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AimLoan Mortgage Review 2018

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by Chris Thompson Updated
AimLoan

AimLoan Overview

AimLoan has been in the mortgage lending industry since 1998. Over the years, the company has given out about $21 billion in home loans, split across more than 80,000 borrowers. On its website, it states that around two-thirds of these customers have opened a new mortgage or refinanced with AimLoan multiple times. The lender’s 4.3-star rating on Zillow and five-star rating on Credit Karma seem to confirm high customer satisfaction and the tendency for repeat usage.

Although AimLoan does have one location in California and another in Hawaii, it is, for all intents and purposes, an online lender. That means that you’ll handle all of your interaction with the company online or over the phone. Because mortgages are complex loans, some customers may find this in-person disconnect rather unfavorable.

Today's Rates

National Average Rates

Product Today Last Week Change
30 year fixed 4.68% 4.69% -0.01
15 year fixed 4.17% 4.19% -0.02
5/1 ARM 4.29% 4.12% +0.17
30 yr fixed mtg refi 4.65% 4.63% +0.02
15 yr fixed mtg refi 4.16% 4.17% -0.01
7/1 ARM refi 4.44% 4.39% +0.05
15 yr jumbo fixed mtg refi 4.35% 4.26% +0.09

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research

Regions Served by AimLoan

Does AimLoan Operate in My Area?

AimLoan is licensed to originate mortgage loans in all 50 U.S. states and Washington, D.C. However, it only has branches in San Diego, California and Kailua-Kona, Hawaii. Otherwise, if you want to speak to an AimLoan mortgage professional, you can call the company at (888) 411-4246.

What Kind of Mortgage Can I Get With AimLoan?

Fixed-rate mortgage: If you want to have a locked interest rate for the duration of your home loan, a fixed-rate mortgage is the way to go. This means that your monthly payments won’t vary, affording you years of reliability. You can get these through AimLoan as a 30-, 20-, 15- or 10-year conforming loan and a 30- or 15-year super conforming loan. The only difference between these two styles of conforming loans is that the super options are reserved for properties in high cost housing markets.

Adjustable-rate mortgage: Contrary to their fixed-rate counterparts, adjustable-rate mortgages (ARMs) feature fixed interest rates for a prespecified amount of time. Following that period, your rates will shift annually depending on the movement of the market index. AimLoan’s ARMs are available as conforming and super conforming, with 10/1, 7/1 and 5/1 terms to choose from.

Jumbo loan: Jumbo loans are any mortgages larger than the conforming mortgage limit, which currently stands at $453,100 for single-family homes and $679,650 in Alaska, Hawaii, Guam and the U.S. Virgin Islands. Because of their size, Freddie Mac and Fannie Mae guarantees no longer apply. AimLoan offers these mortgages as 30- and 15-year fixed-rate loans and 10/1, 7/1 and 5/1 ARMs.

Jumbo Auto Pay Advantage loan: AimLoan created the Jumbo Auto Pay Advantage mortgage for those who have slightly lower credit scores, want better interest rates or need a larger loan than a traditional jumbo mortgage. To gain eligibility for this program, you are required to subscribe to automatic monthly mortgage payments.

VA loan: The U.S. Department of Veterans Affairs insures VA home loans, but AimLoan originates its VA loans. Only active and former military, reserve and national guard members and their spouses are able to get these mortgages. The best perk of a VA loan is that you can use it to used to cover as much as 100% of your new home’s value, meaning you will not have to make a down payment. At AimLoan, these are offered in 30- and 15-year fixed-rate terms.

HomeReady mortgage: Although AimLoan doesn’t originate actual FHA loans, its HomeReady Mortgage program provides easy-to-meet credit requirements and as little as a 3% down payment. More specifically, all you need to get approved is a FICO® score of at least 620. It also comes with cheaper private mortgage insurance (PMI). But if you’re looking for a shorter-term loan, this isn’t a fitting choice, as it’s available solely as a 30-year fixed-rate mortgage.

Refinance loan: If you have a mortgage that is no longer working well with your financial life, it may be worth looking into refinancing. These loans can help you not only to shorten the length of your mortgage, but also to lower your monthly payments. Every one of AimLoan’s mortgage offerings is available as a refinancing loan too, giving you ultimate choice.

VA Streamlined IRRRL: Similar to normal VA home loans, interest rate reduction refinance loans are backed by the VA and charge cheaper VA funding fees. They are used to help eligible military personnel and their spouses gain the benefits of refinancing. 30- and 15-year fixed-rate mortgages are offered as IRRRLs.

Lender paid mortgage insurance: This program allows applicants to avoid the extra costs of PMI altogether, but not without paying elsewhere. These will come in the form of higher interest rates, meaning you’ll essentially have to pay more to AimLoan, but less to an insurance provider. Terms include just a 30-year fixed-rate mortgage.

