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Aimloan reputation - What are consumers saying about it?

Anyone has experience with aimloan? I'm looking for a lender for my purchase of a property in Orange County, CA. Thanks.

brian1's picture
brian1 | Joined: June 14, 2008 05:14 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am not familiar with them. What are they offering that caught your attention or did someone refer you to them?

Brian

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Even I'm not aware of the services they provide.

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vudaica4's picture
vudaica4 | Joined: August 14, 2008 12:13 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've been looking for a lender for about a week and I found them thru bankrates.com.

Their quote for a loan amount of $400K, down >20%, 30 fixed, excellent credit, purchase, full documents, impound, in Orange County (CA):
0 point : 6.250%, APR 6.320%, flat fee $1995. This is the quote for today 8/15.

The reason that I like them is beside the reasonable APR, they ask enough information about my status to generate a "customized" GFE which is detailed enough. They guarantee the lender fees but not the the 3rd party fees.
Yet, this is my first house so I want to hear more inputs. Is there anything else I should know/ask ?

Thanks

If anyone knows a RELIABLE/GOOD RATE lender that you want to recommend me, I will also appreciate.

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello vudaica.

Welcome back. The above mentioned rates and terms seem good. But if you want to shop and compare lenders then you can seek no-obligation free mortgage quote from the community lenders.

Ask the community if you have any more questions.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am refinancing with AIMLoan for the 4th time since 1998. I have found their rates and costs to be competitive and they are responsive to working with a prospect for up to a .25 of a discount point. Also, if the market rate drops .25 point or more they will split that drop with you during the lock-to-close date. Their fees are up front and competitive. Their web site provides a wealth of informationith without having to give up your contact informatation. I don't work for AIM; but, I do live in San Diego and have watched this company grow quite sucsessfully over the past 10 years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I would love to know how things turned out with Aimloan. I am trying to refinance with them now, and their rates are suspiciously low, which makes me nervous. they seem unprofessional when dealing with them. Any advice would be greatly appreciated ASAP! Thanks so much!!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Lot of people have complaints against them. I Guess you should research about them and then take out a loan. As far as rates are concerned, it is quite low right now. You can check out with other lenders before accepting their offer.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if i were simply a consumer and had no experience in the field of lending; and i found that a company was "unprofessional" in any way, i would run as fast as Usain Bolt did in the last olympics. having knowledge, however, in the field of lending, i would run away even faster than that!

run, do not walk, if you don't feel you're being treated well.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've done two loans with AIMloan over the last 3 years and have been pleased with both. my last loan was a refi and took a bit longer to close given their volume, but they extended the interest rate float at no charge.

they were very professional both times and I enjoyed working with both my loan processors. Both very responsive and replied to all my e-mails within 24 hours.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

something has gone awry, then, seth. it could simply be different sets of loan officers, processors, underwriters, etc. not everyone within a company is on the same wavelength in terms of the service they provide.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How interesting that most of the negative comments about aimloan are from mortgage brokers. Is it a possibility that they are taking away business from these middle men? Think - car salesmen. Gosh, could we actually survive without them? I am in the process of getting a loan from them (aimloan) for a refi and have only good things to say about them. AND haven't found ANYONE able to beat their prices!

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i would imagine that they'd be pleased to get a testimonial from you, happy.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

George - I am having lots of issues trying to refinance with AIM loan. All my paperwork and financials are in order. They just seem to be asking for stuff one document at a time. And finally with 4 days to go before the rate lock expires, she is asking me to pay .25points ($475) for extending the rate lock by 7 days ($750 if extending by 15 days).

