Ally Bank Logo
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LAST UPDATED: September 1st, 2022

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.

See how Ally compares to other mortgage companies:

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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.

View Best Mortgage Lenders

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Star Rating

4.8

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5 Reviews

Review Breakdown

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80%

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20%

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Review Source

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Tara Gillispie Huntington, WV

I like Ally Bank for their very easy process of applying for credit with their bank. I had actually heard some not so great reviews about them from others but I didn’t let that stop me. So far, I’m very happy with their service. Every 30 days they have a different account representative contact me, which I feel is unnecessary, I would like to keep the same rep every month. Other than that they have been a great bank.

5 months ago

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Wendy Shaw Queens, NY

They offered numerous term lengths and loan types with down payments as low as 3%. No lender fees. Highly competitive rates. Took me less than 15 minutes to do my application quickly and stress free online.

8 months ago

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Sathvik Aithala Portland, OR

Got mortgage quotes from Ally. Rates were good and loan fees were reasonable.

3 months ago

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Julia UP Southbury, CT

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

1 year ago

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Fernando Lawton, OK

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

1 year ago