not offer any discounts on mortgages.

How Can You Qualify?

In addition to credit score, Ally Bank considers other factors including down payment amount, debt-to-income ratio, credit score and employment history. Ally accepts borrowers with debt-to-income ratios of up to 50%.

What Credit Score Do You Need?

Ally typically requires a FICO score of at least 620. For jumbo loans, though, borrowers need a FICO score of at least 700 and a debt-to-income ratio of no more than 43%.

Where Does Ally Bank Operate?

Ally offers fixed- or adjustable-rate mortgages, jumbo loans and mortgage refinancing all 50 states and Washington, D.C.

Is the Lender Reputable?

Ally Bank isn’t accredited by the Better Business Bureau and has a C rating.

The Consumer Financial Protection Bureau received 24 mortgage-related complaints in 2021 about Ally Bank. The majority of complaints were concerned with applying for a mortgage, refinancing an existing mortgage or trouble during the payment process.. Each complaint received a timely response and was closed with an explanation.

How Is Ally Bank’s Customer Service?

Ally Home offers an online Help Center with answers to commonly asked questions. Customers can also reach out via text or email. Customer service can be reached by calling 855-256-2559 Monday through Friday, 8 a.m. to 10 p.m. Eastern Time, and Saturday, 10 a.m. to 4 p.m. ET.

What Are Some of Ally Bank’s Online Features?

Ally Bank offers a home affordability calculator to estimate a homebuying budget. Customers can get prequalified and complete the entire application process online, as well as upload, sign and submit all documents. Mortgage payments can be made online, and autopay is an option.