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Ally Bank vs. Chase Bank mortgages

Both Ally and Chase are big names in the banking industry, but buyers should consider major differences between the two when choosing mortgage services.

Britny Lawhorn
Britny Lawhorn

Updated

Fact checked
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How do Ally and Chase Bank compare?

Ally logo
Chase Bank 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 great in-person help at branches in 22 states
  • Watch out for frustrating customer service online and over the phone
  • A good option for borrowers who want a mortgage from a well-known bank.

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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

Pros

  • Clear application timeline
  • Customer discounts available
  • Guides and resources available
  • Flexible application process
  • Online tracking
  • Other banking products
  • Member discounts

Cons

  • No government-backed loans
  • No branch locations
  • No home equity line of credit (HELOC) options
  • Multiple fees
  • Requires fair to excellent credit
  • Limited branches for in-person service

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.
Chase Bank has a B+ rating with the Better Business Bureau, where it receives 1/5 stars from customers as of September 2019. It gets just slightly better marks on Trustpilot, where it gets 1.7/5 stars. But those reviews are for the bank as a whole, and not necessarily its mortgage products. Happy customers praise the app, online access and personal service in branches. Most of the negative reviews focus on frustrating customer service, with customers having trouble getting ahold of someone, being passed around on the phone or just never getting the help they need.

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