SoFi Home Loans offers a wider range of loan products and a more established customer service presence, despite mixed reviews. However, Ally Home's mortgage program has been discontinued as of January 31, 2025, making SoFi the only viable option of the two.
| Attribute | SoFi Home Loans | Ally Home |
|---|---|---|
| Interest Rates | Competitive rates, often below the national average. Examples (July 2025): 10-year fixed: 5.250% (Rate), 5.922% (APR); 15-year fixed: 5.375% (Rate), 5.832% (APR); 20-year fixed: 6.000% (Rate), 6.373% (APR); 30-year fixed: 6.375% (Rate), 6.646% (APR). | 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-to-value ratio. |
| Loan Options | Conventional fixed-rate mortgages (10, 15, 20, and 30-year terms), Adjustable-rate mortgages (ARMs) with 5, 7, and 10-year fixed payment periods, Jumbo loans up to $3 million, FHA and VA loans, Refinancing options (rate-and-term and cash-out), Home Equity Lines of Credit (HELOCs). | Conventional loans (fixed-rate and adjustable-rate), Jumbo loans (fixed-rate and adjustable-rate), Refinance loans (fixed-rate and adjustable-rate). |
| Minimum Down Payment | VA loans: No down payment; FHA loans: 3.5%; Conventional loans: As low as 3% for first-time homebuyers, 5% for repeat homebuyers; Jumbo loans: 10%. | Conventional loans: As low as 3%. Jumbo loans: 10.01%. |
| Credit Score Requirements | Conventional loans: 620; FHA loans: 600; VA loans: 600; Cash-out refinance: As low as 580. | Conventional loans: Minimum 620. Jumbo loans: Minimum 700. |
| Debt-to-Income Ratio Limits | Maximum DTI for conventional loans is typically 45%, though exceptions may be considered. For jumbo loans, the DTI should not exceed 43%. | Maximum 43% for conventional loans. |
| Closing Costs | Origination fee of $1,495 (discounted by $500 for existing members). Average total loan costs in 2023 were $6,097. Includes lender fees and third-party costs. | Expect closing costs between 2% and 5% of the home purchase price. Ally Bank may offer $500 towards closing costs for customers who have been with them for over 30 days. |
| Loan Servicing Experience | 3.7-star overall satisfaction rating for home loans on ConsumerAffairs. | Ally Bank underwrites and services its mortgage loans. Existing home loan customers could reach Ally's customer service by phone. |
| Online Application Process | Robust digital experience with online pre-qualification, pre-approval, and application processes. A dedicated mortgage loan officer assists throughout the process. | Ally's digital platform allows homebuyers to apply and track their home loans online. Pre-approval can be secured online. |
| Customer Service Quality | Can be reached by phone, email, or text message. Mixed reviews on responsiveness and helpfulness. | Ally Bank is an online-only lender, so there are no physical locations. |
| Pre-approval Speed | Fast processing times, with purchases closing in about a month. Offers a 90-day rate lock after pre-approval with a signed purchase contract. | Pre-approval is available in as little as 3 minutes. |
| Refinancing Options | Rate-and-term and cash-out refinancing options. A $500 discount on the lender's fee is available for existing members. | Ally offered fixed- and adjustable-rate mortgage refinancing. |
| Availability of Educational Resources | Online homebuyer education resources, including a PDF covering budgeting and the closing process, as well as brief videos. | Ally provided online tools and educational resources to help borrowers understand the homebuying and mortgage processes. |