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In May, 2009, Aimloan.com was very cordial while getting our business when we sought refinancing for the sole purpose of reducing our interest rate since rates were currently low. It determined the value of our home, our credit rating, and documented all of our income which varies from $110K to $120K per year. All was done w/ the intention of our receiving a loan at under 80% value of our home.
Aimloan fell down on getting an appraiser out, so they did offer to extend our 30-day lock for another 10 or 15 days. One day prior to the signing deadline it notified us that we could not have the type of loan we wished as we planned to subordinate a HELOC w/ our credit union. Aimloan.com had been through all the loops with the credit union and gave no indication prior to this that there was any reason for concern. The credit union was doing everything they could to assist both Aimloan and somone who has been a client for 39 years.
So, at the last minute, they informed us that they could give us a fixed-rate loan, but it would be at 4.494 points compared to the 0 points we were told to expect.. . . or it could give us a loan at the 0 points, but we would need to pay 1.25 points up front since its claim was now that the loan could fund only to 60%. And, by the way, the offer was only good until 5:00 P. M. . . . and we received it via email at just after 4:00 P. M. on the same day.
Whether it is the incompetence of Aimloan personnel involved or deliberate dishonesty on the part of the firm, we were completely blind-sided on this one and still wonder how could they do this? Fortunately for us, we do not need to refinance, but I feel for any other of its customers who do need to refinance and encounter similar problem with this company.
The complaint has been investigated and resolved to the customer’s satisfaction.
We had a GREAT experience with them, the actually SOMEHOW for some reason held our rate, but I had a down payment of over 30% and excellent credit. I don't doubt your experiences but they worked with me on their many underwriting demands and made sure I closed with a great low rate 2.35 (I paid points to buy down)
baited with low GFE and lock. then more than 2/3 of the way through the process, i received an email from chelsea that i didn't quality despite providing all information and documents by day 3 of the lock. i later receive a phone call saying i should switch to another product that was thousands more to close and 1% higher. underwriter also refuses to even open my file to review my documents until AFTER the appraisal, and hence commiting the applicant to the $500 appraisal fee before deciding whether or not the applicant qualifies. chelsea and irma are frauds by lying and hiding fees. i was charged $395 and another $100 to be notified that if i didn't switch to another loan product, i'd pay $395, $100 and another $495 in appraisal fees for nothing.
I've been with Aimloan for over a year now and I've had nothing but problems and incompetence from them. The first problem was they were charging me the wrong payment each month. They were only charging me the interest amount each month instead of interest+principal. When I called about it, they argued with me that it was the right amount and finally they looked at the original loan documents and found the right amount and that took about 3 months to get corrected. The second issue was they didn't pay the taxes for the second half and I got a notice from the county that I was delinquent and that took about 6 months to straighten out. The third problem, I get a notice from their insurance department stating that the name on the policy was not the same as the name on the title and in the letter they had both names and they were spelled exactly the same, the difference was one name was all in upper case and the other one wasn't! Still waiting to get that resolved. But wait, that's not all, yesterday I get another letter saying I owe $2500 for estimated escrow shortfall for next year which is BS, they essentially doubled the taxes. I called customer service and she said she could see that letter and asked me to send her a copy of it and I asked to talk to the escrow dept and she said they didn't have a phone number for them, only a fax number! WTF! I regret ever dealing with them, STAY AWAY FROM AIMLOAN!
I was working on a loan on behalf of my mother to consolidate 2 loans, pay-off a student loan for $37K and credit cards. The property even with an appraisal of 20% LOWER than what it is being taxed at she still had 30% equity. Day 1, I told Ben, the ###, that we wanted to consolidate the 2 mortgages, student loan and credit cards. All docs were sent immediately and my mother has an 800+ credit score. The guy screws around even though I did ALL the work with the docs and in week 3, tells us that the DTI is too high so need to pay-off a student loan for $2500. We did that in an HOUR. Supposedly they need 7 days for docs yet my mom "closed" within 24hrs. We "closed" on May 23rd. Our lock expires May 29th and my mom still see's nothing paid-off in her bank account. On June 6th, Ben the ###, says "The credit card went from $3000 to $6200(for my sisters wedding as my mom had to step in), yeah but that was in APRIL and we could have paid that OFF as before. He also says the student loan magically appeared...NO f'ckhead as I told you on Day 1 that was to be paid off. I then proceeded to write VP of Loan Production, Ted Iturriria, who simply repeated what I said in the email, 4 days later. I'm baffled how they messed up a refi and apparently the only lender in the country who doesn't consolidate outside debt. If that was the case Ben the ### should have told us May 1st., as the DTI almost falls in HALF with consolidation. How convenient that our interest rate of 3.25(3.37APR) suddenly is 3.75% now? I was with Countrywide in the heyday and while I enjoyed my job no question these guys will disappear like Countrywide and unlike Countrywide these guys are the most incompetent people even up to this VP Ted guy who apparently lacked a HS education in reading comprehension.