What are my options at this point?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you have lots of options, don't you? couldn't you simply switch to another lender?

as for the rate lock...when a rate expires, it is customary for there to be a charge for an extension...some higher, some lower.

if you feel like you are about to go to closing, then it makes sense to stick it out...try to negotiate your extension fee, though.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How did the loan turn out? I am refinancing with them right now. They admitted they were slow getting my loan underwritten. They extended the rate lock when asked. Closing is tomorrow. So far they have been very responsive. The rate & loan cost was definitely the best around at the time.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Going thru this right now...they want extension fees and I refuse to pay it...especially when the current rate is 1/8 lower than my lock rate. I believe they intentionally dragged their heels to drum up more costs. I have 7 days to close on this lock...if it doesnt happen I plan to take them to small claims court to get my appraisal money back.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

These guys are good. This is my second refi with them in three years, two different properties. Had two different loan people and both have been responsive and professional. The rates are next to impossible to match. The service is top notch.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

DO NOT USE AIMLOAN!!! You will regret it. Horrible, horrible company that specializes in screwing home buyers.

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sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Rob

If you can share your experince with every one that would be really benificial for other readers

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You have several different options available when refinancing your home mortgage. Look into no points and loan with points. It's best to know all options first before you commit to signing final loan documents with your Mortgage Loan Officer. Talk to a Mortgage Loan Professional today.

Kal Patel
Voyage Home Loans

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We applied for a mortgage [url=http://www.mortgagefit.com/refinance.html]refinance[/url] with AimLoan. Their web site application process was smooth and thorough. However, the processing was quite unsatisfactory. They were constantly requesting additional information, information that should have been asked for in the initial application process. They did this every few days, asking for an item or two at a time which we promptly supplied. Then they informed us that the rate lock was about to expire and we would have to pay a rate lock extension. At that point we switched to another lendor and didn't experience any of these problems. We would recommend looking elsewhere.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just refinanced with them. Overall, I was happy with the process, mainly b/c I feel I got a low rate with low closing costs. All communication took place over e-mail, and their answers were always prompt. They do ask for lots of info over time which was a bit annoying. It would be hard to close a loan with them if you don't own your own fax machine. When my closing time was getting tight, I asked for a rate extension, and they gave me a seven day extension at no extra charge. The closing took place at my house which was really nice since we have two toddlers.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

wow...these last 2 posts couldn't have been more different. one was overloaded with requests that the other was only slightly annoyed with. one got a free rate extension, and the other would have had to pay for it. i guess mflav didn't have toddlers - that might have helped.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Am approaching 90 day rate lock limit with them currently. Saturday AM, received an email from the processor requesting repeated transmission of documents I'd already sent early October, and new documents never requested in their original list , all of which they needed in the underwriters hands within 7 calendar days. I'd requested confirmation receipt for all documentation. The processor had replied "I'll review your packet next week" which should have been done 2nd week October. A follow up email I sent on 31 Oct, was replied to with "I'm busy processing people's apps who are closer to expiration." So, I've filed a BBB complaint, and requested they extend my rate lock to give them time to fund my refi without paying lock extension fees.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i hope your quest with the BBB bears fruit.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in the process of closing right now with AimLoan, buying a HomeTown in Anaheim, the experience i had with this Aimloan, is not bad but Loan Processor does so many mistakes, don,t fill up the Borrower's infromations right. One has to very careful once you get the Docs. & Check they are filled up right.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Unfortunately, that is the theme at many mortgage companies, many other entities, even employers. This age may be an information age, but it's fraught with misspellings, inattention to detail, erroneous calculations, lack of care and fatal lack of oversight.

How come I'm not surprised that there are "so many mistakes" and that they "don,t fill up the Borrower's informations right (sic)"? If care was taken with that kind of work, or with complaining posts on the internet (all-inclusive), these sorts of episodes would be far less apt to happen.

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chem234's picture
chem234 | Joined: May 28, 2010 10:55 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just applied for a refi with AimLoan.com yesterday. I submitted all of the requested documents today via e-mail. I have a 30 day lock. My processor is Maricruz Hernandez. She e-mailed me yesterday and said she will be out of the office until June 1 (after Memorial Day). I will keep you posted on how it goes.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am currently dealing with aim loans. Gave them all my information. Came a 15yr at 4% no points. They came back to day after I had gave them my debt card number for the $325 fee they charge. She said I didnt have enough income to debt ratio and they could not approve me for 15yrs, but asked me if I would be will to try 20yr loan at 4.35 instead of 4% for 15yrs. Can I stop the $325 fee from coming out of my checking and move to a different company. Its really confusing to me. my brother is smart about this stuff and hes wondering what there doing too. Chris Volk

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you do not want to go ahead with the deal, then you can cancel it. You will have to contact the lender regarding the same. Once the deal is canceled the lender will stop deducting the amount from your checking account.

