What are the steps in Aimloan’s 10 step process?
Step 1: Apply Online or by Phone.
Congratulations, you have completed your application!
Step 2: Loan Officer Review.
A Loan officer has been assigned to your file and will review your application and run it through our Automated Underwriting System to obtain an automated approval based on your credit report and the information provided in your application.
If you have not yet locked in your interest rate, Your Loan Officer will contact you to review pricing options and lock in your rate.
Step 3: Initial Processing.
Your application will then be assigned to a Loan Processor who will email you a list of required documentation and instructions on how to upload the documents using our secure website portal. It is important that you submit your documentation as soon as possible to ensure the loan process stays on track and your loan closes on time and within the lock period.
If required, an appraisal will be ordered and the appraiser will contact you to schedule an appointment. It is important that you schedule the appraisal appointment as soon as possible to ensure the loan process stays on track and your loan closes on time and within the lock period.
From this point forward your Loan Processor will be your main point of contact.
Step 4: Initial Underwriting.
Our Underwriting Team will review your documentation to confirm that you meet program guidelines. Underwriting will prepare a list of any additional documentation required and conditions of approval.
Step 5: Final Processing.
Your Loan Processor will work with you and third party vendors to obtain any additional documentation required. It is important that you submit your documentation as soon as possible to ensure the loan process stays on track and your loan closes on time and within the lock period.
If required, the appraisal will be received and added to your loan file.
Your Loan Processor will send you a Final Loan Estimate to review and approve. It is important that you review this document to make sure everything is in order, including the amount of funds required to close.
Step 6: Final Underwriting.
Our Underwriting Team will review the appraisal and sign off on the earlier underwriting conditions that have now been satisfied.
In rare instances, the underwriter may require additional documentation or conditions based on new information. It is important that you submit your documentation as soon as possible to ensure the loan process stays on track and your loan closes on time and within the lock period.
Step 7: Closing Disclosure.
Your Loan Processor or our Disclosure Team will send you a Closing Disclosure to review and approve. You must acknowledge receipt of this document in writing or by email response in order to keep your file moving forward.
Step 8: Doc Drawing.
Our Closing Team will communicate with you and your Settlement Agent to coordinate a date and time for you to sign your loan documents (Note, Deed, etc). The earliest date you can sign by law is the third business day following your written acknowledgement of the Closing Disclosure.
Your loan documents will then be drawn and sent electronically to your Settlement Agent.
Step 9: Doc Signing.
Your Settlement Agent or a Mobile Notary will meet with you to sign and notarize your loan documents.
Step 10: Closing.
Your Loan Closer will run a soft credit report to ensure your debt has not increased since the time of your application. It is important that you do not take on any new or increased debt during the loan process as this could result in you no longer qualifying for the loan.
Your Loan Closer will also verbally verify with your employer your continued state of employment. If at any time during the loan process your employment status changes, it is important that you notify your Loan Processor right away to confirm that you still qualify for the loan.
Your Loan Closer will then initiate a wire transfer to your title company.
Do you sell or share my personal information?
No, American Internet Mortgage, Inc. does not disclose any non-public personal information about our customers or former customers to anyone except as required by law.
Once a mortgage is recorded the information becomes public record. Other companies may pull information from public records in order to solicit business from our customers. We do not sell or share any non-public personal information with marketers outside our company, and we do not sell or share any such information with other financial institutions through the use of joint marketing agreements. Therefore, any solicitations for additional products and/or services would not be from our company. We advise our customers to use caution when responding to these requests.
Do you provide financing for properties owned via Leasehold property rights?
No, by offering financing only on traditional 1-4 family residential properties owned via fee simple property rights, we are able to be more efficient and offer the best possible pricing to our customers.
Do you provide financing for co-ops?
No, not at this time.
What is a Net Escrow Payoff?
A Net Escrow Payoff allows us to take the balance in your existing escrow account and apply it as a credit toward the payoff of your existing mortgage loan that is being refinanced. We’re only able to do this on loans AimLoan.com is currently servicing. If you have chosen to escrow property taxes and/or insurance on the new loan, a new escrow account will be set up. There is no additional fee to request a Net Escrow Payoff.
Can you use an appraisal I already have?
Our quality control procedures prohibit us from using any appraisal not ordered directly by us from one of our licensed appraisers in your area. Our appraisers prioritize our work and will complete the assignment quickly.