Had a horrible experience. We were asked for the same documents numerous times. They took our $395 fee knowing full well they would deny us based on my husband's self-employment status for less than a year--they could have told us that right after we applied, rather than dragging us through two months of requests. In the end, the DAY we were supposed to close we were told we were denied. Couldn't imagine a worse scenario. I had a good experience with them when I bought a prior house 2 1/2 years ago, so I thought this would be the same. Don't know what happened, but this is a loan company to stay far away from. They lure you in with promise of good rates, but it's not worth it. Fortunately, we found a lender (yes, we're paying a bit more, but not much) who is working with us and offered that the loan could just be done on one (mine) salary to avoid problems with my husband's situation...AIMLoan could have told us that BEFORE they took our money. We're requesting our money back, but I'm sure we'll have to file a dispute with the credit card company.
All of the bait and switch comments are true. Many of them sound exactly like what happen to us. Unbelievable, poor service, delays, excuses, then...today...loan approved...BUT can not give the rate they had locked for us and provided on the HUD estimate because it took too long. NOT OUR FAULT! Disgusted and appalled, not to mention they can not possibly refund our $395 appraisal fee. This is going to be submitted to an off site complaint site not the one offered at AIM website.
I have three loans through Aimloan. One owner occupied and two investment. Couldn't be happier with the rates, service etc. I have requested the same processor each time, Khola, and have been pleased.
I'm sorry for all the bad experiences people have had with AIM. I must say we recently purchased a second home and the process went flawlessly, we closed June 1st, 2012. We had issues with the sellers and the closing date. AIM contacted the closing attorney and made arrangements for my wife and I to sign three days before the sellers signing. The closing attorney only had to submit several additional papers which he said was very easy to do. The loan funded and we are enjoying our new home. I did contact AIM when I first read these comments. I spoke with my rep before sending any money about the negative comments. She assured me that she would do everything possible to make the process go smoothly. I was concerned using an on line mortgage company but having the initial person to person contact made it better. I want to thank Linda Flores for exceeding our expectations and delivering everything she said she would.
Aimloans should be investigated. This company clearly is running a sham by advertising the best rates, then finding whatever excuse they can to increase it after they get you to commit to paying for the appraisal and draging you through document hell. I experienced what most others have ... a bait and switch. I wish I would have found this board prior to me trying to obtain a loan through them. Would have saved me time and money. Stay clear of this organization!
in late february 2012: searched on-line. they had the best rate by far (cash out refi). i locked in and we closed in less than 30 days. we have good credit, supplied them with all the documentation they asked for, they even worked with us to sign paperwork in the hospital (sudden illness on my part). they were prompt, courteous, flexible and communicative. they were upfront about closing costs (minimal) and explained everything to our satisfaction.
i am so glad i DIDNT do any research on them beforehand - we would have missed a great opportunity. it couldnt have been easier and i would do it again.
I have a good income, a stellar credit rating, owe half of what my house is worth as found on Zillow, and was told I qualified for the BEST rate they had (rate was 3.35%, but APR was 3.5% after fees). Then this happened:
3/16/12 - Approved
4/17/12 - Lock Confirmation
4/15/12 - AIM Document Request
4/27/12 - Docs provided
4/27/12 - 2nd AIM doc request
5/1/12 - 3rd AIM doc request
5/4/12 - 4th AIM doc request
5/15/12 - 5th AIM doc request
5/22/12 - 6th AIM doc request
5/24/12 - AIM Final approval
5/31/12 - I sent an email expressing dissatisfaction and concern
6/5/12 – Closing at my house
6/6/12 - 7th AIM doc request (after closing!)
6/10/12 – Closing failed – too late!
6/25/12 - 8th AIM doc request
6/26/12 - 9th AIM doc request
6/27/12 – AIM now wanted an appraisal!
FIRED!
