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Adjusting your loan balance to cover closing costs is the easiest way to go, IF you have the equity.Â
In regards to the lender- if it sounds too good to be true, it probably is. It is very common to see rates vary about .125-.25% from lender to lender. Anything more than that, in the lower-than direction, raises a red flag.Â
Work with someone who is willing to explain how they get compensated, and what level of compensation they actually expect. If they refuse, that would also send up a red flag.
I would contact them, and see what they say. My guess is it will go something like this: "Can I call you back?"
In regards to the lender- if it sounds too good to be true, it probably is. It is very common to see rates vary about .125-.25% from lender to lender. Anything more than that, in the lower-than direction, raises a red flag.Â
Work with someone who is willing to explain how they get compensated, and what level of compensation they actually expect. If they refuse, that would also send up a red flag.
I would contact them, and see what they say. My guess is it will go something like this: "Can I call you back?"
- Nic Netherton, "Colorado Lender"
- Contributions:7219
How much lower rates and terms are they offering?
- Michael Yaeger, "yaegermike"
- Contributions:754
The rates at AIM LOAN require discount points. I have quoted and seen many quotes at or below their advertised rates without discount points or origination fees.
It is never a good idea to compare an actual quote with and advertisment.
It is never a good idea to compare an actual quote with and advertisment.
- Clay Branch, "Georgia Loans"
- Contributions:7835
I just looked at their rates online, you will do better on Zillow.
- tchau_99
- Contributions:137
You should be able to get them to disclose rate information.
Most lender would be resist to put things on paper.
Be careful and ask if they subtract points in your closing cost due points.
Be patient. The rate will continue to go down or flat for awhile 1 to 2 years estimate.
Hope this is helpful.
Most lender would be resist to put things on paper.
Be careful and ask if they subtract points in your closing cost due points.
Be patient. The rate will continue to go down or flat for awhile 1 to 2 years estimate.
Hope this is helpful.
- aclene
- Contributions:8
Hi folks,
I am using and would rate it a positive experience. Their BBB rating is a A also http://sandiego.bbb.org/WWWRoot/Report.aspx?site=26&bbb=1186&firm=10014807#rating. They have had complaints, but all have been resolved. When using on-line mortgage services, you will need a bit of understanding of loans since you do not have someone explaining the process. Aimloan can offer these discounts because they have gone primarily electronic. I am closing within the month on a 30-year fixed, 4.25% (w/ 1.75 points) refinance. They actually provided me an initial GFE, and will be providing me a follow-up (because I choose to use my own lawyer to do title/settlement). You can ask for these things right after you lock to make sure you get the best deal, and still continue to compete that GFE with other lenders. You are not obligated to close, and they only take a $300 deposit that goes to appraisal, but if you find someone better they will return it.
I am using and would rate it a positive experience. Their BBB rating is a A also http://sandiego.bbb.org/WWWRoot/Report.aspx?site=26&bbb=1186&firm=10014807#rating. They have had complaints, but all have been resolved. When using on-line mortgage services, you will need a bit of understanding of loans since you do not have someone explaining the process. Aimloan can offer these discounts because they have gone primarily electronic. I am closing within the month on a 30-year fixed, 4.25% (w/ 1.75 points) refinance. They actually provided me an initial GFE, and will be providing me a follow-up (because I choose to use my own lawyer to do title/settlement). You can ask for these things right after you lock to make sure you get the best deal, and still continue to compete that GFE with other lenders. You are not obligated to close, and they only take a $300 deposit that goes to appraisal, but if you find someone better they will return it.
- aclene
- Contributions:8
In any loan it is important to keep track of lender fees which include fees, points, appraisal, etc. The other thing you do have control of is th title/settlement costs because you can shop that around and do not have to go through the lender. The final piece or the reserves/escrow which include interest and taxes are things you just have to pay for. So if you understand that closing is made up of three main parts: lender fees (which can be competed - first guys you call and can use a direct lender, loan officer, bank, etc.), title/settlement (which can be competed - can use a title company or lawyer to do), and reserves/escrows (which you just pay for) - then you are ahead of the game and more confident when using lenders that are not well known. But these poitns are good to know for getting the best loan deal in general. Hope this helps.
