Ally Financial Report | Mortgage Refinancing – Nasdaq | CarTailz

Ally Financial Inc., also known as Ally, is a financial institution that made its name in digital banking. In this review, we rate it as a business and take a look at its mortgage refinancing options. That way, you can decide if you want Ally to be one of the lenders you’ll get an offer from when it comes time to make the big decision.

Ally Financial Mortgage Refinance Overview


advantages

  • Online application, document uploads and e-signature options, mobile app
  • No maintenance fees, late fees or overdraft fees
  • Offers do not affect your credit score
  • No PMI with a 20% deposit

Disadvantages

  • You may have to pay PMI if your deposit is less than 20%
  • No VA, FHA or USDA loans
  • Ally does not lend in every state

Ally Financial is a bank holding company incorporated in Delaware but headquartered in Detroit, Michigan. The online bank has continuously expanded its portfolio to include other financial products – from time deposit accounts and credit cards to investment brokerage and mortgages. It also offers competitive mortgage refinancing options.

We believe Ally should be on your list of potential lenders because of the bank’s streamlined application process and faster than average closing time.

Ally Financial services

Ally Bank offers many of the services you would expect from a large bank. This includes several personal finance products, including debit cards, interest checking accounts, money market accounts, certificates of deposit, auto loans, and retirement and investment services. This Ally Bank review focuses on the bank’s mortgage refinancing products.

What Ally Financial offers

Ally’s mortgage refinance loan has some notable features:

  • Jumbo loans up to $4 million
  • Interest and term and disbursement refinancing
  • No lender fees and no minimum balance
  • An interview-style application that can be completed in just 15 minutes
  • Loan closes typically up to 10 days faster than the industry average

Ally could be a good option if you have a quality property and need to finish your refinance loan quickly. If you need cash from your refinance, the faster you complete your loan, the faster your loan proceeds will be paid out.

If you’re not quite ready to refinance your mortgage, Ally has the option to sign up for weekly alerts with the bank’s updated interest rates. This allows you to keep an eye on APYs and decide when it would be a good time to refinance.

You can also customize your plans online without creating an Ally profile. You can enter your property information along with your current loan balance to get more accurate terms for your refinance options. These interest rates are not binding, so you must complete a full loan application to receive the interest rates, monthly payments and other terms that apply to you.

What Ally Financial doesn’t offer

From what we understand, Ally requires borrowers to personally attend the closings. Some banks and credit unions offer an eNotary option that allows loan documents to be notarized online. Other banks may send a mobile notary to your home or other location to complete the transaction.

Ally doesn’t seem to offer these options. When it comes time to finalize your loan, the bank will tell you where to go and what to bring with you.

Credentials from Ally Financial

Formerly GMAC Bank, the company was rebranded as Ally Financial in 2010. The FDIC-insured bank today serves over 10 million customers for banking, auto, investing and other financial needs.

Licenses and Registrations

Ally Financial is licensed to offer home loan products under the following Nationwide Mortgage Licensing System (NMLS) IDs:

  • Ally Financial: NMLS ID 3015
  • Ally Bank: NMLS ID 181005
  • Ally Servicing LLC: NMLS ID 212403

Ally also operates under various trade names:

  • Blue Harbor
  • BlueYield
  • ClearLane Financial Services
  • Ally Bank Corp.
  • Ally Capital Corp.

Awards and Certifications

Ally’s awards and recognition page is full of awards. The most notable include:

  • Best of Michigan Business Awards
  • Ally included in People’s 2022 Companies That Care List
  • Ranked #6 in Newsweek’s Top 100 Most Loved Workplaces

Regulatory or Legal Action

Ally has been the subject of several lawsuits and allegations regarding his banking practices. Some of these lawsuits include:

  • A class action lawsuit alleging abusive vehicle repossession
  • A class-action lawsuit alleging the bank wrongfully denied accounts from non-US citizens
  • A class action lawsuit alleging the bank charged unlawful fees for processing loans
  • In 2013, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) ordered Ally to pay $80 million to consumers harmed by discriminatory auto loan pricing.

