AimLoan Mortgage Review(s) and Rates
AimLoan is currently offering some pretty noteworthy APRs on their fixed and adjustable rate mortgages. And because they are a direct lender they claim to provide some of the lowest costs in the country.
AimLoan was founded in 1998 as an Internet Direct Lender, committed to using technology to provide a lower cost, more convenient mortgage to their customers. Their system eliminates the mortgage broker and highly commissioned loan officer, the highest cost components of the mortgage process. They further reduce costs by utilizing automated underwriting systems and other technologies, and by lending in 43 states from a single location.
Mortgage Rates offered through AimLoan:
(Rates accurate as of 9/2010. Visit aimloan.com for updated rates and information.)
- 30 year fixed rate mortgage going for 4.299% APR with 0 points.
- 30 year fixed rate JUMBO mortgage going for 4.421% APR with 0 points.
- 15 year fixed rate mortgage going for 3.711% APR with 0 points.
- 5/1 ARM (adjustable rate mortgage) going for 3.089% APR with 0 points.
Frequently Asked Questions Regarding AimLoan’s Mortgages and home loans:
What is the minimum credit score required?
Their system is designed to deliver the very best rates and fees available to qualified borrowers. Their loans are underwritten by an automated underwriting system and, in most cases, FICO scores below 620 will not be approved by their system.
What is the minimum down payment required on a purchase mortgage?
They offer loan programs with as little as 5% down (3% if purchasing a Fannie Mae foreclosure through our HomePath program). However, significant savings may be achieved with a down payment of 10% or 20% so they encourage you to run multiple loan scenarios to see if you can afford a greater down payment. On condos, the best rates are obtained with a 25% down payment.
What is the maximum debt-to-income ratio allowed?
On conforming and super conforming loans, there is no maximum debt-to-income ratio requirement. These loans are underwritten by an automated underwriting system that takes many factors into consideration, including your credit score and loan-to-value ratio. With good compensating factors, loans with debt-to-income ratios as high as 70% have been approved.
On jumbo loans, the maximum debt to income ratio is 38% to 50% depending on the loan program.
Is paying of an existing second mortgage or home equity line considered cash out?
If your existing second mortgage or home equity line was not obtained in conjunction with purchasing your home, then paying it off with a new mortgage is considered cash out.
Can I keep my existing second mortgage or home equity line and refinance my first mortgage?
Yes, but this does complicate the refinance transaction somewhat. The holder of your second mortgage or home equity line will have to sign what is known as a subordination agreement, subordinating their existing lien position to the new first mortgage. Generally, they will be willing to do so provided the amount of the new first mortgage is no more than the remaining balance of the existing first mortgage.
Your second mortgage lender will ask us to provide some documentation such as a copy of the mortgage note you’ll be signing and the appraisal before they provide the subordination agreement. They won’t be able to schedule your loan closing until they receive the subordination agreement.
When subordinating an existing second mortgage or home equity line, AimLoan recommends you take down a 45 day lock to avoid potential lock extension fees.
If you have experience in the home loan process with AimLoan, please share by leaving a comment.
December 23rd, 2010 at 4:53 am
Rates are Ok but terrible customer service!
April 11th, 2011 at 7:39 am
AimLoan.com is using the same APR for 4.50%, 4.625, 4.75 and 4.875% of 4.981% for 30 year fixed rates with no points and only $1995 in fees. Very fishy to say the least. The BBB.com has a “revoked” for their status with an unpaid bill and lots of consumer complaints. Problems……???