In May, 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.
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