Both Ally Home and Wells Fargo Home Mortgage offer comprehensive mortgage solutions with a range of loan options and special programs. Ally Home stands out for its entirely online process and fast pre-approval, while Wells Fargo provides phone support and instant pre-approval. However, Ally Bank will no longer offer mortgage loans as of 2025. Wells Fargo also offers relationship discounts based on assets.
| Attribute | Ally Home | Wells Fargo Home Mortgage |
|---|---|---|
| Interest Rates (APR) | Updates daily on their mortgage landing page; influenced by credit score | Customized rates available upon contact; 6.750% for a 30-Year Fixed-Rate as of May 2025; relationship mortgage discounts based on assets |
| Loan Options | Conventional loans (fixed-rate and adjustable-rate), Jumbo loans (fixed-rate and adjustable-rate) up to $4 million, Refinance loans (rate-and-term and cash-out), Fannie Mae HomeReady Mortgage program for first-time homebuyers | Conventional, FHA, VA, jumbo loans, fixed-rate mortgages, adjustable-rate mortgages (ARMs), rate-and-term refinancing, cash-out refinancing, yourFirst Mortgage program |
| Down Payment Requirements | Conventional loans: As low as 3%, Jumbo loans: Minimum 10.01%, HomeReady program: As low as 3% | As low as 3% for conventional loans, 3.5% for FHA loans; VA and USDA loans may not require a down payment; $10,000 Homebuyer Access grant for eligible borrowers |
| Closing Costs | Typically range from 2% to 5% of the home's purchase price | Typically range from 2% to 5% of the home's purchase price; up to $5,000 credit toward closing costs through Dream. Plan. Home program in certain areas |
| Online Application Process | Entirely online process for pre-approval, application, and loan tracking; pre-approval can take as little as 3 minutes | Available online |
| Customer Service and Support | Online-only lender with no physical branches; customer reviews are mixed | 1-866-234-8271; customer service representatives available by phone |
| Pre-Approval Speed | Basic pre-approval can be obtained online in minutes (reportedly as little as 3 minutes) | Instant preapproval through PriorityBuyer program |
| Refinancing Options | Rate-and-term refinance, Cash-out refinance, RefiNow program for borrowers with lower incomes | Rate-and-term and cash-out refinancing; participation in FHA's 'Making Homes Affordable' program |
| Minimum Credit Score Requirements | Conventional loans: 620, Jumbo loans: 700 | 620 for conventional loans; lower scores may be possible for FHA loans |
| Debt-to-Income Ratio Requirements | Generally, a DTI of 43% or less is required; some loans may allow a DTI up to 50%; RefiNow program allows a DTI of 65% or less | Evaluated by Wells Fargo |
| Geographic Availability | Licensed to make home loans in all 50 states | All 50 states and Washington, D.C. |
| Special Programs or Discounts | Ally Home Grant: Up to $5,000 for down payment or closing costs (eligibility may vary), Fannie Mae HomeReady Mortgage program, RefiNow program for lower-income borrowers | Dream. Plan. Home. closing cost credit; Homebuyer Access grant; discounts to customers with assets of $250,000 or more |