Rocket Mortgage is a better choice for borrowers who need a wide variety of loan options and appreciate guidance throughout the mortgage process. Ally Home is suitable for borrowers comfortable with a digital experience and who prefer a lender that services its own loans.
| Attribute | Rocket Mortgage | Ally Home |
|---|---|---|
| Interest Rates | As of August 9, 2025: 30-year fixed: 6.625% APR 6.906% 30-year FHA: 5.875% APR 6.725% 30-year VA: 6% APR 6.407% 30-year jumbo fixed: 5.875% APR 6.048% Rates change daily and vary depending on loan type, credit score, and other factors. | Based on current market rates, credit score, property location and type, loan amount and type, repayment term, and loan-to-value ratio. |
| Loan Options | Fixed-Rate Mortgages (15 and 30 year), Adjustable-Rate Mortgages (ARMs), FHA Loans, VA Loans, Jumbo Loans, Home Equity Loans, HomeReady and Home Possible Loans, ONE+ by Rocket Mortgage . | Conventional mortgages (fixed-rate and adjustable-rate). Fixed-rate mortgages have 15-, 20-, and 30-year terms. Adjustable-rate mortgages (ARMs) have initial interest rates locked for 5, 7, or 10 years, then adjust every six months. Jumbo loans (fixed-rate and adjustable-rate). Fixed-rate loans have 15-, 20-, or 30-year terms. ARMs have initial rates locked for 5, 7, or 10 years. Refinancing options: rate-and-term and cash-out refinancing. |
| Down Payment Requirements | YOURgageSM loan allows as little as 3% down. FHA loans allow for a down payment as low as 3.5% with a credit score of 580 or higher. A 10% down payment may allow for a credit score as low as 500. | Minimum down payment of 3% for conventional loans. For jumbo loans, down payments start at 10.01%. |
| Closing Costs | Typically range from 3% to 6% of the loan amount. Rocket Mortgage may offer incentives to cover closing costs for renters. | Typically amount to 2% to 5% of the home's purchase price. |
| Application Process | Online application process. | Primarily online. A hybrid closing process is available, allowing online signing of documents with an in-person notary meeting. |
| Customer Service and Support | Provides advice and guidance throughout the mortgage process. | No local offices; customer service is primarily digital. |
| Pre-Approval Speed | See rates in minutes and shop for options online. | Basic pre-approval can be done online in minutes. Verified pre-approval letters (VPAL) require more documentation and a hard credit check. |
| Refinancing Options | Offers refinancing options for fixed-rate, ARM, FHA, VA, and Jumbo loans. | Fixed- and adjustable-rate mortgage refinancing are available. |
| Minimum Credit Score Requirements | Generally requires a minimum credit score of 580. A score of 620 is typically needed to finance a home purchase. It is possible to get an FHA loan with a credit score as low as 500, a 10% down payment is required. | Typically requires a credit score of 620 or higher for a conventional loan. |
| Debt-to-Income Ratio Requirements | May require a DTI as low as 38% for FHA loans. | While Ally Bank doesn't disclose specific minimum requirements, data indicates that most approved applicants have a DTI of less than 40%. |
| Loan Servicing Post-Closing | Not available | Ally Bank underwrites and services its loans. |
| Availability of Educational Resources | Offers resources to understand mortgages, approvals, interest rates, and payment management. | Home affordability calculator, mortgage payment calculator, and an online first-time homebuyer guide are available. |