Ally Mortgage Review: Rates, Features and How It Compares

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Ally Bank has made significant shifts in its business strategy in 2025, stepping away from both home lending and credit card services. These changes reflect the bank’s focus on its core strengths — auto loans and financing. If you’re considering Ally for a home loan, here’s what you need to know.

Ally Mortgage Overview

As of Jan. 31, 2025, Ally Bank no longer offers mortgages, home equity loans or home equity lines of credit. The decision was driven by rising interest rates and increased credit challenges, according to a report from Scotsman Guide.

If you were considering a mortgage with Ally — or already have one in progress — here’s what you need to know about your options going forward.

If You Have a Mortgage or Home Equity Loan in Progress With Ally Bank

If you’ve been working with Ally Bank to close on your mortgage or home equity loan, you must close by May 27, 2025, according to the Ally website.

This means submitting any outstanding paperwork to help the lender make their decision. You should also ensure you have cash in the bank for closing costs.

If you have any questions, contact your loan expert at 855-256-2559 during the following times:

• Monday through Friday: 9 a.m. to 9 p.m. EST
• Saturday: 10 a.m. and 4 p.m.  

If you already have a home loan with Ally Bank, continue making on-time payments as usual.

Ally may choose to sell your loan in the future. If this happens, you’ll get a transfer letter indicating your new mortgage holder and instructions on how to make payments.

If You Were Considering Ally Bank for a Mortgage or HELOC

If you were shopping around and considering Ally Bank for a mortgage or home equity loan, it’s too late to submit an application. Shift gears by evaluating what you liked about Ally Bank and exploring similar alternatives.

• Ally Bank offered traditional mortgages for homebuyers with credit scores starting around 620 and a 3% down payment.
• The bank also offered jumbo mortgages for borrowers with credit scores of at least 700.
• You can find online and traditional lenders that will accommodate these requirements.

Alternatives To Ally Bank Mortgages and Home Equity Loans

Whether you’re looking for a mortgage, home equity loan or HELOC from a trusted online lender or a traditional bank, you have plenty of options. Here are three top lenders worth considering.

Rocket Mortgage

Rocket Mortgage offers home mortgages, refinancing, cash-out refis and home equity loans. You can explore your options online with no damage to your credit score. The lender does not offer HELOCs.

Rocket Mortgage was rated No. 1 in customer satisfaction by J.D. Power and has won more awards than any other mortgage lender in recent years.

Rocket Mortgage also earned an average of 4.2 stars at Consumer Affairs. Customers said the process was “smooth and efficient,” and called out the company’s transparency, punctuality and speed.

The loan application process is all online, but it’s also easy to contact a mortgage representative on the phone or via Rocket’s online chat service.

Discover Home Loans

Discover® Bank, Member FDIC, offers home equity loans starting at $35,000 with no origination fees, no application fees and no appraisal costs. This makes the home loan process simple and affordable.

Along with home equity loans, the company offers mortgage refinancing and cash-out refinancing, but not initial mortgages for a home purchase.

Rates can range from 7.85% to 12.48% APR. Terms are available for periods of 10 to 30 years. Discover does not offer mortgages in Iowa or Maryland.

Discover is upfront about advertising its rates, terms and loan costs, which makes it easier to decide if Discover might be the right lender for you.

Chase Bank

As the largest bank in the U.S. based on assets, Chase stands as a viable alternative to Ally Bank for those shopping for a home mortgage, home equity loan, refinance or a home equity line of credit.

Chase mortgage rates vary based on the area where you live.

If you are looking for in-person service through a dedicated Home Lending Advisor, Chase could be a good choice.

For those shopping for a new home, Chase offers pre-approval letters, which can increase your odds of having your bid accepted in a seller’s market.

Ally Bank Mortgage Alternatives: Lenders At a Glance

Other Ally Bank Offerings: Savings, Loans and Auto Financing

Ally Bank continues to offer a variety of online financial products, including checking and savings accounts, vehicle refinancing and auto loans. In fact, Ally Bank was rated one of GOBankingRates’ Best Online Banks for 2025.  

Here’s a closer look at some of Ally’s current offerings:

Ally Bank Checking Account

Ally Bank offers a straightforward online checking account. Here are some key points to know:

• Enjoy early direct deposit, no overdraft fees and easy online account management.
• Organize your deposits in expense buckets.
• Access cash for free at over 75,000 in-network ATMs across the U.S.
• You also receive $10 reimbursement per statement cycle for out-of-network ATM use.

Ally Bank Savings Account

Ally’s Savings Account delivers a high yield on all balance tiers and a host of features that make it easier to save money. Tools include the following:

• Digital savings buckets for goal-oriented saving.
• Recurring transfers to automate savings.
• Round-ups from purchases made with your Ally spending account debit card.

This savings account also analyzes your checking account, finds money not allocated for purchases, and transfers it to savings automatically.

Ally Bank CD Accounts

Ally offers three types of CDs, all with no minimum deposits.

• High Yield CDs: Rates up to . Available in terms from three months up to five years.
• Raise Your Rate CD: Gives you an opportunity to increase your rate once for a two-year CD or twice for a four-year CD, if Ally’s rates go up.
• No Penalty CD: Allows you to withdraw your money without penalties or loss of interest as long as you’ve had the account open at least 6 days.

Because of its high rates and wide range of choices, Ally was rated one of the Best Banks for CD Accounts by GOBankingRates.

Ally Bank Money Market Account

Ally’s Money Market Account offers the same APY as its savings account, but adds the flexibility to withdraw funds at Allpoint or MoneyPass ATMs for free. Users can also deposit checks electronically through the Ally app.

Ally made GOBankingRates’ list of Best Money Market Accounts for 2025.

Ally Bank Investment Accounts

Ally offers a variety of investment products including IRAs and rollover IRAs.

You can take advantage of automated investing and trade ETFs, margin accounts and options through an Ally Invest Securities brokerage account.

Ally Bank Vehicle Financing and Refinancing

Ally Bank offers a few types of auto services, including the following:

• Vehicle refinancing
• Business and personal vehicle loans
• Lease-end services
• Vehicle warranties

Key Takeaways

• Ally Bank no longer offers mortgages or home equity loans as of Jan. 31, 2025.
• All Ally Bank mortgages in process must close by May 27, 2025.
• Ally Bank still offers auto loans, auto refinancing and vehicle warranties and is seeking to focus on these core competencies.
• Ally Bank offers a variety of online-only deposit accounts, including a fee-free checking account packed with features that make money management easy.  

Data is accurate as of May 6, 2025, and is subject to change.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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