AimLoan Mortgage Review | NextAdvisor with TIME

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The best of transparent pricing

AimLoan Mortgage Review 2022

AimLoan Mortgage Review 2022

Editor’s note: (4.4/5)

The best of transparent pricing

AimLoan Mortgage Review 2022

Editor’s note: (4.4/5)
  • Minimum credit score:

    620 for conventional loans; 720 for jumbo loans

  • Minimum deposit:

    5%

  • Can apply online:

    Yes

  • Operates in:

    All 50 States

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Advantages

  • Creates mortgages in all 50 states
  • No personal information is required to view rates and charges online
  • Customers have the option to lock in a rate online
  • The lender offers a guarantee that certain fees will not increase
  • Loans are usually closed in a short period of time (30 and 45 day rate locks are offered)

The inconvenients

  • Only offers conventional and jumbo products – no government guaranteed loans
  • Very few branches
  • No low down payment option (minimum 5% for conforming loans)

The essential

AimLoan Mortgage does not offer any niche products like home equity loans, reverse mortgages, new construction loans or any other government guaranteed loan like Virginia, FHAWhere USDA loans. However, customers looking for conventional loans or jumbo loans who also don’t care about the online process can appreciate the transparency and ease of use of its website.

Customers can get an accurate quote online including lender and third-party fees without providing any personal information. AimLoan also allows eligible customers to lock in a rate online 24/7 after submitting an application. He then guarantees not only his own lender fees, but also certain third-party fees.

EDITORIAL INDEPENDENCE

As with all of our reviews of mortgage lenders, our analysis is not influenced by any partnership or advertising relationship. For more information on our scoring methodology, Click here.

Comprehensive AimLoan Mortgage Review

AimLoan Mortgage was founded in 1998 as a direct Internet lender. Since then, it has funded over $23 billion in mortgages to over 90,000 homeowners nationwide. AimLoan Mortgage issues loans in all 50 states and currently only offers conventional and giant loans. Although the company has multiple offices, customers should expect to complete most of the loan process online.

The lender states on its website that it does not use mortgage brokers or commissioned loan officers. By eliminating these costs from the lending process, it claims to be able to pass the savings on to its customers in the form of lower rates and fees. Customers are allowed to perform a number of online activities, such as viewing fees, rates, completing an application, and even locking in an interest rate. AimLoan Mortgage offers a high level of transparency on rates and fresh, up to guarantee certain closing costs shown to clients at the time of application.

AimLoan Mortgage: Loan Types and Products

AimLoan mortgage offers conventional and giant loans for customers wishing purchase Where refinance a house. Fixed rate and variable rate mortgages are both available, but rates for adjustable programs are not displayed on its website because they are currently higher than its fixed rate products. AimLoan does not offer government guaranteed loans such as FHA, VirginiaWhere USDA loans.

Here is a list of the programs offered by AimLoan Mortgage:

Conventional loans are loans that do not exceed the compliant loan limits. Loan limits vary by county and are set by the Federal Housing Finance Agency. Customers seeking loans that exceed conforming loan limits will need to consider the fixed rate jumbo loan products, which usually have higher rates and fees.

AimLoan Mortgage Transparency

AimLoan Mortgage allows customers to get quotes online 24/7. No personal information needs to be provided and quotes include interest rates, discount points, fees and costs of third parties. 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 discussing basic mortgage terminology and what the process involves, but those with questions can also call or email a loan officer.

Customers who choose to proceed can submit an application online. Once an application is submitted, AimLoan Mortgage’s system can issue disclosures and perform an automated review of the loan underwriting. The disclosures include a guarantee of total closing costs, including third party service providers. If deemed eligible by the automated underwriting review system, customers will have the option to lock in an interest rate. Rates can be locked for 30 or 45 days.

The feature that stands out from the lender is its flat rate loan fees and guaranteed total closing costs.

AimLoan Mortgage: Rates and Fees

AimLoan announces rates for its fixed rate compliant and giant programs. Variable rate programs are also offered, but the rates are not displayed online as they are currently higher than its fixed rate loans. To get a Loan estimate, customers must submit a loan application. We spoke with a loan officer who informed us that as long as the lender verifies the same information provided in the online quote, the loan estimates will generally show the same rate and fee information.

AimLoan Mortgage charges the lender a fixed fee for all its loans. Other fees may vary depending on a client’s lending scenario, but may include:

  • Assessment fees
  • Credit application fees
  • Flood Certification Fee
  • Tax service charge
  • Electronic registration fees
  • Registration processing fee
  • Lender title insurance
  • Settlement fees

A loan officer we spoke to informed us that conventional loans require a minimum credit score of 620, while jumbo loans require a 720. Customers interested in prepaying their mortgage can also do so as the lender does not charge any prepayment penalty fee.

Refinancing with the AimLoan mortgage

AimLoan provides a brief overview of the loan process on its website. Customers will need to submit a loan application, which will then be executed through an automated underwriting system. If eligible, customers will have the option to lock in a rate. Otherwise, a loan officer will contact the client to discuss options and request any required documentation. After the lender’s underwriting department has reviewed and approved all elements of the loan, clients will review a closing disclosure, after which they will coordinate with a notary to sign the final loan documents.

Rate locks are offered in 30 and 45 day increments so you can benefit from the fast closing process. One of the benefits of refinancing with AimLoan Mortgage is the lender guarantees certain closing costs. This collateral is a remarkable feature compared to other lenders. Most only adhere to what is required on the Loan estimate (THE). AimLoan charges a fixed fee to the lender and guarantees that certain third party fees will not be higher than what is indicated on the LE. These guaranteed fees may include appraisal, credit report, flood certificate, tax service, settlement agent, lender’s title insurance, and government and registration fees.

Comparison of the AimLoan mortgage with other mortgage lenders

AimLoan Mortgage rocket mortgage loanDeposit
Minimum credit score 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
Main types of loans Purchase, refinancing, cash refinancing, conventional, jumbo, fixed rate, adjustable rate Conventional, jumbo, VA and FHA Conventional, jumbo, VA, FHA, FHA 203(k), retrofit, adjustable rate, fixed rate, refinance, cash refinance

How to Shop for the Best Mortgage Rate

When you compare which lender offers the Best rate, it is important to review the fees charged. Lower interest rates may come with a higher upfront cost in the form of discount points or higher lender and third-party fees. Interest rates can also change daily, so it is best to compare rates obtained from lenders the same day.

For the most accurate information, you can get a Loan estimate (LE) from each lender you are considering. The LE will list all fees associated with the loan and will not be allowed to increase more than a certain amount. It is also important to ensure that the LE is based on the same loan scenario, as fees may vary depending on property type, loan amount, credit rating, down payment and lending. location of the property.

EDITORIAL INDEPENDENCE

As with all of our mortgage lender reviews, our analysis is not influenced by any partnership or advertising relationship. For more information on our scoring methodology, Click here.

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