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chem234's picture
chem234 | Joined: May 28, 2010 10:55 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Applied 5/27, submitted docs 5/28, and received call from appraiser 6/1 - (only 1 day after Memorial Day Weekend). Appraisal conducted 6/2, now needs to be given to Aimloan. I also received e-mail from processor today indicating that she had completed her review of my documents and all is complete, now waiting for 3rd parties to complete their actions: appraisal, CPL, and 2nd mtg. subordination. Now I just have to wait.

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chem234's picture
chem234 | Joined: May 28, 2010 10:55 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well, I guess it was inevitable. The appraisal came in extremely low. I estimated the value of my house to be be about $50K higher than the appraisal (maybe a little less). The appraisal came in at about 84% loan/value ratio. Aim Loan was willing to stiil give me the loan if I wanted to pay an "add on", plus a higher interest rate, or I could pay down the loan lump sum to get it to a lower ratio, and I would have to have PMI, etc. etc., etc.
I told them to cancel the application.
I paid $325 for a useless appraisal!!!

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Chem, I wouldn't call it useless; without it, you wouldn't have known what you could potentially borrow. Now you know. The lender is restricted in what it can lend based on value of the property; they undoubtedly made you the best offer they could.

Could you have avoided this? Perhaps, but it would only be the case if you had a good feel for the local market, which you apparently didn't have. Useless? I think not, frankly.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Chem's troubles could have been easily avoided by using a local lender who does ''have a feel for the local market''. A local lender can easily made a quick call to an appraiser or realtor friend who could have taken 5 minutes to make sure we are in the ballpark and not 50k off.

Why people continue to use these nationwide scamster sweatshops is beyond me.

Shop local people! Why use these nationwide sweat shops????

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We just refi'd with them and had no issues. I was very skeptical and nervous about going thru an internet company but it went quite well. Everything was set to go within 2 weeks of application. However, due to heavy volume they were a few days behind on getting the docs to the title company, but the loan funded in time (yesterday) which was the 30 day mark. They were upfront and told us they were working on those who had locks expiring before ours. We are pleased with the process and would consider using them again if the need ever arises.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Our Guest's comments are not at all off-base. As noted, local lenders will probably have an opportunity to get a value-check that can avoid problems such as a low value preventing a loan from being approved.

It's awfully convenient (seemingly) to do business online, but we all go back to the maxim that knowing who you're dealing with (having a relationship) is far better than dealing with anonymous phone-answerers. That's not to say it won't work - it's just a more pleasant experience, in most cases, to deal with someone firsthand.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you run a business in your house, this company will not give a loan. Their remark is that "the property is income producing". It does not matter that current loan is residential, that the property is residential, and so on. Also, they work in local appraisals that do not know the market (I guess the guys tried very hard to get aimloans' business).

I was pre-approved in the beginning, to find out 10 days latter that I'm producing money in my property, and they cannot give a loan. The fact that is against federal law (to discriminate in offering their services, based on the fact that I have a business in the house), it does not matter to them.

What a bunch of neophytes. You talk with the front desk people, which have to "translate" your discussion to the underwriters.

