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Ally vs. Bank of America mortgages

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


Fact checked

How do Ally and Bank of America Mortgage compare?

Ally logo
Bank of America Mortgage 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

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

Minimum credit score

Conventional: 620

Conventional: 620

States available

Not available in: HI

Available in all states


  • Clear application timeline
  • Customer discounts available
  • Guides and resources available
  • In-person accessibility
  • Lower than average interest rates
  • Alternative credit data accepted
  • Discounts for existing clients available


  • 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

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 21 and 180, respectively. As of September 2019, it has an A+ rating with the BBB, but it's not accredited and the average customer rating is 1 out of 5 stars. Complaints generally focus on poor customer service experiences, misinformation and mishandling of funds, among others. While the reviews are mostly negative, it's important to keep in mind that people aren't as likely to go out of their way to leave positive reviews in general.
Bank of America has been accredited with the Better Business Bureau since 1949, and boasts an A+ rating for its operations and interaction. It falls short in the customer service department, though. As of August 2019, the BBB recorded 5,561 complaints, and Bank of America has earned a one-star rating from 280 customer reviews. It's a similar story on TrustPilot, where the bank has a 3.9/10 rating based on 61 reviews. 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.

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