Ally Bank Mortgage Rates & Reviews
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Ally Bank is a financial services provider founded in 1919 with its headquarters in Detroit Michigan. The bank was formerly known as GMAC (General Motors Acceptance Corporation). The bank offers banking services, corporate programs, lending, insurance, and mortgages. It is one of the largest car finance companies in the US supporting over 4.5 million customers with 1.4 million car loans originating each year. Ally Bank is also an online mortgage lender that offers a large variety of home loans and mortgage refinancing options. The bank has 2 million depositors and employs 8,700 people.
https://www.ally.com/
Current Ally Bank Mortgage Rates †
Current Ally Bank Conventional Fixed Rate Mortgage Rates
| TERM | RATE | APR | BENCHMARK |
|---|
Last updated December 21, 2024. Rates are for informational purposes only.
Current Ally Bank Variable Rate Mortgage Rates
| TERM | RATE | APR | BENCHMARK |
|---|
Last updated December 21, 2024. Rates are for informational purposes only.
Current Ally Bank Jumbo Mortgage Rates
| TERM | RATE | APR | BENCHMARK |
|---|---|---|---|
| 30-Year Fixed Rate | 7.250% | 7.331% | --- |
| 15-Year Fixed Rate | 6.990% | 7.097% | --- |
| 7/6 ARM | 6.250% | 7.346% | --- |
Last updated December 21, 2024. Rates are for informational purposes only.
While we try our best to get your the best rates, we cannot guarantee that they are always accurate. Casaplorer® assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use. Rates shown are for informational purposes only and are based on zipcode 94123. Estimated payments do not include taxes and insurance. Some state and county maximum loan amount restrictions may apply. Casaplorer® is not endorsed or sponsored by any mortgage lender or government agency. Please refer to https://www.ally.com
Ally Bank Mortgage Application
Ally Bank’s mortgage application is completely online and fairly straightforward. It starts with a mortgage pre-approval. By submitting some basic information about your home purchase, Ally Home Loans will perform a soft credit inquiry to get your credit score and history. They estimate that a mortgage pre-approval can take as little as 3 minutes and this is true if you have your information ready. You will then receive different loan options and custom mortgage rates. If successful, you will be given a pre-approval letter that you can use when searching for a property.
Afterward, you can submit a mortgage application and secure a mortgage rate by submitting key financial documents, which include:
- Recent pay stubs
- Employment records
- Bank statements
- Tax returns
When applying for any mortgage, you will have to approve a hard credit score inquiry that will temporarily lower your credit score.
Ally Bank Customer Service
You can use Ally Home Loan’s online account management service to contact Ally Bank. As a completely online mortgage lender, Ally Home Loans doesn’t have any physical locations, but they offer online customer service.
Ally Bank Reviews
To provide an accurate estimate of Ally Bank’s performance, we’ve collected different ratings and reviews from a variety of sources. The score displayed is a weighted average of Ally Bank’s ratings over multiple websites. Ally Bank ratings reflect Ally Bank as a whole rather than their mortgage lending subsidiary, Ally Home Loans. These ratings reflect Ally Bank’s overall performance and reflect its quality of service across all departments.
- WalletHub: 3.4/5 from 1,932 reviews
- Consumer Affairs: 3.7/5 from 722 reviews
- Better Business Bureau: 1.23/5 from 56 reviews
Summary of Ally Bank Pros and Cons
Pros
- Online mortgage process with fast pre-approval
- Good selection of mortgage products available including Fixed-Rate Loans, Variable-Rate Loans, and Jumbo Loans
- Available nationwide
Cons
- No FHA loans, VA loans, or USDA loans
- No home equity loans or HELOCs
- No physical locations
Ally Bank Mortgage Products
Ally Bank has a large variety of mortgage-related products for home buyers that include:
- Fixed-Rate Mortgages (Conventional Loans) of 15 and 30-year terms
- Adjustable-Rate Mortgages (ARMs)
- Jumbo Loans
- Mortgage Refinancing
- Cash-Out Refinancing
However, unlike other mortgage lenders, Ally Bank does not offer federally-insured loans for home buyers including:
- Any analysis or commentary reflects the opinions of Casaplorer.com (a part of Wowa Leads Inc.) analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. Casaplorer does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Interest rates are sourced from financial institutions' websites.
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