Ally Home, Ally Bank's direct-to-consumer mortgage offering, is stepping up to meet its competition in the market, announcing a new Price Match Guarantee program.
It was only the end of last year that the bank announced it was jumping back into mortgages in a big way and introduced Ally Home.
The housing crisis severely impacted Ally’s mortgage business, causing the bank to slowly move away from originations. By the end of 2012, the bank officially stepped away from mortgage servicing and the home loan side of the business. That is until the end of 2016.
Under this new program, if a consumer finds a better price at another lender, they simply need to let their Ally Home loan advisor know and send the competitor's complete Loan Estimate, dated within five business days.
Ally Home said it would then match the interest rate and the points when the customer was ready to lock in their rate with Ally. However, Ally noted that in order for them to accept the match, it must be for the same loan terms offered by Ally Bank.
"It's that simple," said Diane Morais, president of consumer and commercial banking products at Ally Bank. "When it comes to buying a home, our customers are counting on us to help them reach that exciting milestone.”
Ally Home isn’t the only bank rolling out new programs in order to better compete in today’s market.
For example, back in June, Better Mortgage, an online mortgage lender, announced a new offering for borrowers that guarantees its mortgage is cheaper than any other lenders’ options.
Specifically, Better Mortgage rolled out what it’s calling the “Better Price Guarantee.” Through the program, Better Mortgage guarantees that it will beat any competitor’s loan estimate by $1,000. If not, Better will give the borrower $1,000.