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Ally Bank Mortgage Rates Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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Ally Bank is an online provider of home mortgages and mortgage refinancing. The company offers fixed- and adjustable-rate conventional and jumbo loans and a program for first-time homebuyers. Ally Bank was founded in 2000 and is owned by Ally Financial, Inc.
 
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How is Ally Bank rated?

Breakdown

4.5/5
Lender Types
4.5/5
Available Mortgage Types
4.6/5
Customer Experience
4.8/5
Reputation & Transparency

Overall Rating: 4.4 / 5 (Excellent)

Ally Home is the mortgage arm of Ally Bank, a company with century-old roots in auto financing. It was originally affiliated with General Motors and served the auto giant's dealer network. Today the company operates strictly online and offers the convenience of digital banking across a wide range of products.

Ally's website compares favorably to many of the mortgage lender sites we have reviewed. It clearly lays out the types of loans the company offers and makes its current rates plainly visible. This distinguishes the company from many competitors and gives Ally a leg up in our estimation.

Borrowers can complete the entire loan application process, including pre-qualification and pre-approval, online with Ally.

First-time homebuyers will find Ally's clear explanation of various loan types and terms quite helpful. The company offers multiple interactive tools, including an affordability and mortgage payment calculator, to help customers crunch their own numbers. But Ally also makes it easy to consult its team of experts via phone.

Ally Bank offers a smaller selection of loan types than other mortgage lenders, limiting its purview to conventional and jumbo loans for purchase and refinancing purposes. But within that somewhat narrower realm, the company does offer both fixed- and variable-rate loans and a variety of loan terms. Ally also offers Fannie Mae’s HomeReady mortgage program for first-time buyers.

It's important to note that borrowers interested in taking advantage of government-backed FHA, VA, and USDA loans (which may offer lower rates and greater flexibility) won't find those options with Ally.

Ally Bank Loan Specifics

Available Mortgage Types - 4.5 / 5

Ally Bank offers a variety of loan options, including traditional and jumbo mortgages with fixed or adjustable rates and flexible down payment options. Its fixed-rate mortgages can range from 10 to 30 years, and adjustable rates are available for 5, 7, or 10-year terms. It's important to note that Ally Bank does not offer government-backed FHA, USDA, or VA loans.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM

Ally Bank Customer Experience

Customer Experience - 4.6 / 5

Ally applicants should be prepared to submit financial details, such as pay stubs, employment records, bank statements, and tax returns, Documents can be submitted and signed online. Ally offers a speedier application process than traditional brick-and-mortar banks, but online document submission is a standard feature of all digital lending programs,

Ally's website is well-organized and informative, which makes finding the best mortgage solution for your needs a simpler task. The company also lists its current rates on its website, which makes shopping for a mortgage easier. You'd be surprised how many lenders don't provide this information. While the rates provided are not guaranteed—the rate you are eventually offered depends on many factors, especially your creditworthiness—these rate benchmarks can help customers at least get an idea of what to expect as they move forward.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Loan-to-debt Ratio Calculator
Help Articles
Check Today's Rates
SSN Required for Quote
Yes

Ally Bank Qualification Requirements

Qualification Requirements - 4.5 / 5

Ally is pretty clear about its minimum qualifications, The company states that it will consider U.S. citizens over 18 years of age with a minimum 620 FICO credit score, though those interested in a jumbo loan need at least a 700 credit score. This is also fairly standard in the industry, although there are lenders that will take on lower FICO scores, albeit with much higher interest rates. They also suggest a down payment of 20% of the total loan amount, though it does offer programs for borrowers with smaller down payments such as the Fannie Mae HomeReady program, where the borrower can put as little as 3% down.

Key Requirements at a Glance

Minimum FICO Score
620
Non-Traditional Credit History Considered?
Yes

Ally Bank Lender Reputation

Reputation & Transparency - 4.8 / 5

Over the past three years, there have been 55 mortgage-related complaints filed with the Consumer Financial Protection Bureau about Ally Financial, Ally Home's parent company. These ratings and complaints may give some homebuyers pause, though, to be fair, 55 complaints represent a very small fraction of the number of loans the company writes and the number of customers it serves. In addition, some of these complaints had nothing to do with mortgages, but rather with other financial products Ally offers.

Key Facts

Lender Type
Bank
BBB Rating
NR
Trustpilot Rating
1.4 out of 5
Collection Date
2020-12-12

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
181005
The Nationwide Mortgage Regulatory Actions
3
Consumer Financial Protection Bureau Complaints
55

Company Profile

Full Name
Ally Bank Mortgage Rates
Company Website
https://www.ally.com/home-loans/mortgage/
Headquarters
Sandy, Utah

Disclosure

Mortgage products are offered by Ally Bank, Equal Housing Lender, NMLS ID 181005

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Customer Comments & Reviews

Loading Reviews ...
1cathysummers1
9/5/2019
The online process was straightforward and fairly easy (a few hiccups that were quickly fixed on their end). Everything seems to be progressing except the appraiser that they selected (you cannot get a different one) does the inspection and then goes on vacation out of the country for two weeks! No appraisal so my loan is stalled waiting for this guy to come back and finish the job. What a poor decision to use him! Not happy at this point and there is nothing I can do to get the loan process moving again. Borrowers should ask about appraisal delivery times up front -- and get it in writing.

K
Ken
8/30/2019
I bank with Ally and have found it to be pretty straight forward and easy to work with. Going through the loan process with Ally was just the opposite. I almost told them to forget it and went elsewhere but I kept expecting them to turn things around at some point. Overall it was the worst loan experience I have had. They immediately sold the loan also so in the end all they did was handle the initial transaction which they did poorly.

Chris Y
3/23/2019
Took a mortgage with ally. They changed my sellers contribution without informing me. They did provide closing documents, but I was unaware that the full seller contribution wasn’t applied. Ended up costing me about 4K. They have been unresponsive as the person who issued the loan is no longer with ally.

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