AimLoan.com / American Internet Mortgage / Home purchase loan
WARNING - AIM Loans is not for everyone and can cost you dearly.
If your loan is low risk with no complications, AIM Loans will give you a great loan rate.If not, count yourself lucky if all you experience is a bit of inconvenience.
In my case, they cost me over $60, 000. You could fare much worse. The problem is not their criterion for issuing loans. It’s that they hide it from you.
They let you discover it on your own and accept no responsibility for problems that might arise. At best, they may offer an impractical solution with no willingness to consider workable alternatives. In my case, I chose AIM Loans' 3.25% rate lock over a local mortgage broker's rate of 3.625%. After rates had risen significantly, AIM Loans rejected my loan simply because the appraiser found a two burner electric stove top installed in an outbuilding that could easily be removed.
This building didn’t even contribute to the appraised value of the property. Their only solution to this problem was “for the city/county to permit the storage/cabana building in its current state (no alterations).” However, this is impossible since the stove top must be removed to comply with local zoning codes as the appraiser pointed out. Several times (both in writing and on the phone) I requested they ask the appraiser to verify the stove top has been removed and provide an “as is” appraisal. The "Home Valuation Code of Conduct" permits such limited communications between lender and appraiser.
If the appraiser was unwilling, AIM Loans could have ordered a new appraisal. Both actions are standard practices. But AIM Loans didn’t even acknowledge my requests. AIM Loans’ goodbye to me included “We underwrite according to Fannie and Freddie guidelines and they do not allow for unpermitted kitchens.” This is a gross misinterpretation of the guidelines especially in this particular case.
Up to the very end they tried to hide their true intention of not wanting to deal with any complications. In the meantime, the local mortgage broker’s rate rose to 4.125%. Fortunately he has dealt with issues like this many times in our local area and it wasn’t a problem for him. So why didn’t AIM Loans warn me?
Simple, they don’t want to scare off potential customers.
Just let the process filter out the undesirable ones regardless of the consequences to them. So now you’re forewarned.
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