LAST UPDATED: August 18th, 2021

Ally Financial Inc. is a digital financial services company headquartered in Detroit, Michigan. Founded in 1919 as GMAC, a division of GM, the company was re-branded as Ally in 2009. Ally provides banking services, auto financing, investing, corporate finance, and home loans.

Ally’s process for mortgage servicing is straightforward for applicants: get pre-qualified, submit documentation, wait for underwriting approval, sign on closing day, and manage your loan online after you close.

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The Good

  • Updated Rates
  • Account Discount
  • Online Access

Updated Rates

Ally’s mortgage rates and APRs are updated daily. The rates shown on the website reflect rates for borrowers with excellent credit and a 20 percent down payment and do not include taxes or insurance. Sample rates are provided for 15, 20, and 30-year fixed-rate mortgages and 10/1, 7/1, and 5/1 adjustable-rate mortgages.

Keep in mind that the rates displayed are not necessarily the rates you will qualify for. Your rate depends on a number of factors including the current housing market, credit score, property location, loan amount, loan type, and loan term.

Account Discount

You can save $500 off closing costs if you have an investment account, bank account, existing home loan, auto loan, or vehicle protection plan with Ally already.

Online Access

As an established online financial services company, Ally has the ins and outs of online lending figured out. With Ally mortgages, you can keep track of all your loan-related documents online from any device on your secure account.

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The Bad

  • Unclear Loan Types

Unclear Loan Types

Ally offers fixed-rate mortgages, adjustable-rate mortgages (ARMs), and Jumbo loans for refinance or new purchases. But aside from alluding to offering a first-time homebuyer program, it is unclear which government-backed loans, new construction loans, or specialty loans are available, if any.

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The Bottom Line

Ally’s online mortgage experience should be a positive one based on the customer support offered. Ally provides each borrower a three-person team of loan experts and promises to give frequent updates via phone or email according to the borrower’s preference. However, be aware that Ally does not provide certain government-backed loans, such as VA loans, UDSA loans, and FHA loans.

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Fernando Lawton, OK

Awesome company. Helped me get my current house for affordable payments.

2 months ago

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Review Source

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Julia UP Southbury, CT

Our family really like to work with them, always great service, best online bank service

2 months ago

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