Live and learn, stay away from AIMLOAN.com. Now I have to start all over again and AIM hit my credit report – TWICE – during this process. Thankfully rates have not increased.
I AGREE I AM IN THE PROCESS RIGHT NOW AND I AM SO DISAPPOINTED. NO ONE CALLS BACK I AM 3 1/2 months into closing and packed moved into hotel TERRIBLE TERRIBLE TERRIBLE and AIMLOAN is extremely unprofessional and yep closing was March 29, 2012 and I will update you with ALL THE DETAILS once I close today is now May 1, 2012. I am physically sick to my stomach with AIMLOAN. I will be glad to provide documentation and help anyone if you even think of AIMLOAN RUN RUN RUN RUN ! I am serious! They are very dishonest transfer you all over the place and never call back until you hound them. They are SO UNETHICAL! I feel like I am having a terrible nightmare!
Stay away from AIMLOAN if you can. After 3 months of going back and forth and hunderds of documents etc., they denied the loan based on a stupid reason that my complex is not complete. I live in a huge community, my house is in phase 2, builder is onto phase 6. They charged for appraisal etc and I think that's how they make money. I have excellent credit and together we have over $200K in income.
I agree with most of the complaints. I have a credit score of 800, only 10 percent debt, and after 2 weeks was sent a denied letter Could have told me that I was 2000 dollars short to get the deal done and in a month or so I wouldve had the additional money ., before even checking my credit and potentially dropping my credit score..Customer service sucks, just go to a local bank and the fees are about the same with much better service.
I refinanced with AIMLoan and the process went great, the appraisal came back a little higher than anticipated, and they were able to get me an even better rate! Also the closing process was easy - someone showed up to my house at the appointed time and it all went very smooth. I'd use them again and recommend them to others. I'm not sure about all the complaints on here, it's rally night and day between the experience I had but a couple of thoughts (1) don't bring them an appraisal from another lender and expect them to honor it, appraisal inflation is a real problem and they have to use someone which will give them an honest assessment (2) do contact your loan processor at the e-mail address they give you and keep up-to-date with the process, if you let things go or just don't pay attention you will be disappointed but that would be true for any lender (3) pay attention to the details of the things they need for example the declarations page of your homeowners insurance policy, make sure you are sending them the right stuff otherwise it can slow the process down, if you have any doubt send a follow-up e-mail and make sure it what was needed.
Good luck!
Scam. Credit score 780+ great history, etc. trying to refinance. Provided all answers with their unusual quesitons within a day. Still the loan got declined during the underwriting process with the reason "Appraisal does not have good comparable data." They asked me to provide the comparable data to them and then they will pass on to the appraisal company and may resonsider with no guarantee. They chose the appraiser but do not trust his work and refused to refund the money. I contacted the appraiser directly and he said that he has been working 30+ yrs as an appraiser and have never heard this reason before. He tried to contact the lender for me; however, later Aimloan sent me and him an email no direct contact. Every issue need to go through them but they are not willing ot do anything to help. The loan officer's suggestion is either you provide the comparable data or go to another lender. Now I have shared this appraisal with Credit Union and they said the appraisal is fine without problems and willing to give me a loan. Run from Aimloan and stop wasting your time.
Same Goes with me. Credit was good, making more than what required, but after months of paperwork, they finally told me I didn't qualify. BIG SCAM. DO NOT TRUST AIMLOAN.COM
Scamming Crooks! Beware! I applied for a refinance with AIM my credit score is 740 and my home appraised for 236k and I only needed refinance 113k on the house. I spoke with 2 Loan Reps, Kurt Metgar and Felicia Johnson. I had informed them that I had tried to refinance a couple years ago with a different lender and was denied because my debt to income ratio was too high and I was out 350 for an appraisal fee. I told them I did not want this situation to happen again and did not want to pay an appraisal fee til loan was approved. They both assured me that I was approved and this would not be a problem with AIM. So I agreed to pay for am appraisal based on their word. After many delays and requests for documents that I had already sent to them, Felicia emailed me 3 days before I was to close and informed me that they could not continue processing my loan as my debt to income ratio was too high! Just what I had specifically had been assured was fine. They replied that it was fine but I had claimed unreimbursed employee expenses on my taxes and they had to deduct this from my income which made them unable to approve my loan. They then also refused to refund 325 for home appraisal! Dishonest Scammers! What a rip off and waste of my time! Run from this Lender!
