bank rates

AimLoan.com 4.375% 30-Year Mortgage


This is the lowest interest rate we could find in the big databases at Bankrate.com and Interest.com.

With a loan this cheap you’d only pay $500 a month in principal and interest for every $100,000 borrowed. (This mortgage calculator will allow you to determine the monthly payments for any home loan.)

To obtain a 4.375%, 30-year, fixed-rate mortgage from AimLoan.com aimloanlogo_w_homeyou’ve got to pay $1,995 in fees and 1.673 discount points (which is prepaid interest, with each point equaling 1% of the amount you’re borrowing).

But that’s pretty reasonable. To get the best rates you often have to pay twice that much in fees, and a mortgage with no points costs at least 4.875% in most markets.

The AimLoan.com offer is available in 40 of the 50 states and we couldn’t find local or national lenders with comparable offers in any of the markets we looked at.

The fine print: The rates we checked are for borrowers with credit scores of at least 700 and who need conforming loans, which means they’re for less than $417,000. For scores from 680 to 699 you’ll usually pay higher fees, up to 1% of the loan value, or a higher rate.

Deals like this are long gone. Yet some banks and credit unions "High-Yield" accounts keep promoting “High-Yield” accounts that are paying practically nothing. Our Worst Rate of the Week singles out some of the offenders and asks them to stop. It’s on Bankaholic’s Personal Finance Blog, which you can always reach by clicking on the “finance” tab at the top of this page.

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Comments (3)
1 Star2 Stars3 Stars4 Stars5 Stars (7 votes, average: 3.29 out of 5)
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3 Existing Comments
  1. mflav said:
    on October 15th at 08:17 pm

    We applied for a mortgage refinance with AimLoan. Their web site application process was smooth and thorough. However, the processing was quite unsatisfactory. They were constantly requesting additional information, information that should have been asked for in the initial application process. They did this every few days, asking for an item or two at a time which we promptly supplied. Then they informed us that the rate lock was about to expire and we would have to pay a rate lock extension. At that point we switched to another lendor and didn’t experience any of these problems. We would recommend looking elsewhere.

  2. tim smith said:
    on April 11th at 01:21 pm

    AimLoan.com is using the same APR for 4.50%, 4.625, 4.75 and 4.875% of 4.981% for 30 year fixed rates with no points and only $1995 in fees over the past 4 months in their print advertising. Check out the sunday papers in Dallas, Minneaplois, Chicago, Seattle, San Jose, Pittsburgh, Houston and others over the past 4 months.Very fishy to say the least. The BBB.com has a “revoked” for their status with an unpaid bill and lots of consumer complaints. Problems……

  3. Geoff said:
    on April 14th at 08:28 pm

    I’m glad there are people like you both so I can go through getting money lended from them easily and with no problems. I felt like we got first class service and no hiccups, closing earlier than I thought possible. I have to admit because of people like the other commenters, I was a bit weary but then I realized if you know what you are doing, willing to do what it takes, you can get an awesome rate. Thanks to aimloan.lom.