While we always try to provide accurate and up-to-date information on regulatory and legal actions, such information may not be complete or entirely up-to-date. We encourage you to research the latest information yourself.

Accessibility by Ally Financial

Ally is primarily known as an online bank, so it has no physical bank locations. However, there are many ways to contact the bank: by phone, chat, email and the secure message center in your Ally bank account.

Availability

Ally Financial’s business days are Monday to Friday, excluding standard bank holidays such as New Years, Christmas and Thanksgiving.

Each of Ally’s banking departments has different phone numbers and opening hours. For borrowing, you can contact the telephone staff on the following days and times:

  • Monday – Friday: 8:00 a.m. – 10:00 p.m. EST
  • Saturday: 10:00 a.m. – 4:00 p.m. EST

contact information

You can access your account online 24/7 or speak to an Ally Home Lending representative by calling 1-855-256-2559. You may also contact the Company’s Customer Care Department by email at customercare@ally.com.

user experience

Ally’s website allows you to find a lot of information without having to log in or create a bank profile. You can view general home refinance and home purchase rates as well as more specific rates.

There is also the option to sign up for weekly rate updates for the mortgage products you are considering. In addition, Ally’s website has a lot of information about the mortgage refinance steps so that you are informed about the process and what to expect.

limitations

Depending on the condition of your property, some loan products and terms may not be available to you. You should speak with an Ally representative to understand any limitations and restrictions on your mortgage loan.

Ally Financial Customer Satisfaction

Here we take a look at more information about Ally’s customer satisfaction ratings. We will primarily go through online reviews and common complaints found in those reviews.

Third Party Reviews

Ally has online review profiles with the following ratings:

  • Better Business Bureau: 1.08 stars out of 5; based on 503 reviews
  • Trustpilot: 1.2 out of 5 stars; based on 338 reviews

customer complaints

Because Ally offers a variety of banking products, we were unable to isolate customer feedback that was unique to its mortgage refinancing products. However, we did find some information about common issues customers have had with Ally.

A keyword search for “Ally Financial” on the Consumer Financial Protection Bureau’s (CFPB) website returns over 12,000 issues about the lender’s products. Top topics include:

  • Vehicle Rental/Leasing Management
  • Incorrect credit report
  • Improper use of credit reports ie unrecognized credit requests, receipt of unsolicited offers
  • Account management issues
  • Issue investigating credit report issues

This information is based on the information available to us at the time of publication.


Allied Finance FAQ

Is Ally Financial a good bank?

Ally Financial can be a good banking option for people who want a hassle-free online banking experience. However, the bank may not be the best for those who prefer to handle their transactions in person.

Does Ally Bank charge fees?

One of Ally’s most appealing features is the lack of fees for many banking products. For example, many of the financial company’s checking and online savings accounts are fee-free. It also offers commission-free trading for eligible stocks and ETFs. Finally, Ally does not charge lender fees for its home purchase and refinance loans.

Is Alli worth it?

Ally is a good bank for people who want to avoid fees for financial services and products. What you save in fees could be worth it if you don’t mind having a fully digital banking experience.


How we rated Ally Financial’s mortgage refinance

We combed through multiple sources to rate Ally Financial. We consider the information available on the bank’s own website, customer review sites, industry regulator reports and consumer organization sites.

Summary of Money’s Ally Financial Review

Ally Financial is an established lender with some notable perks and benefits associated with its banking products and services. We like that there are no lender fees and that the application process offers a good amount of pre-sale information while also focusing on quick approvals and quick deals.

Unfortunately, the lender does not offer government-backed loans for purchases or refinancing. If that’s not a deal breaker, consider adding Ally Financial to your shortlist when it comes time to compare competitive rates. Once you are done with the research and comparison shopping, choose the best mortgage refinancing company that suits your needs.

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