- KernowBoy
- Contributions:9
I have not used AimLoan but their fees are quoted up front and they say they are fixed. Other lenders don't/wont tell you the fees until you commit. In particular I have seen some lenders quote title insurance fees as a percentage of the property value whereas AimLoans fees are a fixed price. It may be that paying points and lower fees will work out to be a better deal, you have to look at the total cost of the deal at the same time as comparing rates.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
I don't know much about Aim, but I do know that I am refinancing a deal that Aim initially did, that did not turn out so hot.
- KernowBoy
- Contributions:9
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Kernow,
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
I'd almost bet that you are an employee of Aim.
- KernowBoy
- Contributions:9
No Tammy, I am not an employer of Aim, I am just trying to find out facts. Do you have any you would like to share?
Here is a post I found about the technology Aim are using in case anyone is interested.
AimLoan.com Selects Optimal Blue
Optimal Blue, Plano, Texas, developer of a Web-based platform that couples decisioning technology with content management for the mortgage industry, announced that San Diego-based AimLoan.com selected Optimal Blue’s product eligibility and pricing engine (PPE) technology. The technology allows AimLoan.com’s mortgage bankers to quote prices accurately and efficiently via the Internet.
Online lender drives efficiency with eligibility, pricing engine
San Diego-based AimLoan.com.com is using Optimal Blue’s product eligibility and pricing engine (PPE) technology to quote prices over the Internet. The Internet mortgage provider, which allows customers to receive a price quote on a loan and lock online 24/7, reviewed six different pricing vendors prior to its selection of Optimal Blue. It said Optimal Blue’s demonstration/test account was consistently priced correctly and proved accurate.
Here is a post I found about the technology Aim are using in case anyone is interested.
AimLoan.com Selects Optimal Blue
Optimal Blue, Plano, Texas, developer of a Web-based platform that couples decisioning technology with content management for the mortgage industry, announced that San Diego-based AimLoan.com selected Optimal Blue’s product eligibility and pricing engine (PPE) technology. The technology allows AimLoan.com’s mortgage bankers to quote prices accurately and efficiently via the Internet.
Online lender drives efficiency with eligibility, pricing engine
San Diego-based AimLoan.com.com is using Optimal Blue’s product eligibility and pricing engine (PPE) technology to quote prices over the Internet. The Internet mortgage provider, which allows customers to receive a price quote on a loan and lock online 24/7, reviewed six different pricing vendors prior to its selection of Optimal Blue. It said Optimal Blue’s demonstration/test account was consistently priced correctly and proved accurate.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Kernow, all I will say is I am refinancing someone who got a raw deal from what the customer said. From what I've seen so far, this is true. Lot's of different issues, nothing I will be specific about for obvious reasons.
- KernowBoy
- Contributions:9
Perhaps the "someone" would like to post on zillow?
- Joe Cafiero, "Joe Cafiero"
- Contributions:3218
Well Kernow what fees does Aim Charge. Oh and by the way any good LO can price a loan accurately and it does not take afancy computer program to do it
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Kernbow, you are much to defending of Aim to not be an employee or relative. This thread is a joke.
Kern- you are awfully passionate about Aim. If you are not affiliated with them, I would be surprised.Â
Also, MANY lenders use OptimalBlue, or other pricing engines that are just as up to the minute and accurate. So that really isn't something to put out there- nothing special.
In regards to what is actually important here, it is NOT the company you work with, it is the PERSON. Bad apples in good companies, good apples in bad companies. I will tell you that certain companies are hurting or are no longer around due to mismanagement and shady training practices.Â
Also, MANY lenders use OptimalBlue, or other pricing engines that are just as up to the minute and accurate. So that really isn't something to put out there- nothing special.
In regards to what is actually important here, it is NOT the company you work with, it is the PERSON. Bad apples in good companies, good apples in bad companies. I will tell you that certain companies are hurting or are no longer around due to mismanagement and shady training practices.Â
- Kat Whitman, "Whitman Met"
- Contributions:663
Many of us beat AimLoan.com all day long. There is nothing AimLoan.com can offer that we can't beat. As far as title fees - we don't set them.
Personally, if I was a consumer, it wouldn't be my top choice.
Personally, if I was a consumer, it wouldn't be my top choice.
- jwrice3
- Contributions:6
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.
