Has anyone used Ally Bank Home Loans?

Question

Interested to hear any testimonies or opinions on using Ally Bank Home Loans for a conventional loan.

I use Ally Bank for checking and savings accounts and I have had a great experience with them so far. I'm in the process of searching for 3-5 lenders to compare rates and get pre-approvals for my first home purchase. It looks like right now, Ally Bank is offering 3.875% rate as well as rate matching with any better offers from another lender.

I still plan on getting quotes from other national banks and local credit unions, but given the fact that I do all my banking with Ally, I figured I may look into getting a mortgage from them as well.

Appreciate any feedback!

John Teachout · Answer

I have had issues with the big lenders and their bait and switch tactics. We got run around for a month by Discover Bank before we told them to take a hike and got a HELOC from a bank 5 miles away. It didn't cost us anything but the time and frustration as they milked us along and kept reducing the loan amount and increasing the rate offered. Based on info they had on the first day. lol.

Michael Vu · Answer

@Brett Cox I decided not to use Ally. They only had pre-qualifications and no pre-approvals, which I thought would be less effective when making offers. I decided to pursue something more local that I could build a connection with instead!

Brett Cox · Answer

@Michael Vu Hey Michael, I know you posted this a while back but was curious if you ended up going with Ally for a mortgage? Thinking about it myself for all the same reasons you mentioned.