We are in the same boat. I have never in my life had this much trouble purchasing a home. We are putting 35% down of the value of the home and these idiots keep asking for more and more documentation. You jump through hoops and then they drag their feet. Our title company is very frustrated with them also. They have been ready to close for 4 weeks now. Avoid these folks like the plague. This has caused much stress on myself and my family. I wish I had gone down the road, and may still have too. We started our loan process back in April 2011, it is now October.
Posibly yours was easier because it was a refi. I have a complaint on here and have emmaculate credit. Approval was never the issue. The issue stemmed from them not getting off their butts and taking care of things in a timely manner. I almost lost out on the house I purchased because they pushed us so far back. They also tried to charge me for not closing in their preset window. I was able to dispute this since the delay was directly their fault, not mine, and not the seller's. When we went from pre-approval to actual approval, they didn't disclose several documents that they needed to have completed or verified. When this finally was "requested" by them it was with statements of "Have this by tomorrow or you lose the thousands you paid in earnest money" when they should have requested it 30 days prior. Even the title company was livid about their treatment of us. We did ultimately get our loan and haven't had any problems with payments or anything, but the stress they caused and the roller-coaster ride they put us through to get there was just cruel.
I wonder what problems these borrowers have they are not disclosing. This nation is up to its eyeballs in debt and I find it best to avoid it at all cost. We have only a single mortgage loan, with about 50% equity in our home. No car loans, no revolving debt of any kind, no HELC or 2nds, etc. I applied and was approved for a 15 year (cut 5 years off old loan) to re-fi. The process was simple as I uploaded to requested documents the next day. They had an appraiser contact us in about 3 days. The appraisal came in 10k under Zillow's "forecast" but since home values have fallen here about 15% since I applied, it was probably about right. (Over valued appraisals have been a huge part of the RE crash). The loan was closed in the promised time, at the agreed upon rate. The closing agent coming to our home was very convenient and she was very professional. Overall I think they did exactly what they said they would do and gave the rates they promised. Unfortunately I have a feeling most of these negative reviews had some real trouble spots in their credit history and RE values that they conveniently forgot to mention.
AIM LOAN.COM / IS NOT HONORING THE SAME RATES AS POSTED ON www.bankrate.com AS WHAT IS ADVERTISED AT 80% LTV / if you go to the main page http://www.aimloan.com/default.asp and click on assumptions under todays rates on there home page it says all rates are quoted at 75% loan to value which is different from what i searched on www.bankrate.com .
I THINK THEY CALL THIS THE OLD BAIT AND SWITCH !
HERE ARE THE RATES ADVERTISED ON BANKRATE.COM BY AIMLOANS.COM
LenderAPRRateCosts and feesComments
4.200%
Thu Jul 14
4.000%
at 1.901 pts
30 day rate lock
Fees in APR: $1, 950
Est payment: $1, 991
Apply & Lock Rate 24/7! View Online GFE
4.240%
Thu Jul 14
4.125%
at 0.899 pts
30 day rate lock
Fees in APR: $1, 950
Est payment: $2, 021
Apply & Lock Rate 24/7! View Online GFE
Contact Us
4.289%
Thu Jul 14
4.250%
at 0.000 pts
30 day rate lock
Fees in APR: $1, 950
Est payment: $2, 051
Apply & Lock Rate 24/7! View Online GFE
HERE IS WHAT THEY HAVE UNDER THE RATES AND FEES TAB ON THERE SITE ! I RAN THIS QUOTE / THIS IS NOT A GOOD LOOK FOR YOUR SITE !
https://aimloan.mortgagewebcenter.com/CheckRates/GreatRates.asp?PID=23&r=1
Keep an eye on rates via e-mail! Sign up for Rate Watch!
Loan Information July 14, 2011 - 8:52 AM PT
Amount:
$417, 000
Home Value:
$550, 000
State:
Utah
County:
Salt Lake
City:
slc
Escrow/Impounds?
