Mortgage lenders: Ally Home vs. Better Mortgage
Quick Verdict
Better Mortgage offers a faster and more customer-friendly experience, but Ally Home provides a wider range of loan options.
- Both offer online application processes and are available in all 50 states.
- Better Mortgage has faster pre-approval and closing times.
- Ally Home has poor customer service reviews, while Better Mortgage offers 24/7 customer support.
- Ally Bank no longer offers mortgages after May 27, 2025.
Key features – Side-by-Side
| Attribute | Ally Home | Better Mortgage |
|---|---|---|
| Interest Rates | Published on website, changes daily. | Displayed on website, updated frequently, assumes 760 credit score and 20% down payment. |
| Loan Options | Fixed-Rate, ARM, Conventional, Jumbo, Refinance | Fixed-rate, ARM, FHA, VA, Jumbo, Home equity, Investment property |
| Down Payment Requirements | Conventional: minimum 3%, Jumbo: minimum 10% | Varies; FHA loans require lower minimum down payment. |
| Application Process | Entirely online | Completely online, 24/7 customer support |
| Approval Speed | Typically 4-6 weeks, qualified applicants may receive approval within 24 hours of requesting a rate lock. | Pre-approval in minutes, commitment letter within 24 hours, loans closed in as little as three weeks. |
| Customer Service Quality | Generally poor reviews on Trustpilot and BBB. | Customer-oriented and available 24/7. |
| Geographic Availability | All 50 states | All 50 states |
| Minimum Credit Score | 620 for conventional, 680 for jumbo | 620 for conventional, 700 for jumbo |
| Debt-to-Income Ratio | Preferred DTI of 36% or below, some may accept up to 43% for conventional loans. | Up to 57% for FHA loans in certain circumstances, up to 50% for conventional loans. |
Overall Comparison
Application: Both Online; Customer Service: Better wins; Approval Speed: Better wins; Availability: Tie
Pros and Cons
Ally Home
Pros:
- Online application process
- Offers a variety of loan options including fixed-rate, ARM, and jumbo loans
- Available in all 50 states
- Offers both rate-and-term and cash-out refinancing options
Cons:
- Poor customer service reviews
- Ally Bank no longer offers mortgages after May 27, 2025
Better Mortgage
Pros:
- Displays mortgage rates on its website, updating them several times a day
- Offers a variety of loan options
- Provides a completely online application process
- Offers pre-approval in minutes
- Customer support is available 24/7
- Offers both cash-out and rate-and-term refinance loans
- Offers services in all 50 states
Cons:
- Displayed rates assume a credit score of 760 and a 20% down payment
- Does not offer USDA loans
- Does not offer construction loans
User Experiences and Feedback
Ally Home
What Users Love
- No highlights reported.
Common Complaints
- No major complaints reported.
Value Perception
- No value feedback reported.
Better Mortgage
What Users Love
- Efficient and user-friendly online application process
- Customer-oriented and available 24/7
Common Complaints
- No major complaints reported.
Value Perception
- No value feedback reported.