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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
Which
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%.
What
Ally charges closing costs typically between 2% and 5% of the purchase price.
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
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
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