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Ally provides a fair selection of fixed- and adjustable-rate mortgages and refinancing options. While it works with a program assisting first-time homebuyers, Ally doesn’t offer any government-backed home loans. If you’re not a first-time homebuyer and are considering government assistance, you may want to look elsewhere.
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: AK, HI, MD, MA, MN, NV, NH, NY, VT, VA, WY
State availability
Loan products offered | Conventional, Jumbo, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: AK, HI, MD, MA, MN, NV, NH, NY, VT, VA, WY |
NMLS # | 181005 |
Ally is not currently available on Finder
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If you have a good credit score and are looking for a conventional or jumbo loan, Ally offers a straightforward, online application process with quick preapprovals. Any tech-savvy homebuyer will appreciate that.
Plus, Ally doesn’t charge any lender fees. This is a move we’re seeing more and more of among online lenders, but it’s in no way common practice quite yet. For that, Ally gets a big thumbs up.
Now for the downsides: Ally’s mortgage products are surprisingly limited. It doesn’t offer government-backed loans, so veterans or first-time homebuyers looking for an FHA loan will have to look elsewhere. And its reviews are wildly mixed.
Reviewers on Zillow are largely favorable, whereas reviewers on the Better Business Bureau (BBB) and Trustpilot don’t really have anything positive to say about the company. But it’s worth mentioning Zillow’s reviewers seem to focus more on the bank’s mortgage services, which may give you a clearer indication of what you can expect.
Either way, shop around and compare lenders. Mortgage lenders can drastically vary when it comes to fees, customer sentiment and available loan options, so make sure you’re settling on a lender that’s right for your unique situation.
To apply, you need to be a US resident and ready to purchase in a state where Ally is licensed. Though Ally doesn’t list any credit score requirements on its site, apply for preapproval online or over the phone to see if your finances might meet its underwriting criteria.
The documents you need vary based on your circumstances, but you may want to prepare any of the following that apply to you:
Ally doesn’t charge any lender fees, so you won’t find any application, origination, processing or underwriting fees if you decide to do business with them. In comparison, many banks charge lender fees that typically cost between 1% and 2% of the total mortgage amount.
While Ally doesn’t charge any lender fees, expect to pay any third-party fees normally associated with getting a mortgage. These include:
The application starts online or over the phone, and it’s generally best to start by prequalifying.
If you prequalify, send in the required documentation and Ally completes the underwriting process. This process can take anywhere from three to five weeks, but you can track the progress online or talk to your loan team over the phone.
Ally offers refinancing with no lender fees, and offers the following refinance options:
The only specialty loan Ally offers is Fanny Mae’s HomeReady mortgage program. Ally works with the program to assist first-time buyers. You’re required to take an online course, but you can potentially get a 30-year mortgage with as little as 3% down.
As of July 2022, Ally is not accredited with the BBB and has an NR rating as the company is responding to previously closed customer complaints. The company closed more than 1.800 complaints in the last three years and has a 1.06 star out of 5 star rating based on 455 reviews.
The lender doesn’t fare much better on Trustpilot, where it has 255 reviews, 92% of which are 1-star, and has a TrustScore of 1.2 out of 5 stars. Complaints generally focus on poor customer service experiences, misinformation and mishandling of funds. Satisfied customers report friendly, responsive and helpful customer service and a smooth and pleasant home loan experience.
Ally is a financial services company that operates completely online. It was established back in 1919 as the General Motors Acceptance Corporation but was rebranded in 2010 as Ally.
In addition to mortgages, Ally provides a number of personal banking products — including checking and savings accounts, CDs, IRAs, investment accounts and auto loans. In August 2019, Ally made an equity investment in the fintech car subscription service, Fair, becoming a minority shareholder.
Ally’s mortgage products are surprisingly limited, and you can’t get a government-backed mortgage or any home equity products. If you prefer the convenience of an online lender but are interested in getting a government-backed mortgage, there are plenty of options available.
For instance, Better is a highly rated digital mortgage lender that offers FHA loans in addition to conventional, jumbo and refinance mortgages. And similar to Ally, it doesn’t charge any lender fees.
Then there’s Rocket Mortgage. Unlike Ally, Rocket Mortgage is available nationwide, offers a fully online mortgage application process and both VA and FHA home loans. But Rocket Mortgage charges an origination fee of $1,250 on its conventional mortgages.
Alternatively, 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.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.