Rocket Mortgage is a more versatile option due to its wider range of loan types and 24/7 customer service. However, Ally Home's lack of lender fees could make it a more affordable option for some borrowers, but it is important to note that Ally Home exited the mortgage loan business in early 2025.
| Attribute | Rocket Mortgage | Ally Home |
|---|---|---|
| Interest Rates Offered | Various interest rates based on loan type, credit profile, and market conditions. Sample rates as of July 24, 2025: 30-year fixed (7.125% APR), 30-year FHA (6.25% APR), 30-year VA (6.375% APR), 30-year Jumbo Fixed (5.99% APR). Rates can vary and are subject to change. | Ally Bank typically offered competitive mortgage rates, with APRs often below the market average. Rates are based on factors like credit score, property location, loan amount, and loan type. |
| Loan Types Available | Fixed-rate mortgages (15-year, 20-year, 30-year), Adjustable-rate mortgages (ARMs), FHA loans, VA loans, Jumbo loans, YOURgageSM (customizable loan term), Home Equity Loans. No longer accepts USDA loan applications. | Ally Bank offered conventional and jumbo loans. These came in fixed-rate and adjustable-rate (ARM) options. Available terms for fixed-rate mortgages were 15, 20, and 30 years. Ally did not offer government-backed loans like FHA, VA, or USDA. |
| Down Payment Requirements | VA loans (0%), FHA loans (3.5% with credit score 580+, 10% with credit score 500-579), Conventional loans (typically 3%+), ONE+ program (as low as 1% with eligibility requirements). | For conventional loans, a minimum of 3% down was typically required. Jumbo loans usually required at least 10.01% down. Ally also offered a $5,000 grant for down payment and closing costs to eligible homebuyers in specific cities. |
| Credit Score Requirements | Conventional loans (620+), FHA loans (580+, possibly as low as 500 with 10% down), VA loans (typically 580+), Jumbo loans (680+, 700+ for loans over $3 million). | A minimum credit score of 620 was generally needed for conventional loans. Jumbo loans may have required a higher score, such as 680 or 700. |
| Debt-to-Income Ratio Limits | Preferred DTI of 43% or less. Lenders prefer a back-end DTI of 36% or less but may allow up to 50% for conventional loans. Government-backed loans may allow higher DTIs. | Approval for a home loan depends on factors like credit score, debt-to-income ratio, down payment amount, and employment history. |
| Online Application Process Ease | Streamlined online application process. Allows syncing with bank accounts. | Ally Bank provided a fully online application process. Borrowers could upload and sign documents online. They also offered digital tools to track loan progress. |
| Customer Service Responsiveness and Helpfulness | 24/7 customer service through multiple channels. | You could reach Ally Bank's mortgage customer service team at 866-401-4742. Hours were Monday through Friday, 8:30 a.m. to 8 p.m. ET and Saturday, 8:30 a.m. to 1 p.m. ET. Some customers praised the courteous service and smooth application process, while others complained about unfriendly or unknowledgeable service. |
| Closing Costs and Fees | Typically range from 3% to 6% of the loan amount. Includes loan origination fees, appraisal fees, credit report fees, title insurance, and VA funding fee (if applicable). | Ally Bank did not charge lender fees such as application, origination, or underwriting fees. However, borrowers were responsible for third-party fees like appraisal, title, and survey fees. Closing costs typically ranged from 2% to 5% of the home's purchase price. |
| Pre-approval Speed and Accuracy | Offers pre-qualified approval (fastest, no documents) and verified approval (full verification by underwriter). | Ally offered an online pre-approval process that could take as little as three minutes. This process involved a soft credit check. Verified pre-approval letters were valid for 90 days. |
| Refinancing Options | Cash-out refinance, rate and term refinance, FHA refinance, VA refinance, limited cash-out refinance. | Ally Bank offered both rate-and-term and cash-out refinancing options for conventional and jumbo loans. They also had a RefiNow program for borrowers with Fannie Mae-backed mortgages. |
| Availability of Educational Resources | Articles, videos, and calculators available. | Ally Bank provided educational resources to help first-time homebuyers understand the mortgage process. These resources covered topics like budgeting, interest rates, and down payments. |
| Mobile App Functionality | Start a home loan application, manage payments, view loan details, track application progress, monitor home value and equity, communicate with client care team. | Loan applicants could track their loan's progress through Ally's online account and mobile app. |