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When buying or refinancing a home, finding the best mortgage lender to meet your needs can be a challenge, but it’s well worth the time and effort you put in.
According to a study by the Consumer Financial Protection Bureau, mortgage interest rates can vary by half a percentage point (0.50%) or more between two similar borrower profiles. On a large loan like a mortgage, even a small difference in the interest rate can save you thousands of dollars over the life of the loan.
NextAdvisor has developed a robust methodology to determine the best mortgage lenders in the country and to help borrowers know what to look for when shopping.
NextAdvisor’s rating criteria are based on factors such as pricing transparency, online convenience, accessibility to most borrowers, product mix, and customer satisfaction history.
We’ve put two popular mortgage lenders, Rocket Mortgage and AimLoan, side by side so you can see how they compare.
Rocket Mortgage and AimLoan are non-bank lenders that conduct most of their business online in all 50 states. But they differ in a few areas, such as the types of loans they offer, online pricing transparency, and customer satisfaction.
Here’s more on how the two companies compare.
Editorial independence
As with all of our reviews of mortgage lenders, our analysis is not influenced by any partnership or advertising relationship. For more information on our scoring methodology, Click here.
Mortgage Lender Comparison: Overview of Rocket Mortgage vs. AimLoan
Rocket Mortgage, Quicken Loans’ online mortgage lender, is one of the largest mortgage lenders in the United States. The Detroit-based company is named one of NextAdvisor’s Top 10 Mortgage Lenders due to the company’s large national footprint, simple online application process, low number of consumer complaints, transparent pricing and fees, and the company’s extensive offering of mortgage products. However, Rocket Mortgage does not offer ARM loans.
AimLoan is a solid option depending on the type of loan you are looking for. The company offers fast closings, accessible information on rates and fees, and guarantees certain closing costs at the time of the request. However, AimLoan does not offer certain government guaranteed loans such as FHA loans.
A major distinction between the two lenders is the history of customer satisfaction. Using the Consumer Financial Protection Bureau (CFPB) Complaint Database, we found that Rocket Mortgage had one of the lowest complaint rates among the lenders we reviewed. AimLoan’s complaint score, however, was slightly above average. (All complaint ratios are calculated using the total number of CFPB complaints in 2020 divided by the total loans issued in the same year).
Here is an overview between Rocket Mortgage and AimLoan:
| Side by side | rocket mortgage | GoalReady |
|---|---|---|
| Available States | All 50 States | All 50 States |
| Price transparency | 5/5 | 5/5 |
| Online amenities | 4/5 | 5/5 |
| Variety of loan products | 4/5 | 2/5 |
| Client satisfaction | 5/5 | 3/5 |
| Minimum credit score | 580 – 620 depending on the type of loan | 620 for conventional; 720 for jumbo |
| Minimum deposit | 0% to 3.5% | 5% |
| Closing schedule | 45 days | 30 – 45 days |
| In-person branches | 13 | 2 |
Rocket Mortgage vs. AimLoan: Products Offered
Loan programs each have their own unique set of benefits and benefits. Choosing the right program could not only mean the difference between being approved or denied, but it could also save you hundreds or even thousands of dollars in the long run.
For example, conventional loans can work for borrowers with decent credit and enough documented income and assets. On the other hand, those with less savings for a down payment but have a military affiliation might qualify for a 0% down payment VA loan backed by the Department of Veterans Affairs. Additionally, first-time home buyers looking for financial assistance programs will want to work with a lender that offers this type of assistance.
When it comes to Rocket Mortgage and AimLoan product offerings, they are different. AimLoan does not offer FHA loans, a low down payment loan program supported by the Federal Housing Administration (FHA). Rocket Mortgage does not offer ARM loans which are gaining popularity with the current environment of rising mortgage rates. Both lenders do not offer home equity loans or HELOCs.
Rocket Mortgage vs. AimLoan: Rates and Fees
It can be difficult to really know which mortgage lender is offering the best deal. Indeed, each mortgage lender offers variable interest rates and associated fees. A lender may offer a low mortgage interest rate, but it includes higher upfront closing costs. A second lender may offer what appears to be a higher interest rate, but charge less closing and lender fees. Understanding all of the fees associated with each loan can help borrowers make an informed decision.
