Ally Bank Mortgage Review 2025
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
620
3%
Conventional, jumbo
- Quick application and closing process
- Grants available toward down payment or closing costs
- Rates available on lender website
- Limited mortgage offerings (no FHA, USDA or VA loans)
- No brick-and-mortar locations
- No home equity loans or HELOCs
Ally Bank mortgage overview
Ally Bank exited the mortgage loan business in early 2025. With that in mind, here’s some important information that you need to know:
- For those applying for a new Ally mortgage: If you applied for a mortgage with Ally on or before Jan. 31, 2025, you had until May 27, 2025, to complete the closing process for your loan.
- For those with an existing Ally mortgage: A representative from Ally says to just keep paying your mortgage as you normally would. The company will reach out to you if there are any changes made to your loan or if you need to take any action.
Ally Bank was founded in 1919, initially as part of General Motors. In 2010, the company rebranded to Ally Financial, and offered a range of financial products, including home loans and wealth management.
- Areas of service: 50 states and District of Columbia
- Digital service: Online-only lender
- Headquarters: 500 Woodward Ave., Detroit, MI 48226
- Website: Ally.com
What types of mortgage loans does Ally Bank offer?
Ally Bank offered two main types of home loans before it exited the mortgage business:
Conventional loans
Ally Bank’s conventional loan offerings included fixed-rate and variable-rate mortgages (called adjustable-rate mortgages or ARMs); cash-out refinance; and rate-and-term refinance loans.
Conventional loan qualification requirements
- 620 minimum credit score
- 3% minimum down payment
Learn more about conventional mortgage rates.
Jumbo loans
Ally offered jumbo loans for most property types through fixed-rate and variable-rate mortgages. Choose from 15-, 20- or 30-year fixed-rate loans or five-, seven- or 10-year ARMs.
Jumbo loan qualification requirements
- Loan amounts up to $4 million
- 10.01% minimum down payment
Learn more about jumbo loan rates.
Documents you needed for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.
Ally Bank’s customer service experience
Existing home loan customers can reach Ally at the following phone number Monday through Friday from 8:30 a.m. to 8 p.m. ET, and Saturday from 8:30 a.m. to 1 p.m. ET:
- Phone: 866-401-4742
Customer support hours are in line with what many competitors offer, although email and live chat aren’t listed as contact options for home loan customers on Ally’s website.
What are some alternatives to Ally Bank mortgage loans?
Since Ally Bank is no longer in the mortgage origination business, here are some viable alternatives if you’re in the market for a mortgage lender.
|  |  |
|
|---|---|---|---|
| LendingTree’s rating |  Read our full review |  Read our Ally vs. SoFi Bank comparison. |  Read our Ally vs. PenFed Credit Union comparison. |
| Minimum credit score | 620 | 600 | 620 to 650 |
| Minimum down payment | 3% | 0% to 10% | 0% to 3.5% |
| Rate spread Rate spread is the difference between the national average conventional mortgage rate and the average conventional rate the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan. | 0.00% | 0.10% | -0.08% |
| Loan products and programs |
|
|
|
| Better for: | Borrowers who want an online application experience and who may qualify for lender grants and discounts. | Borrowers who prefer applying for loans online and want to quickly lock in an interest rate. | Borrowers with fair credit scores who want an in-person loan experience. |
| Get offers | Get offers | Get offers |
Ally Bank vs. SoFi Bank
While Ally only offered conventional and jumbo loans, SoFi Bank offers government-backed loans and home equity lines of credit (HELOCs). Plus, SoFi allows you to lock in an interest rate for 90 days while house hunting. It also offers an on-time close guarantee.
With SoFi Bank, you can view your personalized mortgage rates online in minutes with no impact to your credit. One potential advantage of applying with SoFi Bank is that its minimum credit score requirement is slightly lower than Ally’s.
→ Read more in our full SoFi Bank mortgage review.
Ally Bank vs. PenFed Credit Union
PenFed Credit Union offers more types of mortgage loans compared to Ally and a more traditional application experience. That means you can speak with a representative in person at any of their branches throughout the U.S. instead of going through the application process solely online. PenFed doesn’t offer the same transparency you’ll find with Ally, however — you can see minimum rates for each of their loan types, but that’s about it.
Ally’s credit score requirements are slightly lower than PenFed’s. If your score isn’t in the good-to-excellent range, Ally may have been the better option.
→ Read more in our full PenFed Credit Union mortgage review.
Ready to compare lender offers on LendingTree? get your rates today
How LendingTree rated Ally Bank Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Ally Bank’s scorecard: 
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Before Ally Bank closed its mortgage program, you were able to see current rates for its mortgage products, get prequalified and submit all application documentation online. You could also manage your loan through your online account.
Yes, Ally Bank is a legitimate financial institution. It is licensed to do business in all 50 states.
You can view more info about Ally Bank’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Applying for an Ally Bank home loan may temporarily affect your credit score, as the lender will conduct a hard credit inquiry when you submit your application. Your monthly payment activity can also positively or negatively affect your score.
There are multiple unclaimed profiles associated with Ally Bank on Trustpilot, and it can be difficult to determine which products customers are referring to in their reviews. On one Trustpilot profile, Ally Financial received an average of 1.1 out of 5 stars across nearly 900 reviews, and on another, it received 1.4 stars across more than 300 reviews.
Customers who left critical reviews primarily complained about the slow customer service response times, though there are also many positive reviews citing great customer support.