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.
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.
Ally Bank offers purchase and refinance loans with a range of fixed-rate, adjustable-rate, and jumbo products.
Although every home loan is different, most applications follow the stages outlined below:
During the application process, you’ll usually need to provide copies of the following documents:
Ally Bank claims its mortgage services close 10 days faster than the industry average.
Ally Bank offers fixed-rate mortgages with 15, 20, or 30-year terms.
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.
The company covers the following property types: single-family homes, townhomes, condos, multi-family homes, second homes, and investment homes.
No, the lender offers an entirely online solution. You will, however, need to close your deal in person, as instructed.
Yes, Ally Bank will introduce you to a home appraisal company and also set up an appointment on your behalf.
No, agents have no financial incentive to encourage you to spend more.
Ally Detroit Center, 500 Woodward Ave, Detroit, MI 48226
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This review was compiled using information from Ally Bank’s website and emailing the customer service team.