AimLoan Mortgage Review 2021: Easy Online Access
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AimLoan Mortgage was founded in 1998 as an internet direct lender. Since then, it has funded over $ 23 billion in mortgage loans to over 90,000 homeowners across the country. AimLoan Mortgage lends in all 50 states and currently only offers conventional and jumbo loans. Although the company has multiple office locations, customers should expect to complete the majority of the loan process online.
The lender states on its website that it does not use mortgage brokers or authorized loan officers. By eliminating these costs from the lending process, she claims to be able to pass the savings on to her customers in the form of lower interest rates and fees. Customers can perform a number of activities online, such as: B. View fees and tariffs, fill out an application and even lock an interest rate. AimLoan Mortgage offers a great deal of transparency about interest rates and fees and goes as far as that guarantee certain closing costs that are displayed to the customer at the time of the application.
Advantages and Disadvantages of AimLoan Mortgages
Issues mortgages in all 50 states
No personal information is required to view prices and fees online
Customers have the option of blocking a tariff online
Lender offers a guarantee that certain fees do not increase
Loans are typically completed in a short timeframe (30 and 45 day installment locks are offered)
Only offers conventional and jumbo products – no government-supported loans
Very few branches
No low down payment loan options (5% minimum for compliant loans)
AimLoan Mortgage: Loan Types and Products
AimLoan Mortgage offers conventional and jumbo loans for clients looking to buy or refinance a home. Both fixed rate and fixed rate mortgages are available, but the rates for adaptable programs are not shown on the website as they are currently higher than the fixed rate products. AimLoan does not offer government backed loans such as FHA, VA, or USDA loans.
Here is a list of the programs offered by AimLoan Mortgage:
Conventional loans are loans that do not exceed the appropriate credit limits. Credit limits vary by country and are determined by the Federal Housing Finance Agency. Customers looking for loans that exceed their appropriate credit limits should consider the lender’s jumbo fixed rate loan products, which typically have higher rates and fees.
AimLoan Mortgage Transparency
With AimLoan Mortgage, customers can get interest rate quotes online around the clock. There is no need to provide personal information and the offers include interest rates, discount points, fees and third-party costs. Interest rate quotes can be obtained quickly and are also updated daily so customers can compare interest rates with other lenders. The lender also has an information section on their website that covers basic mortgage terminology and procedures, but those with questions can call or email a loan officer as well.
Customers who choose to switch can submit an online application. Once an application has been submitted, AimLoan Mortgage’s system can make disclosures and perform an automatic loan review. Disclosures include a guarantee of total closing costs, including outside service providers. If the automated underwriting review system deems appropriate, customers have the option to lock in an interest rate. The rates can be blocked for 30 or 45 days.
The standout feature of the lender is its flat rate and lender fee Guarantee of the total closing costs.
AimLoan Mortgage: Rates and Fees
AimLoan advertises plans for its compliant fixed rate and jumbo programs. Variable rate programs are also offered, but the rates are not displayed online as they are currently higher than the fixed rate loans. To get a loan estimate, customers need to submit a loan application. We spoke to a loan officer who told us that loan estimates typically have the same interest and fee information as long as the lender provided the same information as the online quote.
AimLoan Mortgage charges a flat lender fee on all of its loans. Other fees may vary based on a customer’s credit scenario, but may include:
- Appraisal fee
- Credit Report Fee
- Flood certification fee
- Tax service fee
- e-record fee
- Processing fee for the admission
- Lender’s title insurance
- Billing fee
A loan officer we spoke to told us that conventional loans require a credit rating of at least 620, while jumbo loans require a credit rating of 720. Customers looking to prepay their mortgage early can also do so as the lender does not charge early repayment penalties.
Refinance with AimLoan Mortgage
AimLoan provides a brief overview of the loan process on their website. Customers have to submit a loan application, which then runs through an automated underwriting system. If entitled, customers are given the option to block a tariff. Otherwise, a loan officer will contact the client to discuss options and request any required documentation. Once the lender’s underwriting department has reviewed and approved all of the items for the loan, clients will review a final statement and then coordinate with a notary to sign the final loan documents.
Installment locks are offered in increments of 30 and 45 days, so you can benefit from the quick completion process. One of the advantages of refinancing with AimLoan Mortgage is the lender Guarantees certain closing costs. This guarantee is a standout feature compared to other lenders. Most only adhere to what is required in the loan estimate (LE). AimLoan charges a flat lender fee and guarantees that certain third party fees are not higher than stated on the LE. These guaranteed fees may include valuation, credit report, flood certification, tax service, settlement agent, lender title insurance, and government and record keeping fees.
AimLoan Mortgage Compared to Other Mortgage Lenders
|AimLoan mortgage||Rocket mortgage||Credit deposit|
|Minimum creditworthiness||620 for conventional loans; 720 for jumbo loans||580 to 620||620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans|
|Minimum deposit||5%||0% to 3.5%||0% to 5%|
|Where does the lender operate?||All 50 states||All 50 states||All 50 states|
|Major Loan Types||Purchase, refinancing, cash-out refinancing, conventional, jumbo, fixed-income, variable||Conventional, Jumbo, VA and FHA||Conventional, Jumbo, VA, FHA, FHA 203 (k), renovation, variable, fixed, refinancing, cash-out refinancing|
How to Shop to Get the Best Mortgage Rate
When comparing which lender offers the best rate, it is important to review the fees that are charged. Lower interest rates may come with higher up-front costs in the form of discount points or higher fees from lenders and third-party providers. Interest rates can also change on a daily basis, so it is best to compare the interest rates received from lenders on the same day.
For the most accurate information, you can get a credit estimate (LE) from any lender you are considering. The LE lists all fees associated with the loan and must not exceed a certain amount. It is also important to ensure that the LE is based on the same loan scenario as fees can vary based on property type, loan amount, creditworthiness, down payment, and property location.
AimLoan Mortgage doesn’t offer niche products like home equity loans, reverse mortgages, new home loans, or government-backed loans like VA, FHA, or USDA loans. Customers who are looking for conventional loans or jumbo loans and who also do not disrupt the online process can appreciate the transparency and ease of use of the website.
Customers can get an accurate quote online that includes lender and third party fees without providing any personal information. AimLoan also enables eligible customers to secure a rate online around the clock after submitting an application. It then guarantees not only its own lender fees but also certain third party fees.