Ally Mortgage Review 2025: Rates, Features and How It Compares
Written by
Dawn Allcot
Edited by
Joe Evans
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If you’ve been searching for an Ally mortgage review to see what the bank is offering in 2025, here’s the short answer: Ally Bank no longer offers new mortgages or home equity loans.
The online-only bank officially exited the home lending space earlier this year to focus on its strongest businesses: auto loans and digital banking. This marks a major shift for Ally, once known for its streamlined, low-fee mortgage process.
So what does that mean for borrowers who already have a mortgage with Ally or were hoping to get one? Here’s everything you need to know — plus a look at the best alternatives available now.
Ally Mortgage Overview
As of January 31, 2025, Ally Bank stopped offering new home loans, home equity loans and home equity lines of credit (HELOCs). According to Scotsman Guide, the decision was driven by rising interest rates and tighter credit conditions that made home lending less profitable.
The move aligns with a broader trend in banking: many lenders are scaling back in higher-risk areas amid elevated borrowing costs. Ally is now refocusing on auto financing, which made up over 60% of its loan portfolio in 2024, according to the company’s annual report.
If you already have a mortgage or were mid-application, here’s what to expect:
If You Already Have a Mortgage or Loan in Progress
If you’re working with Ally to close on a home loan, the key date to know is May 27, 2025. That’s the final day for mortgage and home equity loan closings.
Here’s what to do next:
- Submit all remaining documents quickly so your application can be finalized.
- Have closing funds ready to avoid delays.
- Contact your Ally loan officer for updates or questions.
Customer Support:Phone Number: 855-256-2559Monday to Friday: 9 a.m. to 9 p.m. EST | Saturday: 10 a.m. to 4 p.m. EST
If you already have an Ally mortgage, nothing changes for now. Just keep making your regular payments.
If Ally sells your loan to another lender, you’ll receive a notice explaining where and how to send payments going forward.
Good to Know: Mortgage transfers are common. Lenders sell or transfer roughly 1 in 5 mortgages within the first year of origination.
If You Were Planning To Apply for an Ally Mortgage
If you were shopping around for an Ally Bank mortgage, it’s too late to apply. The bank is no longer accepting new mortgage or HELOC applications.
Before its exit, Ally offered:
- Conventional mortgages with credit scores starting around 620
- Jumbo loans for borrowers with scores of 700 or higher
- A fully digital application process with no lender fees
If those features appeal to you, the good news is that several other lenders still offer similar programs, and many are actively expanding their online mortgage platforms.
Best Alternatives to Ally Bank Mortgages for November 2025
If you liked Ally’s low fees and online convenience, these lenders offer similar benefits — all with digital applications, competitive rates and strong customer service.
Rocket Mortgage
| Category | Details |
|---|---|
| Type of Lender | Online-only mortgage lender |
| Products | Home loans, refinancing, cash-out refinance |
| Customer Satisfaction | #1 for Client Satisfaction in Mortgage Servicing by J.D. Power for the 10th Year |
| Average Rating | 4.2 stars (ConsumerAffairs) |
| Minimum Credit Score | 680 |
| Best For | Fast approvals and easy online tracking |
| Notable Features | Fully digital process, transparent rates |
| Drawbacks | No HELOCs offered |
Discover® Home Loans
| Category | Details |
|---|---|
| Type of Lender | Online lender focused on home equity products |
| Products | Home equity loans, mortgage refinancing, cash-out refinancing |
| APR Range | 7.85% to 12.48% (APR as of Nov 2025) |
| Terms | 10 to 30 years |
| Availability | All states except Iowa and Maryland |
| Fees | No application, origination or appraisal fees |
| Best For | Borrowers seeking predictable payments and clear terms |
| Drawbacks | Does not offer first-purchase mortgages |
Chase Bank
| Category | Details |
|---|---|
| Type of Lender | Traditional full-service bank |
| Products | Conventional, FHA and VA loans + refinances + HELOCs |
| Minimum Credit Score | 580 to 620 (depending on loan type) |
| Down Payment | As low as 3% for qualified borrowers |
| Best For | Buyers wanting branch access & personalized guidance |
| Bonus Perks | Relationship discounts for existing Chase customers |
| Notable Feature | Pre-approval letters to strengthen offers in competitive markets |
Quick Comparison at a Glance
Lender Min. Credit Score APR Range Loan Types Offered Key Benefit Rocket Mortgage 680 Varies Purchase, Refinance, Cash-Out Refi Fast digital approval & online management Discover Home Loans 680 7.85% to 12.48% Home Equity Loans, Refi No fees + predictable fixed payments Chase Bank 580 to 620 Varies by ZIP FHA, VA, Conventional, HELOC Branch support + relationship discounts Tip: Compare at least three lenders before applying. Borrowers who shop around save an average of $1,200 per year in interest, according to Freddie Mac.
