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AimLoan Mortgage was founded in 1998 as a direct internet lender. Since then, it has funded more than $ 23 billion in mortgages to more than 90,000 homeowners across the country. AimLoan Mortgage issues loans in all 50 states and currently only offers conventional and jumbo loans. Although the company has multiple offices, customers should expect to complete most of the loan process online.
The lender states on their website that they do not use mortgage brokers or commissioned loan officers. By removing these costs from the loan 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 activities online, 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 fees, up to guarantee certain closing costs indicated to clients at the time of request.
Pros and cons of the AimLoan mortgage
Create mortgages in all 50 states
No personal information needs to be provided to view rates and charges online
Customers have the option to lock in a rate online
The lender offers a guarantee that some fees will not increase
Loans are usually concluded within a short period of time (30- and 45-day rate freezes are offered)
Offers conventional and jumbo products only – no government guaranteed loans
Very few branches
No low down payment loan option (minimum 5% for compliant loans)
AimLoan mortgage loan: loan types and products
AimLoan Mortgage offers conventional and jumbo loans to clients who want to buy or refinance a home. Both fixed rate and variable rate mortgages are available, but the rates for the adjustable programs are not displayed on its website as they are currently higher than its fixed rate products. AimLoan does not offer government guaranteed loans such as FHA, VA, or USDA loans.
Here is a list of programs offered by AimLoan Mortgage:
Conventional loans are loans that do not exceed conforming loan limits. Loan limits vary by county and are set by the Federal Housing Finance Agency. Customers looking for loans that exceed compliant loan limits should consider the lender’s jumbo fixed rate loan products, which typically 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, points of call, fees and third party costs. Quotes can be obtained quickly and are also updated daily so that customers can compare interest rates with those of other lenders. The lender also has an information section on their website covering basic mortgage terminology and what the process involves, but those with questions can also call or email a loan officer.
Customers who choose to go ahead can submit a request online. Once an application is submitted, AimLoan Mortgage’s system can publish information and perform an automated review of the loan underwriting. The disclosures include a guarantee of full closing costs, including third party service providers. If deemed eligible by the automated subscription review system, clients will have the option to lock in an interest rate. Rates can be blocked for 30 or 45 days.
The distinguishing feature of the lender is its lump sum lender fees and guarantee of total closing costs.
AimLoan mortgage loan: rates and fees
AimLoan announces pricing for its compliant and fixed rate jumbo programs. There are also adjustable rate programs available, but the rates are not displayed online because they are currently higher than its fixed rate loans. To get a loan estimate, customers must submit a loan application. We spoke to a loan officer who informed us that as long as the lender verifies the same information as provided in the online quote, loan estimates will generally show the same rate and fee information.
AimLoan Mortgage charges a fixed fee to the lender for all of its loans. Other fees may vary depending on a client’s loan scenario, but may include:
- Assessment fees
- Credit file fees
- Flood certification fees
- Tax service charge
- Electronic registration fees
- Registration processing fees
- Lender title insurance
- Settlement Fee
A loan officer we spoke to informed us that conventional loans require a minimum credit score of 620, while jumbo loans require a rating of 720. Customers interested in prepaying their mortgage can also do so. do, because the lender does not charge a prepayment penalty fee.
Refinancing with AimLoan Mortgage
AimLoan provides a brief overview of the loan process on their website. Customers will need to submit a loan request, which is then executed through an automated underwriting system. If eligible, customers will have the option to block a rate. Otherwise, a loan officer will contact the customer to discuss the options and request any required documents. After the lender’s underwriting department reviews and approves all loan items, clients will review a closing statement, 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 advantages of refinancing with AimLoan Mortgage is the lender guarantees some closing costs. This collateral is a feature that stands out compared to other lenders. Most adhere only to what is required on the loan estimate (LE). AimLoan charges a fixed fee to the lender and guarantees that certain third party fees will not be greater than what is stated on the LE. These guaranteed fees may include an appraisal, credit report, flood certificate, tax service, settlement agent, lender title insurance, and government and registration fees.
The AimLoan Mortgage vs. Other Mortgage Lenders
|AimLoan Mortgage||Rocket mortgage||loan deposit|
|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?||The 50 states||The 50 states||The 50 states|
|Main types of loans||Purchase, refinancing, cash-out refinancing, conventional, jumbo, fixed rate, adjustable rate||Conventional, jumbo, VA and FHA||Conventional, jumbo, VA, FHA, FHA 203 (k), renovation, variable rate, fixed rate, refinancing, cash-out refinancing|
How to Shop for the Best Mortgage Rate
When you are comparing which lender offers the best rate, it is important to look at the fees charged. Lower interest rates may come with a higher upfront cost in the form of rebate points or higher fees for lenders and third parties. Interest rates can also change daily, so it is best to compare the rates obtained from lenders on the same day.
For the most accurate information, you can get a loan estimate (LE) from each lender you are considering. The LE lists all the fees associated with the loan and is not 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 can vary depending on the type of property, loan amount, credit score, down payment and payment. location of the property.
AimLoan Mortgage does not offer any niche products like home equity loans, reverse mortgages, new construction loans, or government guaranteed loans like VA, FHA, or USDA loans. However, clients looking for conventional loans or jumbo loans who also don’t mind the online process can appreciate the transparency and ease of use of its website.
Customers can get an accurate quote online that includes 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 a request. He then guarantees not only his own lender costs, but also certain third party costs.