Yes
Loan Purpose:
Refinance with No Cash Out
Property Use:
Primary Residence
Property Type:
Single Family Home
Lock Period:
30 Day
40 Year Fixed Rate
Rate
Points
APR
Closing Costs
Payment
Good Faith Estimate
Apply
4.500%
1.525%
4.651%
$10, 241.20
$1, 874.68
4.625%
0.666%
4.715%
$6, 659.17
$1, 908.31
4.750%
0.000%
4.792%
$2, 947.87
$1, 942.21
4.875%
0.000%
4.918%
30 Year Fixed Rate
Rate
Points
APR
Closing Costs
Payment
Good Faith Estimate
Apply
4.000%
2.088%
4.226%
$12, 588.91
$1, 990.82
4.125%
1.175%
4.274%
$8, 781.70
$2, 020.99
4.250%
0.250%
4.321%
$4, 924.45
$2, 051.39
4.375%
0.000%
4.425%
$2, 839.45
$2, 082.02
4.500%
0.000%
4.551%
$1, 275.70
$2, 112.88
25
AIM LOAN IS NOT GIVING YOU WHAT THEY ADVERTISE ONLINE RUN RUN AWAYyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy
KLSS,
I am currently looking at refinancing my investment properties. Can you disclose the new lender you found that you like working with?
Concur with ALL complaints above and had a horrible experience with these CROOKS! Do not waste your time ... I ended up firing them after 6 weeks of their back and forth "underwriting" requests. Our credit scores are 790+, with high income/high down payment and NO consumer debt. There are NO underwriting issues! We found another lender that was great to work with within a day and moved forward. BUYER BEWARE!
RUN ... do not walk from Aimloan!
We have excellent credit, no consumer debt and 20% down. Mortgage would be 25% of our take home pay and we got CONTINUAL run-around from this company! They suck you in at first with a very easy process, but it quickly turns to repeated requests for ridiculously irrelevant details that have nothing to do with the application. Even if you provide the details, they will continue to rephrase the question over and over to stall the loan ... it was RIDICULOUS! I dropped them like a hot potato and found another, more reputable and much more professional lender that didn't cause me 1/100 of the frustration and problems AIM did. AVOID THEM!
Oh goody I get to be next! I just completed my experience with Aimloan. Most of the issues that I had were genuine. I had initially wanted to purchase an additional home, move into it and let my daughter and her new family have my previous home. This means I'd be buying it as a primary residence for myself. Unfortunatley, it is only a block away from my previous place so ultimately they decided that they had to fund it as an investment property. I understand, they only had my word. The difference, the down payment went from 5% to 20%. Much of our delays were simply us waiting for our next pay period to finally have enough in our accounts for the closing costs.
The nightmare was that they did in fact ask for additional material at late dates, one at a time. Getting the clerk (one can hardly call her an agent or banker) to call me rather than emailing me, which I'd told her repeatedly I don't have at home and can only check on weekends, was like pulling teeth. When the down payment increased she quoted me a dollar amount that I'd have to show in my accounts. This was based on the projected closing fees and down payments etc. We had to wait a few days for payday and then I sent her our statements showing we met that amount.
She came back with, "Yes, but there's nothing for the reserve".
"Reserve? Whats a reserve?"
"We need you to have 6 months worth of your full payment showing in your account. You dont' have to pay it, you just have to show it there over and above the closing costs."
"You didn't think this was worth mentioning when you gave me an exact dollar amount I'd have to have in my accounts?"
So, we had to wait for another pay period to go by. She did extend our lock for an additional week free of charge, but that was the only good thing she did.
When the loan went from primary residence to investment, they were required to do a different kind of appraisal, one that had the utilities turned on and checked. This cost an additional $75. Not a biggie, except that this was after the initial one was done, and they never sent the guy out to do it with the utilities on. They were trying to get him out 2 days before closing.
The day before closing she says that they require an addendum showing it as an investment property. This change had been made 5 weeks prior and effected whether the seller could sell to us. They were required to sell to a primary resident and this addendum gave them a red flag. Luckily we were able to convince them that despite the lender, we are going to be the primary resident.
Luckily my realtor and my title company were fabulous and even went to bat for me in dealing with these people. The second they had the docs from Aim they rushed everything through. A process that usually takes 2-3 days from that point took less than 24 hours.
Here are my 2 favorite events to show how professional these people are:
When we met the realtor at the house to get the keys and officially take ownership, roughly 22 after we signed the papers, a man was seen in the yard standing in a puddle from the faucet that he'd just turned off. One the realtor saw him, thought he was with us. Moments later this man came into the kitchen, turned on the light and took a picture of the light. Then he left. This apparently the "appraiser" who needed to document his "inspection"... he didn't even say who he was or anything, just followed us in and left.
Lastly, this last monday my employer got a call to verify my employment. They couldn't remember the company name that called, but when I checked the caller ID, there it was, their number. They actually verified my employment 4 days AFTER closing on our loan. All I can say is that I hope they sell it to someone else.
yes, very bad experience . It's a scam and you will lose your appraisal money or earnest money if you're that far into the process. They will make you believe everything is set then the underwriter will request for info one form at a time and will find reason after reason to delay the whole process . Too bad I didn't find this site soon enough. Be warned!
