Ally Bank Mortgage review: how does it work, and is it good?
If you're in the market for a new mortgage, be sure to read our Ally Bank Mortgage review. We'll tell you everything you need to know about this product, including how it works and whether or not it's a good option for you. Read on!
Ally Bank Mortgage: Get pre-approval in as little as 3 min!
This Ally Bank Mortgage review may be a good option to consider if you are in the market for a new mortgage. This bank offers some competitive rates and terms, but is it the right choice for you?
Keep reading to learn more about how Ally Bank mortgages work and whether or not they would be a good fit for your needs.
|Credit Score||Jumbo: 700Conventional: 620|
|Loans Offered||Purchase, Refinance, Jumbo, Fixed, Adjustable|
|Minimum Down Payment||3%|
|APR||There are variable or fixed rates depending on the loan|
|Terms||5,7 or 10 years|
What is the Ally Bank Mortgage?
Ally Bank Mortgage is a loan company that operates online and is available for 45 states in the U.S and Washington, D.C.
However, it’s unavailable in Alaska, Hawaii, New York, and Hampshire.
This loan is good for people who buy a house or refinance a mortgage.
Its pre-approval process is relatively quick – in about 3 minutes, you can see if you’ll get a loan with Ally.
One of the benefits of Ally is that they don’t charge lender fees; however, they also don’t offer FHA, VA, or USDA loans.
Ally Bank Mortgage loan terms range from 5 to 10 years, depending on several factors.
Another thing to note is that Ally doesn’t have any branch locations because everything is done online.
If you’re considering Ally for a mortgage loan, keep in mind the type of loan you’re looking for and whether or not Ally offers it.
You will be redirected to another website
Is the Ally Bank Mortgage good?
Ally Bank Mortgage is interesting for borrowers that look for convenience and an online process.
Review their pros and cons, and see if this loan is an option.
- Online application: you can avoid the paperwork by sending everything online.
- Ally Bank doesn’t charge any mortgage lender fees, so you won’t have to worry about hidden costs, and the process is transparent.
- It’s well-rated by customers: according to the bank rate, most customers rate it 4.6 out of 5.
- It’s safe and fast: they work with protection-based technology to keep your information safe.
- There are no branches: if you like this kind of service, this is not the loan for you.
- Ally Bank Mortgage doesn’t offer government-backed loans.
Does Ally Bank Mortgage check credit scores?
Ally Bank Mortgage requires at least a 620 FICO score to get a conventional loan and 700 for Jumbo loans.
Want to apply for the Ally Bank Mortgage? We will help you!
You’ve got to the end of the Ally Bank Mortgage review. If you want to learn more about their application process, keep reading!
The post below will show you how to apply for an Ally Bank Mortgage. Check it out!
About the author / Suzana Brito
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