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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.
Disclosure
Mortgage products are offered by Ally Bank, Equal Housing Lender, 
NMLS ID 181005
NMLS ID 181005- Start with a great rate
- No lender fees, helps you save
- Easy online application process
- Get pre-approved in as little as 3 minutes
- Close up to 10 days faster than industry average
- Reliable support from a team of home loan experts
Latest Ally Bank Reviews
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.
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.
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.
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.