What Can You Do Online With AimLoan?

To help you get familiar with the terminology and numbers surrounding the mortgage industry and the different loan options, AimLoan offers an online anthology of mortgage vocabulary. Many of the words within this glossary are probably beyond what a normal understanding should be, but the resources are there for you to consult.

Being able to put this knowledge into practice is a whole other matter, though. To rectify this for its prospective customers, AimLoan built an entire selection of mortgage calculators. Here, you can plug in your own personal financial information and get insight into what your future loan situation could look like. These calculators will help you figure out how much mortgage you can qualify for, whether or not you should get mortgage discount points, what your monthly payments will be and more.

AimLoan makes it extremely easy to get purchase, refinance or cash out refinance rates online within seconds. Because the lender originates loans in every state in the U.S., no matter where your new home is located, this service is available to you. To get a quote, you’ll need to know the purchase price, property style and occupancy status of the home. You’ll also need to know how much you want your loan to cover, the zip code of the city where the home is, your credit score range and whether you’re eligible for VA mortgages or not.

Perhaps one of the best online benefits of AimLoan is that it simple simple pre-qualification and pre-approval systems at no charge to you. If you successfully make it through either process, it will allow you to print a letter indicating that you were pre-approved or pre-qualified.

Would You Qualify for a Mortgage From AimLoan?

AimLoan specifically says that nearly three-quarters of the online mortgage applications that it receives and processes are approved without needing the help of an in-house loan officer. Generally speaking, to get approved for any home loan from AimLoan, you will need, at the very least, a 620 FICO® credit score. For jumbo loans, the minimum score rises to 720, as the lender assumes much more risk with mortgages this large.

Mortgage interest rates take into account a number of variables. At AimLoan, rates are principally attributed to your credit score, but your actual loan amount and loan-to-value (LTV) ratio are major factors as well. As you might expect, the smaller your loan and the lower your LTV, the more likely a lender such as AimLoan is to give you a more affordable rate.

What’s the Process for Getting a Mortgage With AimLoan?

Because AimLoan is about as close to a fully online lender as any of its competition, the application process begins on its website. Prospective borrowers need to fill out this application with all the necessary personal information. Once you’ve finished, its automated underwriting system will run your credit and issue a pre-qualification letter if you meet all requirements.

You must provide documents to support your statements in the application. To complete this, an AimLoan loan officer will contact you. More specifically, the lender will need your W-2 forms for the last two years or your tax returns if you’re self-employed, any pay stubs from the past month and bank statements or other paperwork to back up your down payment and closing cost funding.

If you meet the famous “Four C’s of Credit” -- capital, credit, collateral and capacity -- an AimLoan loan officer will approve your application and subsequently send you a confirmation pre-approval letter. You can then use this document to make an offer to the home’s seller and, should it be accepted, a final approval will be issued.

Once you’ve made it this far, the light at the end of tunnel should be approaching, as your loan documents are created and sent to your closing agent. Following this, all funds will be paid to the seller, and your closing agent will review and finalize all documents with your signature.

How AimLoan Stacks Up

Unfortunately AimLoan is extremely particular when it comes to releasing interest rates to compare directly  with other lenders. But what can be compared is the types of home loans that it offers. From VA, jumbo, fixed-rate and adjustable-rate mortgages, AimLoan has just about everything most customers are looking for. It also offers the HomeReady program, an alternative to an FHA loan.

Rocket Mortgage is a great comparison to AimLoan, as it’s a completely online mortgage lender. However, Rocket has a better loan selection, as it adds in actual FHA loans, YOURgage mortgages and a 1% down payment option. The YOURgage program is a distinctive offering that features down payments as little as 3% and the ability to choose your loan’s term length from eight to 30 years.

If you have at least a 680 FICO® score, an income less than the U.S. median, a debt-to-income ratio lower than 45% and you’re purchasing a single-unit, primary residence, the 1% down payment program offers exactly what its title implies. AimLoan’s HomeReady program is the most comparable option to this, with just a 3% down payment for eligible borrowers. While that 2% difference shouldn’t cause a massive rift between the two lenders, it may for those who are a bit more strapped for cash.

Tips to Get the Right Mortgage

  • Being as knowledgeable as possible about your current credit score and how much you can afford to put towards a down payment will ensure that there are no surprises throughout the mortgage application process. On the flip side, knowing this information will help you recognize if and when you’re receiving a loan offer that’s beneath what you deserve.
  • No matter whether you’re looking for a mortgage or you want to learn to successfully incorporate one into your monthly finances, the input of a financial advisor can be a major help. The SmartAsset financial advisor matching tool will pair you with three advisors in your area based on your needs. These personal requirements are determined by your answer to a series of financial questions, so be as accurate as possible when filling them out.
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