Will you lend on homes that require repairs?
We will lend on a home that requires repairs. Certain repairs may need to be performed before closing for items such as broken windows, missing appliances, damaged walls and other items which may affect the value of your home. Upon receipt of your appraisal, our underwriting department will make a determination as to which repairs are required to be made. In addition, the appraisal must indicate the condition of the home to be "average" or better.
Should I lock or float my rate?
On a refinance transaction, if the savings you will achieve with the new lower rate will recapture the closing costs of the loan in a relatively short period of time, you should probably go ahead and lock your rate and close your loan. Trying to time the bottom of an interest rate cycle is tricky and each month you delay costs you in the form of carrying a higher interest rate on your old loan. If rates fall further, you can always refinance again.
On purchase transactions, in times of stable interest rates, most of our customers lock when they are within 30 days of closing. Locking for a period longer than 30 days increases the cost of the loan slightly but is sometimes a good idea if rates are volatile. If your closing is more than 30 days out, we recommend you compare rates and points on our website for 30, 45 and 60 day locks and make your decision accordingly.
What is the minimum down payment required on a purchase mortgage?
We offer loan programs with as little as 0% down (VA - 0% down; Conventional - 3% down). However, significant savings may be achieved with a down payment of 10%, 20% or 25% so we encourage you to run multiple loan scenarios on our website if you can afford a greater down payment.
Are there any special requirements for loans on condominiums?
For a loan on a condominium, it is necessary that the common areas of the project, or at least the phase that your unit is located in, are complete. In the event all common areas are not yet complete, your builder will have a program to finance your purchase. Their rates will probably not be as low as ours so keep your closing costs to a minimum and you can refinance through us once the common areas are complete. In addition, in most cases an HOA certification is required and must be completed by your HOA. The certification must meet all underwriting guidelines. There may be a fee assessed by your HOA, which we will collect from you to send directly to the HOA for completion of the certification.
When do you require flood insurance on a property?
Federal Law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by FEMA, the Federal Emergency Management Agency. This is to help to ensure that you will be protected from financial losses caused by flooding. We use a third party company who specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area. If it is, then flood insurance coverage will be required, since standard homeowner's insurance doesn't protect you against damages from flooding.
Do you provide financing for manufactured or mobile homes?
No, by offering financing only on traditional 1-4 family residential properties, we are able to be more efficient and offer the best possible pricing to our customers.
What should I do if I'm not sure about the annual real estate taxes?
If you're not sure about the annual real estate taxes for a property you are purchasing, estimate them at 1.25% of the purchase price. If you're not sure about the annual real estate taxes for a property you are refinancing, use your best estimate. Don't let this hold up your application. The appraiser and title company will provide us with the exact amount later.
What are some tips for completing the online application?
Our online application is very user friendly. You will not be asked for any account numbers and can estimate loan payment amounts, bank account balances, etc. The application is broken down into sections and you can track your progress through each section at the top of each screen. It should take less than 20 minutes to complete the application. Move through the application by using the back and next arrows at the bottom of each screen. Don't use the back and next button on your browser while you're completing the application. If you need additional help answering a question, click on the question mark at the end of the question for more information. If you don't have time to complete the application once you've started, we'll save the information you have completed. When you're ready to finish, return to the site and enter your User ID and password to continue.
Do you provide financing for lots or large tracts of land?
We do not currently offer land loans.
Can I close my loan in the name of an LLC?
Loans may not be closed in the name of an LLC. If the title of your home is vested in an LLC, the title must be changed prior to submitting a loan application.
Can I keep my existing second mortgage or home equity line and refinance my first mortgage?
Yes, but this does complicate the refinance transaction somewhat. The holder of your second mortgage or home equity line will have to sign what is known as a subordination agreement, subordinating their existing lien position to the new first mortgage. Generally, they will be willing to do so provided the amount of the new first mortgage is no more than the remaining balance of the existing first mortgage.
Your second mortgage lender will ask us to provide some documentation such as a copy of the mortgage note you'll be signing and the appraisal before they provide the subordination agreement. We won't be able to schedule your loan closing until we receive the subordination agreement.
When subordinating an existing second mortgage or home equity line, AimLoan recommends you take down a 45 day lock to avoid potential lock extension fees.
