On a purchase transaction, the closing will take place at the office of a settlement agent, attorney or title company in your area. On a refinace transaction, a mobile notary will be sent to the location of your choice.

During the closing you will be reviewing and signing several loan documents. The closing agent, attorney or notary conducting the closing should be able to answer any questions you have or you can feel free to contact your Loan Processor if you prefer.

Just to make sure there are no surprises at closing, your Loan Processor will contact you before closing to review your final fees, loan amount, first payment date, etc.

The most important documents you will be signing at the closing include:

HUD-1 Settlement Statement: This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the settlement statement will also include a listing of any fees related to the transaction between you and the seller. If your loan is a refinance, the settlement statement will show the payoff amounts of any mortgages that will be paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Good Faith Estimate that will be provided in your disclosure package. This document is also commonly known as the closing statement.

Truth-in-Lending Statement (TIL): This document provides full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees.

Note: This is the document you sign to agree to repay your mortgage. The note will provide you with all of the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.

Mortgage or Deed of Trust: This document pledges a property to the lender as security for repayment of a debt. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower.

If your loan is a refinance of your primary residence, Federal Law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won't be disbursed until three business days have passed. The closing agent will provide more details at the closing.

The Internet, fax machines and overnight mail services have eliminated the need for proximity to process and close a loan.

On a purchase transaction, we work with the closing agent or attorney you and the seller have selected. On a refinance transaction, we utilize a professional signing service to bring the loan documents to your home or business for signing. We wire transfer your loan funds to your closing agent or attorney prior to closing so that they'll have plenty of time to prepare for your closing.

By law, you have the right to select your own provider for these services. Certain providers used regularly by us on refinance transactions have agreed to a guaranteed fee schedule, as shown on our website. If you wish to use a different provider and agree to pay the fee charged by them, please advise your Loan Processor and we will be happy to work with them.

If you won't be able to attend the loan closing, contact your Loan Processor to discuss other options. If someone you trust is able to attend on your behalf, you can execute a Power of Attorney so that this person can sign documents on your behalf. In other cases, we're able to mail you the documents in advance so that you can sign them and forward them to the closing agent. We're sure to have a solution that will work in your circumstances.

Loans may not be closed in the name of a Trust. The settlement agent or attorney will prepare a grant deed removing the property from the trust prior to recording your new loan.

Loans may not be closed in the name of an LLC. If the title of your home is vested in an LLC, the title must be changed prior to submitting a loan application.

On a purchase transaction or a refinance of a second home or rental property, we can typically close within three days (one day to review the docs, one day to fund the loan, and one day for the loan to record). On a refinance of a primary residence, there is also a three-day rescission period that must pass before your loan can fund.

The settlement agent or attorney will issue a check and mail it to you. You can also arrange for the settlement agent or attorney to wire the proceeds directly into your bank account.

We always recommend that you make your payment to avoid any late charges.

AimLoan.com is a direct lender, also known as a mortgage banker. As such, we make loans with our own funds and close the loans in our name. After the loan is closed, it is sold to a secondary market investor, freeing up the funds for additional lending. Loans sold into the secondary market may be sold “servicing-retained” or “servicing-released” referring to whether the rights to service the mortgage are retained by us or released to the secondary market investor at the time of sale. Our decision to retain or release the servicing rights depends on a number of factors, the most important being which method allows us to offer the lowest rates and points to our customers.

You will be notified at the time you sign your loan documents regarding the servicing of your loan and be given instructions on where to make your mortgage payment. We sell loans servicing-released to only the largest mortgage investors in the country and are confident that your loan will be properly serviced whether we sell it servicing-retained or servicing-released.

All of our servicers allow you to set up a direct debit to make your monthly payment. Upon receiving notification regarding the servicer for your loan, contact the toll-free number provided to set up your direct debit.

If AimLoan.com has retained the servicing on your loan, simply contact our Loan Servicing Department at 800-701-4397 and ask for an authorization form for automatic payment (ACH payment).

Most of our servicers allow you to set up bi-weekly payments. However, you should seriously weigh the merits of this program before setting it up. A bi-weekly payment program pays off the mortgage early by making 13 payments each year (52 weeks in a year divided by 2 equals 26 half-payments or 13 full payments). By simply paying an extra 1/12 of a payment each month, you will pay your mortgage off faster and avoid any administration fees associated with the biweekly payment program.