First Meridian Mortgage Corporation

Without giving your personal information, you can check First Meridian’s live rates on its site, which is a good starting point to compare its rates with mortgage rates of its competitors. This live rate calculator is still only an estimate of the type of rate you can receive. You will need to input your full financial details and have your credit report checked in order to receive an accurate rate.

Adjustable-rate mortgages (ARMs) can offer you rate flexibility and a lower initial rate depending on the lender. First Meridian offers ARMs between one and 10 years. The first number on an ARM indicates how many years your mortgage rate is fixed. The second number indicates how frequently your mortgage rate changes after the fixed-rate period expires. For example, if you have a 10/1 ARM, your rate is fixed for 10 years and will adjust every year after that for the duration of the loan.

First Meridian uses a completely digital application process through a system called Blink. You can apply for pre-qualification and preapproval and complete your loan application from start to finish through the Blink software.

You can create a mini-application if you do not wish to complete the application online, which allows you to start the application online with basic information and then complete the mortgage process with a First Meridian Mortgage loan officer.

Treva, a ConsumerAffairs reviewer from Sterling, Virginia, had this to say about their experience with First Meridian Mortgage: “First-time homebuyer here and based on stories from my friends/family I was a bit nervous about the entire process — mainly how to navigate the various VA home loan steps. I looked into a few places, but ultimately chose to go with First Meridian because Kevin is also a veteran and figured he’d know the VA process. I wasn’t let down at all.”

First Meridian Mortgage Corporation offers buyers the following types of loans:

• Conventional: This type of mortgage loan can come in many different terms, including 15-, 20- and 30-year terms with fixed rates or adjustable rates.
• Government-backed loans: These loans have lower credit score requirements and require 0% to 3.5% down, depending on the type of loan. First Meridian can also connect borrowers to 203(k) loans, in which you get funds for both the purchase and rehabilitation of a home.
• Noncomforming loans: These loans do not meet standards set by Freddie Mac or Fannie Mae. They include jumbo loans, which are loans with high borrowing amounts.
• Construction loans: These loans include lot loans, construction-to-permanent loans and subdivision loans up to $3 million.

Refinancing

First Meridian Mortgage offers a zero closing cost refinance program, which can save you money compared with other lenders. When you’re comparing refinance lenders, it is important to compare both annual percentage rate (APR) and closing costs, rather than choosing the lender with the lowest rate. First Meridian Mortgage offers refinancing with a cash-out option, so you can use the extra funds for debt consolidation, home renovations or another purpose.

HELOC and home equity loans

Home equity lines of credit (HELOCs) offer some benefits over a traditional cash-out refinance. HELOCs are a second loan taken out on your home that act more like a credit card because they allow you to have a revolving line of credit. Plus, you only pay interest on the amount you use. For example, if you are approved for a HELOC worth $120,000 but choose to use $60,000 of it, you will pay interest on the $60,000 borrowed. First Meridian also helps homeowners find home equity loans, another type of second mortgage.

The first thing you need to do before scheduling home tours is to get your finances in order. Figure out how much home you can afford, so you don’t waste time seeing homes out of your budget. You should also work on boosting your credit score and paying down as much debt as possible before starting the application process. Lenders will look at your credit and debt-to-income ratios, so having those in a good place will help you get the best interest rates.

National mortgage requirements by type

For information about USDA loans, read our guide on USDA lenders.

Closing costs will vary for each lender. Closing costs range from 3% to 6% of your home’s purchase price.

Both cash-out and rate-and-term refinances usually come with closing costs because you are essentially taking out a new loan on your home. However, First Meridian Mortgage does offer a zero closing cost refinance program. Avoiding closing costs can save you a significant amount of money, depending on your fees and the home’s value.