Mortgages

Ally Bank Mortgage review: Everything you need to know before applying

Looking for a mortgage loan with easy processes and fast application? Then look no further than the Ally Bank Mortgage! Read this full review to learn more!

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Ally Bank Mortgage: Pay no lender fee and get pre-approved with simple steps

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Ally Bank Mortgage full review. Source: Ally Bank

Are you looking for a convenient online loan pre-approval process? Then here we have the Ally Bank Mortgage ready for you! It offers several mortgage products to help you buy a home!

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Ally Bank Mortgage: how to apply

Wondering how to apply for the Ally Bank Mortgage? Then you’re in the right place! Read on a learn everything about the application process!

In this Ally Bank Mortgage review, you’ll learn the details of this product, including rates, terms, pros, and cons. So let’s get started!

Credit scoreAt least 620
Loans offeredConventional, HomeReady loan and Jumbo
Minimum down payment3%
APRIt depends on the loan type and your financial situation.
Terms10 – 30 years

Ally Bank Mortgage review: what you need to know

Ally Bank has been in the mortgage loan market since 2016, providing considerable loan options for homebuyers.

It is the perfect lender for anyone looking to complete all the processes online and who needs support through the process.

Besides conventional and jumbo loans, the bank offers the Fannie Mae HomeReady, which allows applicants with low to mid-income to pay as little as 3% for a down payment.

A conventional loan normally requires a 5% down payment. And Jumbo loans require a 10% minimum down payment.

The terms length offered is 30-year, 20-year, and 15-year. Also, you get to choose if you want adjustable-rate or fixed-rate terms.

One of the main perks of Ally Bank Mortgage is that no lender fees are charged. Also, the pre-approval only takes minutes and can be made fully online.

Ally Bank Mortgage main features

young woman working from laptop with earphones
Learn the details of the Ally Bank Mortgage! Source: Freepik

Now that you know how this Ally Bank Mortgage works and its rates e terms, it is time for you to check its pros and cons. Let’s compare below and see the details.

Pros

  • It offers an online service for homebuyers;
  • Find out if you’re pre-approved within 3 minutes;
  • It doesn’t charge any lender’s fee;
  • Enjoy online support;
  • If you’re a first-time buyer, Ally bank offers a great loan program to help you.

Cons

  • FHA, USDA, and VA loans or HELOCs are not available;
  • The mortgage is unavailable in certain states.

Credit score required to apply

Ally requires a FICO score of at least 620 for its applicants. However, if you want to apply for the Jumbo loan, you’ll need a credit score of at least 700.

Ally Bank Mortgage application process: how does it work?

Ally Bank offers a fast pre-approval process! In only three minutes, you can get pre-approved and submit all the documentation online.

To learn the application process in detail, read the following article. We’ll teach you everything you need to know.

Ally Bank logo

Ally Bank Mortgage: how to apply

Wondering how to apply for the Ally Bank Mortgage? Then you’re in the right place! Read on a learn everything about the application process!

About the author  /  Beatriz Vieira

Beatriz Vieira is a producer and copywriter who is part of the finance writer team in this portal. She has a degree in Journalism and aims to improve her bilingual writing skills. Her subjects of most significant interest are culture, finances, and self-development.

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