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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 is currently only offering conventional and jumbo Loan. 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 Prices and fees that go so far as that guarantee certain closing costs that are displayed to customers at the time of 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 setting a tariff online
Lender offers a guarantee that certain fees do not increase
Loans are typically completed in a short time frame (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 customers looking for purchase or refinance a home. Fixed rate and adjustable rate Mortgages are both available, but the rates for adaptive programs are not shown on the website as they are currently higher than the fixed rate products. AimLoan does not offer government-supported loans such as FHA, will, or USDA Loan.
Here is a list of the programs offered by AimLoan Mortgage:
Conventional loans are loans that deny the Comply with credit limits. The credit limits vary depending on the county and are determined by the Federal Housing Finance Agency. Customers looking for loans that exceed the appropriate credit limits must consider the terms of the lender Jumbo fixed price Loan products that usually have higher interest rates and fees.
AimLoan Mortgage Transparency
With AimLoan Mortgage, customers can obtain 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 the process involved, 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, clients have the option to lock an interest rate. The rates can be blocked for either 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 is promoting rates for its fixed rate compliant and jumbo Programs. Adjustable rate programs are also offered but the rates are not shown online as they are currently higher than the fixed rate loans. To get a Credit estimate, Customers need to submit a loan application. We spoke to a loan officer who informed us that loan estimates usually have the same interest and fee information as long as the lender provided the same information as in the online quote.
AimLoan Mortgage charges a flat lender fee on all of its loans. Other fees may vary depending 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 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 who want 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 customer to discuss options and request any required documentation. Once the lender’s underwriting department has reviewed and approved all positions 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 just stick to what’s on the Credit 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 can come with higher upfront costs in the form of Discount points or higher fees from lenders and third parties. 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.
You can find the most detailed information under a Credit estimate (LE) from any lender you consider. 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-sponsored loans like that will, FHA, or USDA Loan. Customers who are looking for conventional loans or jumbo loans and who also do not disturb the online process can appreciate the transparency and ease of use of the website.
Customers can get an accurate quote online that includes fees from lenders and third-party providers 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.