- Clay Branch, "Georgia Loans"
- Contributions:7835
You lost me on the " they are responsive to working with a prospect for up to a .25 of a discount point ". Dont know what that means. I went on their website and priced out a purchase for $300K in Georgia. We had the same rate. 4.75%, and their fees were $6898 vs my quote of $6415. I noticed they are quoting $350 for title insurance and my lower overall fees include a lenders policy at $525 and owners policy at $400. I doubt if they are paying for an owners policy which my fees of $6415 does include. Also, there is a state transfer tax of $450 on the purchase scenario I put in their software and they do not disclose that. They are competative but can be beat.
- acillatem86
- Contributions:19
Michael Yeager,
Point me to someone doing a 15 year fixed at 4.5% with no discount points.........I'd love to see that. Aimloan is doing that today for 0.296 points.
Point me to someone doing a 15 year fixed at 4.5% with no discount points.........I'd love to see that. Aimloan is doing that today for 0.296 points.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Mib,
Post a request on Zillow, there are many great reputable lenders here in Colorado that can assist you.
Post a request on Zillow, there are many great reputable lenders here in Colorado that can assist you.
Sorry to hijack the thread, but does anyone know what BoA is currently advertising for rates on their 'no-fee mortgage plus' program? Might lose a client over this- and I think they are blowing smoke BIG TIME.
PS- I am unable to start threads! Is that a browser issue???
PS- I am unable to start threads! Is that a browser issue???
Unfortunately, their rate quote system shows their conventional rates- not their no-fee program- at least, I highly DOUBT they would do 4.875%, no MI, no closing costs. Could be wrong.
I asked borrower for a copy of the GFE. We'll see. I just can't see it being competitive with what I was offering.
I asked borrower for a copy of the GFE. We'll see. I just can't see it being competitive with what I was offering.
- KernowBoy
- Contributions:9
"Kernbow, you are much to defending of Aim to not be an employee or relative."
I know this is a late response but this is another false accusation. I don't know anyone at Aim and I have no relatives there. In fact I don't have any relatives in this country.
This kind of desperate joust by Tammy makes me even more wary of the "advice" from this thread. All lenders make a living from the fees so you have to take fees into into account.
I decided in the end to go with a local broker who got a better rate, but who charged more fees, which was a better deal on my loan amount. That just underlines what I am trying to say, you have to look at the total costs and figure out which is the best deal. And don't believe everything you are told, check it out for yourself.
I know this is a late response but this is another false accusation. I don't know anyone at Aim and I have no relatives there. In fact I don't have any relatives in this country.
This kind of desperate joust by Tammy makes me even more wary of the "advice" from this thread. All lenders make a living from the fees so you have to take fees into into account.
I decided in the end to go with a local broker who got a better rate, but who charged more fees, which was a better deal on my loan amount. That just underlines what I am trying to say, you have to look at the total costs and figure out which is the best deal. And don't believe everything you are told, check it out for yourself.
- KernowBoy
- Contributions:9
'Kern- you are awfully passionate about Aim. If you are not affiliated with them, I would be surprised'
You are easily surprised Jennifer. I have no affiliation whatsoever, what a silly suggestion. In fact, I did not use Aim in the end, I did not use any lender from Zillow either.
Funny how all the Zillow lenders are beating up on Aim. I guess you don' t like their fees?
You are easily surprised Jennifer. I have no affiliation whatsoever, what a silly suggestion. In fact, I did not use Aim in the end, I did not use any lender from Zillow either.
Funny how all the Zillow lenders are beating up on Aim. I guess you don' t like their fees?
- The Guy Up The Road
- Contributions:8
Three words ... Yield Spread Premium (YSP)
Consumers ... if you are buying or refinancing and haven't researched the affects of YSP on your loan product, don't do anything until you google it and read through the different pieces of information out there
Consumers ... if you are buying or refinancing and haven't researched the affects of YSP on your loan product, don't do anything until you google it and read through the different pieces of information out there
- Clay Branch, "Georgia Loans"
- Contributions:7835
They can actually search the discussions here on YSP, has been discussed may times here in detail.
Anyone use AimLoan.com?!?!
I am curious if anyone has used AimLoan.com to purchase or refi. I have seen quotes from them that are anywhere from .25% to .5% lower than quotes I have received from lendors.
I cannot find much information about them online (such as reviews) so it makes me a little suspect.
I'm looking to refi to get a lower interest rate and save some $ monthly. Dont want to pay closing costs - I want them rolled up into the loan.
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