Walking upstream, I am glad things worked out well for you there. I personally could not be more dissapointed. I too started the process with them over very attractive advertised interest rates. Everything started off and the agent was all about everything being perfect and easy. I put my card up for the appraisal fee imediately as I just wanted to get this done. A few short days after the appraisal came in I was told that because the value was a few thousand less that everything was different, albeit slightly.
We continued with the horrible impoossible process iof getting all of my information to them in a technically advanced system that purposely loses every third thing you send in. Then comes Underwriting. I get a call from my guy who states that because my credit score was 3 points below 780 that that changed things again. At this point I got suspicious and called a broker who I actually found on this site and is going to get a free plug in a second... but let me continue. I call the broker who I am A) closing with this week ((a week early from my lock)) and B) getting the deal for over 2k less in cost than AIM, and he confirms that there is no credit score point increase for this at all. The broker even sent me ratesheets from a couple different banks to prove it.
So, its obvious that I cancelled the loan with AIM (lost my appraisal fee) but made up for it with the cheaper cost with the new loan not based off bait and switch tactics used by this company and REPEATEDLY COMPLAINED ABOUT. WHOEVER SEES THIS SITE--- DO NOT USE THIS COMPANY. Things will change. There are reviews everywhere that say this same thing. Ok, plug time because Jason was so great. Call my guy. Jason West - First Integrity out of California. [protected]. Never met such honest banker in my life. HAHA Honest Banker.
Please people, stay away from AIM - For your own good.
I don't agree with the complaints here. I am within hours of closing; 3.5% refinance on Investment property, $3750 origination charges - - application date of 01/18/11.
While researching lenders, no one came close to their offer, and I actually had a couple people hang up on me when I told them of my rate/pts. (this is on Investment property, mind you). Yes, they did ask for a lot of information piecemeal, and no, I did not find it all relevant. However, I was able to stay on top of everything and get everything requested to them within hours if not minutes of the request. It is now 28 days after my initial application date.
I worked with Nicole as well (someone else on here recommended her) have 790+ cred. score and was able to buy down my loan amount to remain within 75%, even after the appraisal came in (performed and processed quickly) quite a bit lower than I expected (though within reason).
My only complaint is that I had a Change of Circumstance regarding the vesting on my Deed due to me getting married recently that required a new Good Faith Estimate. I did not receive the new GFE because she had sent it via some 'system' of online file management that she admitted has problems and that I have read in forums has been causing problems (only difference is I now owe them $28.50 more than I would have on the previous GFE). Upon request, I have received the new GFE and all matches properly.
I was leery of working with AIMloan.com, as I'm sure many people are - I am a middle school teacher, and my original loan was through the credit union I have belonged to for over 30 years. I am not any kind of real estate wiz, nor do I have much experience with financing, etc. I do not work for or have any other relationship with AIMloan.com.
I would say that if you are not an organized individual, are not willing to do your own research into your rights and/or feel you need your lender to hold your hand through everything, if you are not willing to stay on top of everything DAILY for the duration of the process -- or if you do not own a scanner, do not have easy access to a fax machine, and/or do not know how to work with screen shots and PDF files, then yes- stay away from AIMloan.com.
However, if you are comfortable in a digital world, are an organized, intelligent and confident individual, and are willing to dedicate to staying on top of everything DAILY- then you should definitely consider this company. I will consider them again as my wife and I look into purchasing a home here in the next few months -- especially if they can offer reduced rates for repeat customers!
I am going to have to agree that they are really difficult to work with. They make ridiculous requests for information one bit at a time, then take days to review it and continue to come up with additional documents they need, even if you've already sent it to them multiple times. Our title company needs closing documents 72 hours before we close. We were supposed to close on Monday, then Tuesday, then Wed and now who knows. It all keeps getting pushed back because of petty requests like "cleaner copy of the radon agreement" which is something that isn't even legally required in our state. It is close of business Friday and we still don't have the closing documents, which means our close date is pushed back for the 4th time and still unknown. Yes, they have great rates, but I'm losing confidence that we are going to close any time before rate expiration and more importantly, the date listed on our contract! Just horrible customer service and no lack of urgency.