Other Ally Bank Offerings in 2025
Even though Ally has exited the mortgage market, it’s still thriving in other areas. The bank remains one of GoBankingRates’ Best Online Banks of 2025 for its high-yield savings, user-friendly app and competitive auto loan programs.
Ally Bank Checking Account
| Feature | Details |
|---|---|
| Overdraft Fees | None — Ally offers automatic overdraft protection |
| Early Direct Deposit | Access your paycheck up to two days early |
| ATM Access | Free withdrawals at 75,000+ ATMs nationwide |
| Out-of-Network Reimbursements | Up to $10 per month refunded for ATM fees |
| Account Management | Fully online with mobile check deposits and real-time alerts |
| Best For | Fee-free, all-digital everyday banking |
Ally High-Yield Savings Account
| Feature | Details |
|---|---|
| APY | Competitive yield updated daily on Ally.com |
| Savings Tools | Use Savings Buckets to organize and track goals |
| Automation | Automatic recurring transfers and purchase round-ups |
| Smart Transfers | Moves unused checking funds into savings automatically |
| Best For | Hands-off saving with consistently strong returns |
Ally Certificates of Deposit (CDs)
| CD Type | Key Features |
|---|---|
| High-Yield CD | Fixed-rate terms from 3 months to 5 years |
| Raise-Your-Rate CD | Option to increase APY once (2-year) or twice (4-year) if rates rise |
| No-Penalty CD | Withdraw funds after 6 days without losing interest |
| Minimum Deposit | None required |
| Best For | Savers looking for flexible, penalty-free CD options |
Quick Stat: Ally’s CD accounts consistently rank among the top five nationwide for APY and flexibility, according to internal GoBankingRates data.
Ally Auto Loans and Refinancing
| Product Type | Details |
|---|---|
| Loan Options | New and used car loans, refinancing, and lease-end purchases |
| Added Services | Vehicle warranties and protection plans available |
| Customer Reach | Serves more than 4 million auto loan customers nationwide |
| Loan Volume | Financed $46 billion in auto loans in 2024 |
| Best For | Borrowers seeking competitive auto rates with digital convenience |
Ally Bank at a Glance (2025 Snapshot)
| Category | Highlight |
|---|---|
| Total Deposits | Over $150 billion |
| Digital Adoption | 90% of customers manage accounts via mobile app |
| Core Focus Areas | Auto lending, savings, CDs, and digital banking |
| Recognition | Named one of the Best Online Banks of 2025 by GoBankingRates |
Takeaway: While Ally has moved away from home loans, it continues to perform strongly as a digital-first bank offering competitive savings products, zero-fee checking and one of the largest auto financing portfolios in the country.
Key Takeaways
Quick Summary: Ally Bank officially exited the mortgage business in 2025 but remains a leader in digital banking and auto lending.
- No new mortgages or home equity products as of Jan. 31, 2025
- Loans in progress must close by May 27, 2025
- Auto financing now drives most of Ally’s lending activity
- Savings, CD and money market accounts continue to offer top-tier rates
Stat Check: Ally holds over $150 billion in deposits and 90% of customers manage their accounts online or through the mobile app — proof of its digital banking strength.
Final Take to GO: What This Means for Borrowers
If you came here for an Ally mortgage review, hoping to apply for a loan, the takeaway is simple: Ally has officially exited home lending. But there’s no shortage of great alternatives.
Online lenders like Rocket Mortgage and Discover offer the same digital ease Ally was known for, while Chase provides broader loan types and local advisors for in-person help.
Ally might be out of the mortgage market, but it’s far from disappearing. The bank continues to rank as one of the best online banks in America — combining competitive rates, intuitive tools and industry-leading auto financing options.
FAQ
Here are the answers to some of the most frequently asked questions about Ally mortgage services and how it works:- Can I still apply for an Ally mortgage?
- No. Ally Bank announced it is ending home-loan originations for new customers as of early 2025. Existing borrowers should continue normal payments.
- What types of loans did Ally offer?
- Conventional and jumbo loans only -- fixed-rate and adjustable-rate terms. No FHA, VA or USDA programs.
- How fast could the process be?
- When active, Ally advertised fully online processing and posted prompt pre-approval decisions. Some users reported a streamlined digital experience.
- Why should I compare other lenders?
- Because mortgage rates, products and eligibility shift constantly. With Ally exiting new origination, many other lenders offer broader product sets and active rate quotes.
Data is accurate as of Nov. 4, 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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- Freddie Mac "When Rates Are Higher, Borrowers Who Shop Around Save More"
- FDIC "TRENDS IN MORTGAGE ORIGINATION AND SERVICING: Nonbanks in the Post-Crisis Period"
- Ally Bank "2024 Ally Annual Report"
- Scotsman Guide "Ally Financial exits the mortgage business"
- Rocket Mortgage "A Decade of Excellence: Rocket Mortgage Named #1 for Client Satisfaction in Mortgage Servicing by J.D. Power for the 10th Year"