I will look twice at companies providing loans over internet.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Amanda, it's profitable to "look twice" at companies no matter where they emanate from. I've often stated it before, and it is worth repeating, that the most common effective way to find a lender is to speak to people who you know and respect to find out who they used and to take a referral. Then, you sit down with the person recommended to make your own determination as to veracity, competence, professionalism and overall countenance. Ultimately, you need to make the decision for yourself that "this person" is the one you can rely on to work on your behalf for the best product and pricing you can obtain.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just did a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] with AIM and everything when fine. I must admit I believe that I was a perfect customer. they even have kept my loan instead of selling it. I have a 800+ credit rating, my loan to value ratio was about 50% (220,000 vs 120,000). I provided all the required documents and my condo was insured including the internal walls. I was able to get a slightly lower rate by getting quotes from Amerisave which were lower and AIM offered to meet or better. I did not go with Amerisave since they have independent representatives and I felt the service would not be as good. Once you start the loan process at AIM you are assigned a dedicated person to follow thru with the document processing. With the recent changes in mortgage processing the verification and approval process is not immediate but the process was completed before the lock period was up. Yo can always contact the proscesser if you have questions. The only time it took a while for AIM to respond was when they offered to give a better rate than Amerisave. I had to give them an ultimatium then they gave the counter offer. The person responding said it was because they had to wait for the latest rate decision by whomever did the rate decisions. I would use them again. What I learned from this experience is to get rates from several companies then go back to the company you want to use and ask then to match or better it.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We used them. On the front end it was great, but working with their people was not a good experience. The rate was 1/2 percent below everyone else creating what appeared to be an over whelming work load for my loan person. They don't answer phones, but replied to my emails the same day but with short unclear answers to my questions. They required way more documentation and it ended up becoming more work than it was worth for that 1/2%. I know times have changed but we have 798 fica, refinancing 200k on a 1.1 million home with liquid assets four times the loan amount. We've purchanced and refinanced many times and we won't use them again. I was a little put off by the long list of demands they made and how it kept growing each week. Be prepared to devote some time to this.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Guest, your many times of purchasing and refinancing undoubtedly took place in substantially different times. Is that fair to say?

We've found that the paperwork requirements for borrowers are far more onerous than previously, and becoming a drudge for everyone on a continuing basis. This is truly a new era in mortgage lending, and I think we all have to prepare ourselves to be annoyed, put off and wearied by the demands of lenders for more and more paperwork.

It's not to say that it's a favorable thing; their need for more paperwork slows down the process without question. Processors, loan officers et al are also burdened far more then in the past.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My wife and I tried to refinance with Aimloan earlier this year. Like many others who have posted on here, we experienced:

1. Major runaround. They requested the same documents several times. They requested documents at the last minute in order exceed the lock period resulting in our having to pay a higher rate .25%. It is plain to see that they do this when the rates are going up and they would lose money on your loan or refinance. We originally applied for a refinance in Dec 09 and the rates went up in Jan 10 when our loan was to close. Guess what? They made excuses, asked for paperwork unnecessarily in or order for our signing date to pass without our closing. Look at any website that shows the 3 year mortgage trend rates. Notice the higher rate between Dec 09 and Jan 10. Coincidence? No, they play applicants once they have you hooked for the $300 appraisal fee. It would have cost us an extra $720 to sign. We had the money but were so disgusted with them that we canceled our application just for the principle of the matter. Here is the copy of the email from Nadine Edwards their loan processor. As you can see, it was their fault for the timing and they asked us to pay a higher rate because of their taking too long!!

Your file was submitted to our underwriting department and I received the file back. I wanted to give you an update and advise that the investor has ordered a desk review of your appraisal to clarify some questions about the value and comparables used. I wanted to give you a heads up that once the appraisal had been reviewed they will either agree with the original appraised value given or disagree and make the appropriate adjustments. These adjustments good go up or down, so it "could" affect the current appraised value. If the review comes back with a lower value, we will have use the new value. I just wanted to give you a heads up, so that you are not blindsided if a lower value comes back.
Also, since you would need to sign today in order to meet your lock date, it appears you would need a lock extension. There is a .25 pt charge based on your loan amount to extend the lock at your current rate, this fee would be paid at closing. If you choose not to extend the lock, then you would receive worse case pricing plus an 1/8th. You may review our rate lock policy.

Thank you for choosing AimLoan.com!
Nadine Edwards, Loan Processor

2. No communication and miscommunication when it finally came. If you have endless time to make phone calls, send emails, track down faxes, argue mistakes on their paperwork then maybe you can be successful.

