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Ally Bank Mortgage Review

Reviews 222
Ally Bank
Ally Bank
Reviews 222
Katy Ward
May. 23, 2022
2 min read
Katy Ward
Ally Bank Summary
Online financial services company Ally Bank offers a range of mortgage and refinance products to those with a credit score of 620 or higher. Borrowers can take care of every aspect of their mortgage application and completion online, while those in the early stages of buying a home can receive a pre-approval in as little as 3 minutes.


  • $500 payment towards closing costs
  • Dedicated mortgage advisors with local knowledge
  • Down payments as low as 3%


  • No brick and mortar branches
  • FHA and VA loans not available


Headquartered in Detroit, Ally Bank is an online financial services company that offers fixed-rate, adjustable-rate, and jumbo mortgage products. If you purchase a property or refinance through the company, you'll work with the same dedicated loan officer throughout the entire process. For customers who have been with Ally Bank for more than 30 days, it also pays $500 towards closing costs.

Suitable For?

Ally Bank offers mortgage deals for those with a minimum credit score of 620, or 700 in the case of jumbo products. This makes the lender particularly suitable for borrowers with a fairly robust financial history. With down payments as low as 3% for low-to-moderate-income borrowers under Fannie Mae’s HomeReady scheme, Ally Bank could be a good choice for buyers who would otherwise struggle to get on the property ladder.

Types of Loans/Products

Ally Bank offers purchase and refinance loans with a range of fixed-rate, adjustable-rate, and jumbo products.

  • Terms: 15-30 years
  • Minimum credit score: 620 (700 on jumbo loans)
  • Minimum down payment: 3% under the Fannie Mae scheme or 5% with private mortgage insurance

The Application Process

Although every home loan is different, most applications follow the stages outlined below:

  1. Visit the customizable interest rate tool: enter details such as your ZIP code, home value, and property type to get an indication of the interest you’re likely to pay. 
  2. Secure a pre-approval: input your details to receive a pre-approval letter in as little as 3 minutes.
  3. Complete your application: you can manage the entire process online, which includes uploading and managing your documents.
  4. Close the deal: you’ll need to complete this stage in person, with the bank instructing you where to go and what to bring.

During the application process, you’ll usually need to provide copies of the following documents:

  • Most recent pay stubs
  • Employment records
  • Bank statements
  • Tax returns

Ally Bank claims its mortgage services close 10 days faster than the industry average.

Repayment Terms

Ally Bank offers fixed-rate mortgages with 15, 20, or 30-year terms. 

Help & Support

You can get in touch with Ally Bank by phone or email from 8 am-10 pm (ET) Monday to Friday and 10 am-4 pm (ET) Saturdays. Should you take out a loan with the company, Ally Bank guarantees you’ll have the same dedicated advisor throughout the process.


If you have a relatively strong credit history and are comfortable with managing your finances online, Ally Bank has a great deal in its favor. As well as offering pre-approvals in as little as 3 minutes, the company provides a $500 contribution towards closing costs for those who have been with the bank for more than 30 days.

The most significant downside we encountered is that Ally Bank doesn’t offer the full suite of products that some of its competitors do, such as products for veterans (VA loans) or federally backed FHA loans. If this isn’t an issue, however, it could well prove the right lender to help you buy or refinance a home.


What types of homes does Ally Bank offer loans for?

The company covers the following property types: single-family homes, townhomes, condos, multi-family homes, second homes, and investment homes.

Does Ally Bank have brick and mortar branches?

No, the lender offers an entirely online solution. You will, however, need to close your deal in person, as instructed.

Does Ally Bank require home appraisal?

Yes, Ally Bank will introduce you to a home appraisal company and also set up an appointment on your behalf.

Do agents work on commission?

No, agents have no financial incentive to encourage you to spend more.

Physical Address 

Ally Detroit Center, 500 Woodward Ave, Detroit, MI 48226

Ally Financial Ally Financial Visit Ally


This review was compiled using information from Ally Bank’s website and emailing the customer service team.

Katy Ward
Written by
Katy Ward
Oxford graduate Katy Ward is a seasoned journalist and editor covering personal finance for Eleven Writing and Top10. Over a 15-year career, Katy has worked with several finance titans, including Barclays, Tandem Bank, and Yahoo! Finance. She enjoys identifying complex financial trends that make for interesting article topics.

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