Aimloan.com or Amerisave or eloan

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Hi there,

I am juggling between these three to get interest quote on a new house purchase,

I never had own a home and now in the market searching for a better deal (of course with fw spirit).. my agent tells me better to choose local bank so it will be easy to coordinate , but I don't believe on that.. could you suggest which one to go for better interest rates.. my credit between 720 to 750 .. and I am planning 20% down payment

at this moment could you guide me any other tips and suggestions for below please:

1. Should the first preference be foreclosures or short sales when searching for better deal
2. Tips on giving an offer (I had two agents so far tells me I have to fill up lot of paper work while giving an offer to seller)
3. Could you shed light on conventional loan, fixed and what the points about .. any basic information site would be really helpful

I know these are all basic basic questions to some of you before you bash me... but I had to ask ..sorry

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Amerisave posts their rates online, and they are very accurate. Also Provident posts their rates online, and are very accurate. I have refinanced with both of these banks, and others. There is not clear answer for which has better rates. This changes on a daily basis, and also depends on the product you're looking for.

Looking at foreclosures is a good idea, but you may not find anything that suits you.
Yes, you need to fill out a lot of paperwork to put in an offer. Seeing that this is your first home purchase, I would get a full service realtor to guide you through the process.
There is a lot that could be said about the various types of loans out there, but with interest rates where they are today, I would only recommend a fixed rate conventional loan. Also, I would not pay points, but instead take a slightly higher (1/4 point) rate to have all your closing costs paid for.

Why those three lenders in particular? If you're interested in the best rates, look online at bankrate.com and/or get quotes on lenders' websites. When comparing mortgage rates, look at the APR, which takes fees into account (explanation).

Keep in mind that with discount mortgage brokers, you get what you pay for. Be very prompt when responding to their requests and stay on top of them throughout the process. You would get better service with a local bank, but I'd rather put in the effort for better rate from somewhere else.

thank you for all your replies..

I am not particular in only these three, but after read through all posts I assumed these three are good to start with.. but I will be definitely following others like bankrate.com .. couple of q here.

1. Does it have any impact on my credit history if I get more quotes like diff lenders?? so I will be selective asking quotes from
2. what is 30 day lock period.. lets says if rates goes to within 30days then I can the lowest?
3. after I got quote, how long its going to be valid, in case I don't find a house imm but takes 6 more months in searching
4. what are these points about and how can i avoid these

Thanks all

Please contact Amerisave Customer Service 866-970-7283, we will appoint you to one of our Sr. Mortgage Processor to assist you with all of your questions. Thank you for your at interest in Amerisave have a great day.

froster said:   thank you for all your replies..

I am not particular in only these three, but after read through all posts I assumed these three are good to start with.. but I will be definitely following others like bankrate.com .. couple of q here.

1. Does it have any impact on my credit history if I get more quotes like diff lenders?? so I will be selective asking quotes from
It will impact your credit history when they run a credit check when you apply.

2. what is 30 day lock period.. lets says if rates goes to within 30days then I can the lowest?
It means the rate is locked for 30 days and does not change.

3. after I got quote, how long its going to be valid, in case I don't find a house imm but takes 6 more months in searching
The rate quote changes everyday. Once you find a lender you want to go with lock the rate you like.

4. what are these points about and how can i avoid these
Points are usually paid to lower interest rates. Eg. 1 point means you have to pay 1% of your loan amount upfront.

Thanks all

FWIW, I tried going with Amerisave and they weren't very easy to work with. The broker I talked to was kind of a jack ass. I think I documented my experience in the mortgage thread. I have used Aimloan.com twice and had a great experience. I recommend them.

isobro said:   FWIW, I tried going with Amerisave and they weren't very easy to work with. The broker I talked to was kind of a jack ass. I think I documented my experience in the mortgage thread. I have used Aimloan.com twice and had a great experience. I recommend them.

I personally had a different experience with Amerisave. I looked at aimloan.com for awhile and ended up deciding to go with Amerisave (because of a slightly better rate than aimloan) after an absolutely horrible experience I had with a broker I got off Zillow that had exemplary reviews. With Amerisave from start to close the process took less than 14 days (actual days, not business days). I got a kick ass rate at no closing costs and couldn't be happier. Their on-line system does require you to be on it a little more than say a broker who should hold your hand throughout the entire process but as someone who has refi'ed a lot knew what to watch out for. The one thing I will say is that I've never had to provide as much documentation for any loan as I did with Amerisave. It was almost to the point of being ridiculous but once done they never came back to me and asked for anything else, unlike others have.

I have since sent about 8 co-workers/family members to them and they've all had great experiences. I don't know if aimloan or eloan would be better or worse and if you search the web you will find horror stories I'm sure on all of them but given their volume it's not a big surprise. I've also heard provident is good as well from some people but haven't personally used them.

The one thing I can say about Amerisave is that they seem to offer better rates for those with higher credit scores while aimloan seems to cap it out at 740. As someone with a credit score of around 800 I saw a notably better rate on Amerisave with that than when I plugged in 740, or even 760. Make sure you use your credit score when getting the rates as it seems to matter more with Amerisave than with aimloan (and possibly other lenders).

Also, I HATE paying points or closing costs. My loan 8 years ago was at 8% and it's now at 3.125%. If i had paid points think of all the $ I'd have wasted going through probably 10 refi's. My personal suggestion is to take a slightly higher rate and have them offer you a credit to offset the closing costs. For example instead of taking a 3.5% at 0 pts with 3,000 in closing costs take a 3.75% at -.75pts which brings your closing costs to $0 (obviously these rates and amounts are examples and not the real thing but they should show what I mean). It's an easy way to put less in to a loan up front, and while you will pay more in your monthly payment most people don't stay in their house long enough, or keep the same mortgage long enough for it to hurt them. Heck, last time I refi'd my closing credit was enough to cover all my closing costs, prepaid interest, and even my yearly insurance bill. Just make sure they don't bump up the loan value to cover these things but rather offer you a credit

LivninSC said:   Heck, last time I refi'd my closing credit was enough to cover all my closing costs, prepaid interest, and even my yearly insurance bill. Just make sure they don't bump up the loan value to cover these things but rather offer you a credit This is exactly what I'm doing right now! Rates are truly great right now.

I think Penfed FTW

My experience with AIMloans is that they have a low rate + points, but they have a very high origination fee of $1900. That was deal breaker for me. I would of qualified for a 30 year fixed at 3.875 with no points, but had to pay for that origination fee at aim loans. My scenario is a 10% down, 790+ credit score, condo and primary residence. Once of my prerequisites was to also pay for PMI upfront as oppose to paying it monthly. Aim loans needed about 1.25 to 1.75 points for me to do something like that and they were unsure how much that would of been because they had to shop around.

So at the end i went to a local lender and got 4% 30 year fixed with 1.125 points and no MI with 10% down. They knew i had options so they did their best to beat what i had on the table. I got per-qualified at four lenders and who knows how many time each of them did a hard inquire. My credit score went down about 5 points in the 21 day period.

what makes your and my scenario similar is that it is better to pay points to bring down a rate then to pay a high origination fee. Points that are directly related to your mortgage rate is tax deductible.

Aimloan gives me the lowest rate/apr; therefore, I'm going with them.

First time buyer, single family, credit score >760. Looks like 15 yr mortage rate is 2.875/3.164 APR



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