Ally Bank Mortgage Review 2025

Ally Bank began offering mortgages 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. It 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. 

Pros and cons of Ally Bank

Affordability: 4.9/5

Ally Bank tends to offer lower mortgage rates, along with some low-down payment options. It scores 4.9 out of 5 stars for affordability.

• Interest rates: Ally Bank typically offers competitive mortgage rates, with APRs often below market average.
• Down payment: Ally Bank’s main loan option is a conventional loan with just 3 percent down. It also offers a $5,000 down payment and closing costs grant to low- to moderate-income homeowners in Charlotte, Chicago, Detroit, Houston, Philadelphia and some counties in Utah.
• Closing costs: Unlike many other lenders, Ally Bank doesn’t charge additional fees, like an origination fee or rate lock fee.

Availability: 4.5/5

Ally Bank lends mortgages to eligible borrowers nationwide, but it doesn’t offer government-backed loans, netting it 4.5 out of 5 stars for availability.

• Home loans offered: Ally Bank offers conventional and jumbo purchase and refinance loans.
• Footprint: The bank provides mortgages in all U.S. states.
• Where to find: Ally Bank is an online-only lender, with no branch locations. You can apply for a mortgage online or by phone.

Borrower experience: 4/5

Ally Bank makes it easy to compare APRs online, but there aren’t many ways to get in touch with customer service other than by phone. That contributed to a borrower experience score of 4 out of 5 stars.

• Preapproval and application process: If qualified, you can get preapproved for a mortgage from Ally Bank online. Once preapproved, you'll upload, sign and submit documents online, too. The bank’s preapprovals and rate locks are powered by its partnership with Better, a digital mortgage lender.
• Transparency: Ally Bank’s website features a customizable mortgage rate tool that’ll help you get a more accurate estimate of what APR you could qualify for.
• Customer service: You can reach Ally Bank’s mortgage customer service team at 866-401-4742, Monday through Friday, 8:30 a.m. to 8 p.m. ET and Saturday, 8:30 a.m. to 1 p.m. ET.

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 over 700 reviews (at the time of this review).

What consumers say about Ally Bank

Many borrowers on Bankrate praise Ally Bank’s courteous customer service and smooth application process. Some appreciate that the bank’s technology helped them keep tabs on the status of their loan. A small portion of borrowers complain that customer service isn’t friendly or knowledgeable.

Ally Home Grant

Ally offers $5,000 down payment and closing costs grants to eligible homebuyers in Charlotte, Chicago, Detroit, Houston, Philadelphia and some counties in Utah. Among the qualifications, you have to live in the property as your primary residence (no investment properties) and have an income of less than 120 percent of the area median income. Your Ally rep can help determine whether you’re eligible.

Ally Bank offers both rate-and-term and cash-out refinancing options, but only for conventional and jumbo loans.

You can apply for a mortgage with Ally Bank online or by phone at 855-256-2559, Monday through Friday, 9 a.m. to 9 p.m. ET and Saturday, 10 a.m. to 4 p.m. ET.