Founded in 1919, Ally Bank is a provider of financial services with its corporate headquarters in Detroit, Michigan. Previously known as GMAC (General Motors Acceptance Corporation), the bank The bank provides mortgages, corporate programs, lending, insurance, and banking services. One of the biggest auto finance companies in the US, it provides financing for more than 4 5 million customers with 1. 4 million car loans originating each year. A second online mortgage lender, Ally Bank, provides a wide range of options for home loans and mortgage refinancing. The bank has 2 million depositors and employs 8,700 people. Information about the lender Ally Bank’s official logo Ally Bank is traded on the New York Stock Exchange:
Current Ally Bank Mortgage Rates †Data Compiled by the Casaplorer Team
| TERM | RATE | APR | BENCHMARK |
|---|---|---|---|
| 15-Year Fixed Rate | 5.875 % | 5.940 % | — |
| 30-Year Fixed Rate | 6.500 % | 6.540 % | — |
Last updated December 12, 2022 . Rates are for informational purposes only.
Current Ally Bank Variable Rate Mortgage Rates
| TERM | RATE | APR | BENCHMARK |
|---|---|---|---|
| 7/6 ARM | 6.250 % | 6.690 % | — |
Last updated December 12, 2022 . Rates are for informational purposes only.
Current Ally Bank Jumbo Mortgage Rates
| TERM | RATE | APR | BENCHMARK |
|---|---|---|---|
| 7/6 ARM | 5.875 % | 6.390 % | — |
| 15-Year Fixed Rate | 6.250 % | 6.310 % | — |
| 30-Year Fixed Rate | 6.375 % | 6.440 % | — |
Last updated December 12, 2022 . 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. Ally Home Loans will carry out a soft credit inquiry after receiving some basic information about your home purchase in order to obtain your credit report and score. If you have your information ready, they estimate that a mortgage pre-approval can be obtained in as little as 3 minutes. Following that, various loan options and personalized mortgage rates will be provided. If you are approved, you will receive a letter of pre-approval that you can use when looking for a home.
Once you have provided important financial documents, such as: You can then submit a mortgage application and secure a mortgage rate.
You must consent to a hard credit score inquiry when applying for any mortgage, which will temporarily lower your credit score.
Ally Bank Customer ServiceAlly Bank’s Home Loans customer service can be reached by calling 1-855-256-2559 from 8 am – 10 pm ET on weekdays and from 10 am – 4 pm ET on Saturdays.
To get in touch with Ally Bank, use the online account management service for Ally Home Loan. Ally Home Loans is an entirely online mortgage lender; however, despite not having any physical locations, they do provide online customer service.
We have gathered ratings and reviews for Ally Bank from a variety of sources in order to provide an accurate assessment of its performance. The result is a weighted average of Ally Bank’s evaluations across various websites. Ratings for Ally Bank are based on Ally Bank as a whole, not its mortgage lending subsidiary, Ally Home Loans. These rankings represent the general performance of Ally Bank and its level of customer service in all areas. Estimated Average Rating: 3. 44/5.
Summary of Ally Bank Pros and Cons
Ally Bank Mortgage Products
Home buyers can choose from a wide range of mortgage-related products from Ally Bank, which include:
However, unlike other mortgage lenders, Ally Bank does not provide homebuyers with federally insured loans, such as:
FAQ
What is a 2022 jumbo mortgage?
A jumbo loan is a mortgage that is bigger than the FHFA’s local conforming loan limit. Any mortgage that is larger than the $647,200 maximum conforming loan limit for 2022 is considered a jumbo loan.
Does ally use better mortgage?
Better Mortgage, a digital lender, and Ally Bank have a partnership to manage mortgage applications. Utilizing Ally’s rates and loan funding, the loan is processed, underwritten, and closed better. The entire application can be completed online by customers, who can also safely upload documents and electronically sign disclosures.
What are current jumbo Interest rates?
Trends in today’s average 30-year fixed jumbo mortgage rates For today, Thursday, December 8, 2022, the average national jumbo mortgage APR is 6. 51%, increased to compared to last week’s of 6. 68%. The national average 30-year fixed jumbo refinance APR is 6. 52%, up compared to last week’s of 6. 78%.
Do jumbo loans have higher interest rates?
Compared to a standard mortgage, jumbo loans typically have higher interest rates, stricter underwriting guidelines, and larger down payments.