aimloan.com Floating down rate conditions not disclosed on signed documents but only on website FAQ san diego, California
Aimloan.com advertize that they are 'Floating down' your interest rate that you lock, however I have been denied this priviledge.
- the reason is that apparently on one of their FAQ on their website, it is stipulated that the rate must go down 0.25% of more, and so 0.125% does not qualify.
- this rule does not appears on the papers, application, and lock docments I signed and I did not read the website (nor was instructed to do so)
I feel mislead and even the effect is about $20 a month, it adds up over the years.
In addition, their approval process takes forever and exceeded the contingency close on my contract with seller, leaving myself in a risky situation wrt my deposit.
The Float down can only be granted once the full loan approval is received, but because it was received at the last minute, it really floats for 1 day ... the day they choose to :) which overall makes it very convenient for Aimloan.com to not pass onto the customer the possibility of a lower rate lock during the entire loan process.
Like I told them, plenty of lenders out there, and the competition will get my business next time...