Using a mortgage calculator can be helpful in determining what combination of interest rates and fees will get you the best deal over the long term.
Here is a breakdown of fees for AimLoan and Rocket Mortgage:
| rocket mortgage | GoalReady | |
|---|---|---|
| Do advertised fares include discount points? | Yes | Yes |
| Assessment fees | $400 to $600 | $478 |
| Credit application fees | $50 | $55 |
| Tax service charge | $48 | $64 |
| Flood Certification Fee | $8 | $5 |
| Processing fee | $900 | Nothing |
| Subscription fees | $375 | Nothing |
| Title insurance | $550 | $450 |
| Application/Original Fee | Nothing | $995 |
| Penalty for prepayment | Nope | Nope |
| Discount points | Yes | Yes |
| Incentives for borrowers | Nope | Nope |
| Credits from the lender | Yes | Yes |
| Rate lock | 45 days | 30 days |
Rocket Mortgage vs AimLoan: Transparency and Online Convenience:
Finding lenders who are upfront, transparent, and make pricing available online can make the loan search process much easier. That’s why pricing transparency and accessibility is one of the top five rating criteria for determining the best online mortgage lender.
Some lenders, like Rocket Mortgage, offer a high level of transparency by providing quotes online. Although detailed information on fees and options for discount points or credits from lenders requires a phone call with one of their representatives.
AimLoan, however, takes it a step further by allowing borrowers to view multiple combinations of rates and discount points entirely online.
| rocket mortgage | GoalReady | |
|---|---|---|
| Fast online pre-approval? | Nope | Yes |
| Rates available online? | Yes | Yes |
| Prices available online? | Nope | Yes |
| Credit check needed for a quote? | Nope | Nope |
| Easy online application? | Yes | Yes |
| Phone call with loan officer needed before getting a quote? | Yes | Nope |
| Application to Closing All Online? | Yes | Yes |
| Document download available? | Yes | Yes |
| Website/application process experience | Smooth and seamless | Smooth and seamless |
| Online tools/calculators available | Yes | Yes |
Rocket Mortgage or AimLoan: who is better to refinance with?
Refinancing your mortgage can provide you with a number of different benefits. It can help you lower your monthly mortgage payment, pay off your home faster, or have cash in your pocket by taking advantage of the equity in your home.
With conventional refinancing, you have the option of doing either rate and term refinancing or cash-in refinancing. With a rate and term refinance, you can pay off your current mortgage with a new loan that has a different interest rate or loan term. The combination of the new loan term and the interest rate determines the amount of monthly savings you can expect to see. On the other hand, a cash refinance can allow you to tap into the equity in your home to get cash for things like home renovations or debt consolidation.
Both companies offer similar refi products. But, since AimLoan doesn’t have FHA loans, FHA streamlined refinance isn’t available either.
How to Shop for a Mortgage Lender
If you’re in the market for a home, it’s a good idea to be pre-qualified or pre-approved to help you determine the price of the home you can afford. While both are useful, there are a few important differences to note. One of them is the fact that a prequalification generally does not involve the verification of documents on your part as the borrower. So if you are considering bidding on homes you may want to consider pre-approval as this will give your offer more weight since sellers will know that a lender has at least checked your income, credit and your assets.
You will have a wide variety of options when it comes to choosing a lender. To find the best deal, be sure to check with at least a few different companies. This can include credit unions, banks, and mortgage brokers. You’ll also want to get a written loan estimate to avoid being surprised by unexpected charges during the loan process. Since fees can vary depending on the characteristics of your loan, you can simplify the comparison process if you provide each lender with the same information, such as loan amount, purchase price, location of property, property type and down payment amount.
When comparing prices between different lenders, also keep in mind that some may charge discount points or charge higher closing costs in exchange for a lower rate. The lower interest rate may seem like a bargain initially, but the extra closing costs could mean you’ll pay more in the long run. Don’t rule out lenders who charge higher interest rates.
To determine the best deal, compare lender offers here using this home loan comparison tool. You can enter the loan amount, rate, fees and term for each offer and see a real side-by-side comparison of your potential monthly mortgage payment and the evolution of closing costs, lender fees and rates interest over time with each loan offer.