THIS FIRM IS UNETHICAL IN THEIR BUSINESS PRACTICES AND ANY COMMITMENTS THEY MAKE CANNOT BE RELIED UPON. DO NOT BE FOOLED BY THE SLICK ADVERTISING ON THE WEB. MY ATTORNEY, WHO WAS HANDLING THE TRANSACTION IN THE MAIN SAYS HE HAS NEVER SEEN A REPUTABLE FIRM OPERATE IN THIS MANNER. SOME BASIC FACTS TO CONSIDER:
THE SO-CALLED LOAN PROCESSOR HANDLING MY APPLICATION WAS "REMOVED/FIRED" AFTER THREE WEEKS OF BURYING MY APPLICATION. A NEW PERSON WAS ASSIGNED WHO WAS A BIT MORE ACCOMPLISHED BUT INHERENTLY RUDE AND CONDESCENDING. THE KEY FACT TO RECOGNIZE ABOUT THESE FOLKS IS THIS. ANY RATE LOCK OR COMMITMENT TO FUND A TRANSACTION AT A STATED RATE IS ONLY GOOD IF RATES ARE STABLE OR MOVING DOWNWARD (WHICH INCREASES AIMLOAN'S PROFIT). IF RATES TICK UPWARD THEY WILL BOMBARD YOU WITH AN ENDLESS STREAM OF REQUESTS FOR NEW INFORMATION HOPING TO FIND SOMETHING WHICH WILL ALLOW THEM TO BAIL OUT. IT'S A ONE-SIDED COMMITMENT OF VIRTUALLY NO VALUE TO THE BORROWER. BECAUSE OF THEIR INHERENT INCOMPETENCE, MY LOAN TOOK NEARLY EIGHT (8) WEEKS TO REACH THE STAGE WHERE IT COULD BE FUNDED. IN THAT TIME I WASTED DOZENS OF HOURS SATISFYING THEIR MOSTLY IRRELEVANT REQUESTS FOR DATA NO ONE ELSE HAS EVER NEEDED. OF COURSE RATES HAD TICKED UP DURING THE INTERIM, AND THEY NEEDED AN OUT. MY CREDIT SCORES ARE WELL ABOVE 720, SO THAT COULDN'T BE THE REASON, AND I'VE OBTAINED THREE OTHER MORTGAGES VIA THE INTERNET. INSTEAD AIMLOAN FOUND A OBSCURE RESTRICTION IN MY CONDO DOCUMENTS TO HANG A LAST MINUTE REJECTION ON. THIS RESTRICTION HAS NEVER STOPPED ANYONE FROM MORTGAGE FINANCING HERE. I REQUESTED THE NAME OF A SUPERVISOR TO CALL. NEEDLESS TO SAY, HE NEVER RETURNED MULTIPLE CALLS. MY ADVISE TO ANYONE READING THIS: THERE ARE SOME REPUTABLE ON-LINE FIRMS IN THIS BUSINESS. AVOID AIMLOAN.COM (MY WIFE CALLS THE AIMLESS LOAN) AT ALL COST. THEY ARE JUST WHAT GIVES THE INTERNET MORTGAGE BUSINESS A BAD REPUTATION.
We just closed on our refinance yesterday with Aim loan. The only problem we experienced was a bogus appraisal...which the loan processor agred with and fought for us to have another appraisal completed...which we did not have to pay for. We had excellent customer service and received a great rate. If you are organized and don't have a problem with emailing and faxing all the info...then I highly recommend them! Nicole and Charlene were great!
Sure wish I would of read this 3-4 weeks ago. Pretty much same story, sometimes I wonder if the processor is stupid or just a newby. They jerked me around for weeks asking for documentation of things I never dreamed of. I've made a purchase and two refi's in the last 2.5 years and have never been treated this badly. I also feel like I was set up to fail. They know I have a contingency to pay seller if I am late on my escrow. I would recommend try somebody else.
Thank all for sharing your experience with AimLoan. I just had the similar experience as you. It seems to me that AimLoan is not very honest, they set you for failure to get the extension fee. They tell you everything is fine until a few days before deadline, they only tell you one thing at a time. They never call you unless they want to charge you a fee. Again if the company is honest, then the person I am dealing with is not. Either way, it does not worth to go through the trouble to get the loan. I should call my credit card company to get $325 appraisal fee back.
