Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Ally vs. Bank of America mortgages

Compare the home loan programs, fees and requirements of these two big-name lenders.

How do Ally and Bank of America compare?

Ally logo
Bank of America logo
  • Choose this lender for clear time estimates
  • Not ideal if you’re looking for in-person support
  • A good option for first-time homebuyers
  • Choose this lender for low interest rates
  • Watch out for bad customer reviews
  • A good option for borrowers without much credit history

Loans offered

  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA
  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Not available in: AK, HI, MD, MA, MN, NV, NH, NY, VT, VA, WY

Available in all states

Pros

  • Clear timeline
  • Customer discount
  • First-time buyers guide
  • Accessibility
  • Low interest rates
  • Alternative credit data
  • Discounts for existing clients

Cons

  • No government-backed loans
  • No branch locations
  • No home equity line of credit (HELOC) options
  • High volume of consumer complaints
  • Limited coverage in the Midwest
  • History of irresponsible mortgage lending
  • Less personalized approach

Customer reviews

Reviews across Trustpilot and the Better Business Bureau (BBB) are overwhelmingly negative. But they number relatively fewer compared to bigger-name financial institutions — with only 82 and 274, respectively. As of January 2021, Ally is not accredited with the BBB and has a D- rating for failing to respond to complaints. The average customer rating is 1.25 out of 5 stars. Complaints generally focus on poor customer service experiences, misinformation and mishandling of funds. While the reviews are mostly negative, keep in mind that people generally aren’t as likely to go out of their way to leave positive reviews.
Bank of America has been accredited with the Better Business Bureau (BBB) since 1949, boasting an A+ rating for its operations after closing almost 5,500 customer complaints over the last three years. However, it falls short in the customer service department, earning slightly over a one-star rating from 405 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.4 rating based on 438 reviews as of December 2020. While customers praised the savvy online experience and diversity of mortgage products, many were frustrated with the service they received. It’s worth noting that these consumer reviews are for Bank of America as a whole — and not for its mortgages specifically.

Compare mortgage lenders and brokers

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
loading

Compare up to 4 providers

Alternatively, use the form below to compare rates from multiple lenders on LendingTree's secure site.

More guides on Finder

  • PNC vs. U.S. Bank mortgages

    PNC offers low down payment options, but U.S. Bank has branches for in-person help. We compare the key features between these two lenders.

  • PNC vs. Ally mortgages

    PNC has low down payment options, but Ally provides clear time estimates on your loan. We compare more features between these two lenders.

  • Alliant vs. Ally Bank mortgages

    Alliant has more loan options, but Ally Bank offers customer discounts. We compare the key features between these two lenders.

  • Better vs. Guaranteed Rate mortgages

    Guaranteed Rate has more loan options, but Better is known for low closing costs. We compare the key features between these two lenders.

  • Better vs. Ally Bank mortgages

    Better has FHA loans, while Ally Bank offers Purchase loan options. We compare more features between these two digital lenders.

  • Better vs. LoanDepot mortgages

    LoanDepot offers more loan options, but Better doesn’t charge lender fees. We compare more features between these two lenders.

  • USAA vs. Bank of America mortgages

    While both of these big-name lenders are available nationwide, one is better for military members, but the other offers more home loan options.

  • U.S. Bank vs. Bank of America mortgages

    Both mortgage lenders face poor customer reviews, but one is better for borrowers without much credit history.

  • TD Bank vs. Chase Bank mortgages

    We compare mortgage services of two big-name banks. One lender has more nationwide availability, but watch out for fees.

  • TD Bank vs. Bank of America mortgages

    One mortgage lender is a better option for borrowers looking for certain types of loans, but only if you live on the East Coast.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site