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Ally Bank Mortgage Review

Reviews 207
Ally Financial
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Ally Financial
Ally Financial
Reviews 207
Katy Ward
Oct. 05, 2021
2 min read
Katy Ward
Ally Financial 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 bricks and mortar branches
  • FHA and VA loans not available

Ally Financial at a glance

Editorial score

Customer Service and Support

Excellent customer service

Variety of Loan Types

Conventional pruchase, jumbo loans, refinance

Variety of Products

5-, 7-, 10- year terms

Online Experience

Rates and learning materials easily accessible

Geographical Availability

Licensed in 40 states

Ally Financial Ally Financial Visit Ally Bank


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.

T: (855) 256-2559



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 bricks 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

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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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Trustpilot reviews
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Bad • Reviews 207
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3 months ago
I've been with ally bank for 10 yrs and…
I've been with ally bank for 10 yrs and never had any problems with them. There direct deposit is quick to deposit, Customer support is great and friendly. Quick to respond when I send them a message. I have 0 issues with ally bank. Had a dispute yesterday with a charge and Ally fixed it the next day.
Aldo G.
6 months ago
Easy Bank To Work With, No Issues
I’ve had checking, HYSA and CDs with Ally bank for over 9 years. I have accounts with other financial institutions (SoFi, Chase, Charles Schwab…). I’ve never had a negative experience with Ally and their interest rates are among the best out there and they reimburse you for up to $10 each month for out of network ATM fees. Schwab has a higher reimbursement amount, but I don’t use a lot of cash so $10 is sufficient.
Samantha Frederick
1 year ago
Love using ally for by HYSA
Love using ally for by HYSA! Easy to use the app and I like to track my goals with the bucket features!
1 year ago
the rep I talked to re my problem was…
the rep I talked to re my problem was the most knowledgeable and helpful rep I have ever experienced dealing with banks
M Coffeecation
1 year ago
I like Ally Bank
I like Ally Bank, a lot. Intuitive website, easy check deposits, customer service helpful. I switched to Ally Bank when People's United was acquired by M&T. The money I've saved at Ally on fees alone is worth the change. Reimbursement of $10 a month toward ATM fees out of network. In network free. Interests rates on the checking and saving are great. I'm suspicious of all of the BAD reviews. It doesn't seem legit or there are a lot of dummies out there.