Anyone used AimLoan or Watermark Financial to Refinance?

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MickMal
Posts: 35
Joined: Wed Mar 13, 2019 12:52 pm

Anyone used AimLoan or Watermark Financial to Refinance?

Post by MickMal » Tue Aug 06, 2019 12:22 pm

I live in California and have a 30 year fixed mortgage at 3.50% (Wells Fargo) and considering refinancing to a 15 year fixed. I shopped all of the big banks who offered rates above 3.00% on the 15 year and found AimLoan and Watermark Home Loans who are offering rates as low as 2.50% (with points) on the 15 year. My wife and I are planning to remain in the house long term so refinancing is appealing.

May I please ask if any fellow Bogleheads have done business with either company and if so, feedback would be appreciated.

abyan
Posts: 543
Joined: Mon Jun 23, 2014 8:51 pm

Re: Anyone used AimLoan or Watermark Financial to Refinance?

Post by abyan » Tue Aug 06, 2019 12:30 pm

I was literally JUST looking at Aimloan a few minutes ago for a refi as well. Total costs are around $2300. Very tempting, but was wondering what folks thought of them too. So am interested in the responses.

poker27
Posts: 788
Joined: Mon Apr 01, 2013 2:48 pm

Re: Anyone used AimLoan or Watermark Financial to Refinance?

Post by poker27 » Tue Aug 06, 2019 12:57 pm

I used AIMLOAN a few years back to refinance down to a 15year. Similar to you, I was hesitant, as my last mortgage broker was 'local'. They had the best rate, so I decided to move forward with them.

The process was fine, everything was delivered to them via an upload site, and they answered questions in a timely manner. They did not sell my mortgage, so I continue to use them for servicing, and no issues.

So all in I was happy.

Now, probably not against Aim loan, but suspicious timing. Perhaps 30 days after I refinanced, I found out my identity was stolen. I recall signing documents at a Starbucks with my SS # on it,thinking about the chances of this getting in the wrong hands. Certainly cant blame AIMLOAN, but found it odd.

otinkyad
Posts: 205
Joined: Wed Jun 01, 2016 5:35 pm

Re: Anyone used AimLoan or Watermark Financial to Refinance?

Post by otinkyad » Tue Aug 06, 2019 2:45 pm

I’ve used AimLoan and American Interbanc. Everything went smoothly. Just be prepared to supply the documents in a timely fashion. There’s less hand-holding and more time pressure than with a local broker. Well worth the good rates, IMHO.

They both wanted me to email documents years ago, and I insisted on sending them password protected PDFs. (Password protected ZIPs would work, too, but are less widely supported.) For the latest round, American Interbanc finally had a portal to upload documents to.

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