[size=9:e53bf997ba][color=Red:e53bf997ba][Phone number deleted as per forum rules. Thanks.][/color:e53bf997ba][/size:e53bf997ba]

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for sharing your experience in the forums! I'm sure your experience will help other decide whether or not they should go with Aim Loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've just signed up for a loan with AimLoan.com, and they have been professional all the way. They've given me the terms, the interest rate, and the service that I was expecting. They had the best quote out of everyone that I checked out. They handle all the paperwork directly themselves, so all I have to do is provide the information. I'll let you know if it doesn't work out, but so far it's been going well.
Sincerely,
Michael

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I decided to refinance when rates dropped to 4% for a few days. Everything went okay and I felt lucky because rates jumped shortly after. I got all the paperwork to Aim but had a difficult time getting them to answer my calls/emails to verify they had eveything they needed. Then the stall began. Because rates jumped I knew they were going to pull a scam and wait until the lock expired. Sure enough, despite my constant calls/emails they finally sent me an email on the expiration day telling me they'd need another $1050 to add 15 more days to the lock. A realtor friend of mine warned me they would do this because rates had jumped so much. Expenses were too high now so I canceled. My two cents - this company is a scam who will try to nickel and dime you. Stay away.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Seems like it's "one up, one down" as far as Aimloan is concerned. I guess that means that anyone considering doing business with them needs to be ultra-careful. Maybe it's getting the right processor, or the right loan officer or maybe it's an attraction thing - you know, where someone's magnetism enhances their options of getting what they want...

I dunno, really...just clutching at straws here. I guess I'd shy away from a company such as Aimloan myself.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To sum up my experience with AIMLoan - torture. For a straight up purchase with a small mortgage (under 50K), with an excellent credit history, they dragged their feet, kept asking to write letters to explain credit inquiries that occurred over 3 months ago, asked for copies of checks of "large deposits" into my checking account. Really??? Who makes copies of checks before depositing them??? Now they are telling me lock is about to expire, and pay up 0.375 points for 15 day extension or 0.5 point for 30 days. I told them that it's been 3 weeks since appraisal was done (via their appraisal mgmt company), they pinned it back on me. So basically they are extorting more money. At this point not sure it's worth it to continue with them and geopardize the closing (it has to occur within next 3 weeks), or should I just go with another lender...

In either case, BEWARE, STAY AWAY FROM AIMLOAN!!!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:45 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

another borrower had this to say and my loan was exactly the same story. sent things multiple times and they invented new things a day before we were to go to underwriting. Just requested a hud-1 from our purchase 5 months ago and now are preping us for more fees on rate lock expiration that they have caused. Disgusting company , avoid like the plague.

From the other borrower- Major runaround. They requested the same documents several times. They requested documents at the last minute in order exceed the lock period resulting in our having to pay a higher rate .25%.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:45 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are beginning to see a consensus attitude towards AIMLoan. That would be, of course, to seek mortgage money elsewhere. Of course, we see all sorts of negativity directed at many (most) of the other lenders discussed on MortgageFit; where does that leave us?

Is there a lender that anyone could trust? Or is it like finding a needle in a haystack? Unfortunately, a great percentage of people are happy with a particular institution, while another group is wholly dissatisfied. Would that we could find a happy medium.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:45 | Post subject:

jimgilly's picture
jimgilly | Joined: January 27, 2010 11:53 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Here's where the problem lies. It's not a case of just finding the right lender. The reason is you can find a good lender but end up with a bad loan originator (loan officer/mortgage broker) or a bad loan processor, a bad underwriter, a bad appraiser or any combination of the above. That's why you will find people applying for loans at the same time with the same lender - some claiming it was a great experience and others claiming it was a complete disaster.

Moral of the story is shopping and getting the right loan with the right rates/fees and terms with the right company is much easier said than done. Unfortunately that's the way it is and likely always will be except for the rare few that understand exactly how the game is played.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:45 | Post subject:

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