AmeriSave Mortgage Corporation
4.1 Bankrate ScoreAmeriSave Mortgage Corporation, an online...
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With its lightning-fast preapprovals and lack of lender fees, Ally Bank emphasizes a customer-friendly experience. As a mortgage lender, it’s especially focused on jumbo loans. It doesn’t offer FHA or VA loans.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, refinancing
Min. credit score required
620 for conventional loans, 700 for jumbo loans
Nationwide availability
All U.S. states
Min. down payment
3% for conventional loans, 10.01% for jumbo loans
Ally Bank began offering direct-to-consumer home loans in 2016. The bank and lender provides several mortgage options, including conventional loans, jumbo loans and adjustable-rate loans in five- seven- or 10-year terms. Ally Bank also offers refinancing options, including rate-and-term and cash-out, but doesn't offer FHA loans, VA loans, USDA loans or home equity loan options. You can lock in your rate for up to 45 days. For a home purchase loan, the bank currently averages 35 days to close. However, Ally Bank seems to be pulling back on lending activity – it ranked 330th among all lenders nationally in 2023, down from 159th in 2022, according to federal data. Ally’s average loan size was $1.3 million, reflecting the lender’s focus on jumbo loans.
In March 2024, Ally began offering $5,000 grants to eligible first-time homebuyers in Charlotte, Detroit and Philadelphia.
Preapprovals in as few as three minutes
Displays mortgage rates on its website
No FHA, VA or USDA loans, or home equity products
No branch locations
Ally Bank doesn’t charge lender fees, and it posts detailed rate information on its website, often updated throughout the day. The bank’s mortgage rates are right in line with Bankrate’s averages, so shop around — you might find you get a better deal elsewhere.
Ally Bank only offers conventional loans, both conforming and non-conforming if you’re buying a higher-priced property. It doesn’t offer FHA, VA or USDA loans, which might be limiting for some borrowers. The bank is licensed to lend mortgages in all states.
Ally Bank has an A grade from the Better Business Bureau, but isn’t accredited by the organization, and its Trustpilot rating is “Bad” based on several hundred complaints (at the time of this review). However, its J.D. Power score is near the top of the pack of large loan originators. The bank doesn’t have brick-and-mortar locations, so if you’re looking to get a mortgage, you’ll do so online. It offers tips and educational articles about the mortgage-lending process on its website, and if you have the Ally Bank app, you can access your home loan easily on your phone. Once preapproved, you'll upload, sign and submit documents online. Its preapprovals and rate locks are powered by its partnership with Better, a digital mortgage lender.
You can apply for a mortgage with Ally Bank online or by phone at 855-256-2559. Here are some tips to prepare for the process:
Ally Bank offers both rate-and-term and cash-out refinancing options.
Ally offers $5,000 grants to eligible first-time homebuyers in Charlotte, Detroit and Philadelphia. To qualify, a borrower must live in the property, earn less than 100 percent of the area median income and purchase a home in a minority census tract. Your Ally rep can help determine whether you’re eligible.
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Loans offered Conventional, jumbo, refinancing |
Loans offered Conventional, jumbo, FHA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Min. credit score required 620 for conventional loans, 700 for jumbo loans |
Min. credit score required 620 for conventional loans, 500 for FHA loans |
Min. credit score required 620 for conventional loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans, 10.01% for jumbo loans |
Down payment 3% for conventional loans, 3.5% for FHA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability All U.S. states |
Nationwide availability Available in all U.S. states except Texas |
Nationwide availability All U.S. states |
NMLS: 181005
4.2
244 ratings
This lender has 27 recent reviews.
82% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 750 homeowners nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?