What should I use for my estimated closing date?
On a refinance transaction, estimate your closing date to be three weeks from the date you are applying.
On a purchase transaction, use the estimated closing date agreed to in your purchase contract.
On a pre-approval (do not have property located and/or signed contract with seller), use your best estimate as to when you will have located a property and allowed sufficient time to close (normally 30 days from signing contract).
Can AimLoan finance the purchase of a property through a short sale?
Yes, the only special requirement is that all lienholders approve the terms of the sale in writing before the rate is locked in.
What if I'm not sure about the property value, sales price or amount I want to borrow?
If you're not sure about exact amounts, please make an educated best guess. Websites such as Zillow.com and Eppraisal.com may be helpful. The appraisal (and sales contract, if purchase) will ultimately be used to determine the value of the property. Prior to drawing your loan documents, your processor will send you an estimated closing statement and you will have an opportunity to adjust your loan amount as you deem appropriate.
Am I able to refinance a property that was recently listed for sale?
For a No Cash Out refinance, the only requirement is that the home is not listed for sale at the time of loan application. For a Cash Out refinance, if the home was listed for sale in the past six months the maximum loan to value allowed is 70% of the appraised value.
What is a Guaranteed Lender Fee?
Our pricing model is different than other lenders in that our profit is primarily built into one flat lender fee, allowing us to offer lower rates and points. We can then pass on the pricing we receive in the secondary market directly to our borrowers. Most lenders add points to the pricing they receive in the secondary market and offer the "marked up" pricing to the borrower.
In comparing lenders, we suggest you compare total lender points and fees for the same interest rate. If you compare our total points and fees to the total points and fees charged by another lender for the same rate, we are confident our total costs will be much lower for any given interest rate.
What is a rebate?
A rebate is a credit to the borrower by the lender for taking an interest rate higher than the zero point rate. The lender hopes to recapture the amount paid by collecting a higher interest rate over the life of the loan. Rebates may be used to offset any non-recurring closing costs, including the guaranteed lender fee, appraisal, closing agent, title insurance, recording and/or transfer taxes. Rebates may not be used to offset prepaid expenses, such as prepaid interest, initial escrow/impound account deposit or homeowner's insurance premium.
What if I don't know the account number, monthly payment or remaining balance of my current mortgage?
If you do not know the account number of your current mortgage, leave this field blank as it is not a required field.
If you do not know the exact monthly payment or remaining balance of your current mortgage, make your best estimate.
Your loan processor will obtain accurate information as part of the loan process and make any necessary adjustments for you.
What do I do if I can't retrieve or print out the electronic disclosures, or have some other problem with them?
If you have any problem whatsoever with our electronic disclosures, just call our website help desk at 888-411-4246. Our technical assistants will assist you in viewing the disclosures online or mail them to you at no cost to you.
What is the maximum debt-to-income ratio allowed?
Maximum debt-to-income ratios are determined by an automated underwriting system that takes many factors into consideration, including your credit score, loan-to-value ratio and cash reserves.
On jumbo loans, the maximum debt to income ratio is 35% to 43% depending on the loan program.
What is your minimum credit score requirement?
Our system is designed to deliver the very best rates and fees available to qualified borrowers. Our loans are underwritten by an automated underwriting system and, in most cases, FICO scores below 620 will not be approved by our system.
Why are you requesting the name of my real estate agent?
On a purchase transaction, one of the first things we'll do after your loan is approved is to contact your real estate agent to discuss the items required for closing that the agent or seller is responsible for. Though there is some variance across the country, generally the agent is involved in ordering the title policy and scheduling the appraiser's inspection of the home. We'll make sure that everything necessary has been taken care of so that your closing happens as efficiently as possible.
I'm selling my current home to purchase this home. What type of documentation will be required?
We'll require a copy of the settlement statement on the sale of your current residence to verify that you’ve received sufficient funds for our closing. If the closing of your current home is scheduled for the same day as the closing of your new home, we'll ask the closing agent on that transaction to provide an estimated settlement statement.
What will be required if I withdraw money from a 401(K) account for my down payment?
If you'll be withdrawing funds from a 401(K) or retirement account to fund your down payment, we'll ask you to provide evidence that you have the funds available by providing a recent statement. If repayment is required, we'll consider that monthly payment as well when calculating your debt-to-income ratios.