Ally Bank is a Detroit-based online bank. Ally offers traditional banking products and services, such as conventional mortgages, as well as refinance loans and jumbo home loans.
- Loan programs for first-time buyers
- Fee discount for Ally customers
- No brick-and-mortar branches
- No government-insured loans available
Ally Bank provides a few types of home loans, including:
- Fixed-rate conventional loans
- Jumbo loans
- Adjustable-rate mortgages
- Fixed- and adjustable-rate refinance loans
How Can I
Ally requires a FICO credit score of at least 620 and accepts borrowers with debt-to-income ratios of up to 50%. For jumbo loans, though, borrowers need a FICO score of at least 700 and a debt-to-income ratio of no more than 43%.
Ally charges closing costs typically between 2% and 5% of the purchase price.
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Does Ally Bank Offer Good
Ally’s parent company, Ally Financial, isn’t rated or accredited by Better Business Bureau.
The Consumer Financial Protection Bureau received 61 mortgage-related complaints in 2020 about Ally Financial. The most common complaints involved:
- Having trouble during the payment process
- Applying for a mortgage or refinancing a mortgage
- Closing on a mortgage
Each complaint received a timely response and was closed with an explanation.
Does Ally Bank Offer
Borrowers can prequalify for a home loan online, but the full mortgage application process must be completed by phone with an Ally Home Team representative. Ally also offers a home affordability calculator to estimate a homebuying budget.
- Ally customers
- First-time homebuyers
- People who want dedicated support during the mortgage process