RUN AS FAST AS YOU CAN - these people are flatout crooks. I had every problem the others on this site have written about and more. I had everything they requested faxed to them within hours of the request and they kept asking for things I had never heard of a mortgage company asking for. This never stopped. I think it was because the rates were going up and I was locked in at a much lower rate. They stalled out two lock dates, kept asking for strange documentation, wanted another $1200 to honor the rate, and even after we closed they called and wanted to see a paper trail on a deposit I had just made. They said they had a 3 day right to rescind the loan! I said for them to kiss my [censor]. Working with these people was the worst financial mistake I have ever made. I'm 64 years old, taught business and economics for thirty-five years, and have an MBA. Like I said, RUN!
Just went through the same sort of back and forth w/ aim loan.com. I wish I known about these posts a week ago. before I actually took the time out to fill out their online questioner. I thought of aim as a legitimate lender; Instead I got the run around an a rude rep who doesn't even return a call nor reply with any type of any of the professional protocols you would expect from a lender. Finally when I dared to complain, the lady rudely informed me she would actually transfer my case and hung up the phone on me. Mind you I have excellent credit. My advise to potential borrowers, is to go to legitimate lenders out there and stop trying to take the cheap rout which will actually cost you more than you bargained for in the end. My loan person I was dealing with # is 734. She is the worst. She actually has an attitude and seems dislike being asked simple questions regarding INTEREST RATES!.? (what the hell is her job then?) I am actually planning to complain to the supervisor tomorrow for wasting my time for all it's worth although I usually don't do this. NOW I AM ACTUALLY WORRIED WHAT THEY MIGHT DO WITH MY PERSONAL INFORMATION NOW THAT THEY HAVE IT. (yes they are that unprofessional). I will have to call equifax to request a block on any type of queries to my SS#.
We are experiencing the same problems with AimLoan and will most likely take our business elsewhere. Thanks to everyone for detailing the problems as your description of them summarizes ours and confirms that we need to go with a different lender.
Don't want to go into long, drawn out explanations like some others, but pretty much the same experience here. Great credit, equity, etc. Told loan was a go. Then all of a sudden after the $300 appraisal you have charged on your VISA, you all of a sudden don't qualify.
It is a fact that going through a home loan process is agony, but AimLoan turns the process into a nightmare. The well-constructed web site entices visitors to follow through the application process and once abundant personal information is supplied in the application, a nice confirmation of the details offered for the loan is supplied. An email is also sent to the applicant that details the offer.
You had been enjoy the process up to this point because everything afterwards will make you wonder whether you should be continuing with AimLoan. First, you will deal with the rudeness and then the incompetence. I made notable sacrifice in getting data AimLoan requested within their three day window. About five days after I started the uploads, I received an email asking me whether I had received their data requests. Yes, I had completed the uploads two days earlier, but the company representative seems to have not checked for the data.
I decided to continue with the loan process even after the rudeness and incompetence I had experienced. Things would only get worse. Data I had sent would be rejected because it supposedly was in the wrong format. Requests for additional data kept trickling in. The 30 day lock for the loan terms was ending and it was obvious no loan would be made for that lock. A 15 day extension for the lock was offered, but it became clear that the extension expiration date would also go by without a loan forthcoming. Doing the entire period of dealing with AimLoan, I made every effort to deliver to them every piece of data requested as quickly as I could deliver it, but their rejections of data and delayed requests for additional data made failure of the loan inevitable.
I would periodically request a status for the loan process, but no answers were given. I was also rushing to meet an act of sale deadline of [protected] in order to qualify for the federal tax credit. About the time the second expiration date for the lock was coming up, AimLoan’s tactics became clear. I was offered the loan, but at an additional $1300 in points. A phony claim of debt to equity was the reason given, but it seems to have taken AimLoan over a month to realize I didn’t have the proper debt to equity ratio to qualify for their original loan offer.
That is how the AimLoan process went for me. I received rudeness and incompetence throughout. After I had invested enormous amounts of time and effort and was trying to meet a federal tax credit deadline, the terms changed for my $106, 000 loan so that I would have to pay about $1300 in additional points. Needless to say, I rejected the puffed up offer, but AimLoan still had $300 they deducted from my credit card at the time of my loan application for an appraisal that they had never done.
Typical mortgage company scam. They will have an "unavoidable delay" that extends the closing beyond the lock period. If they rates go up, they offer you the new rates, and if the rates go down they extend a courtesy extension of 15 days. Either way the company wins and you lose. I had three mortgage companies pull the same scam before the rates stopped falling and I was able to close.