First Meridian Mortgage Corporation

First Meridian Mortgage Corporation

Virginia

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About First Meridian Mortgage Corporation

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Founded in 1996, First Meridian Mortgage Corporation (NMLS# 180004) is a small, veteran-owned, online mortgage broker that serves homebuyers and homeowners in Virginia, Maryland and Washington, D.C. One of its programs is the “No Closing Cost Refinance Program,” which allows borrowers a competitive interest rate without closing costs.

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    Pros

    • 100% online application
    • Pre-qualification and preapproval

    Cons

    • Only available in certain areas
    • No USDA loans

    Bottom Line

    First Meridian Mortgage is an online broker that offers conventional and government-backed purchase loans, as well as refinance and HELOC options. The company makes special accommodations for military-connected individuals permanently changing stations.

    Rates

    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.

    Application process

    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.”

    Loan types

    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.

    Requirements

    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

    Min. credit scoreMin. down paymentCompare with other lenders
    ConventionalTypically 620Typically 3%Mortgage lenders
    FHA5003.5% with 580 credit scoreFHA lenders
    VASet by lender (often 580)0%VA lenders

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

    Cost and fees

    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.

    FAQ

    What is First Meridian Mortgage Corporation?

    First Meridian Mortgage Corporation is a veteran-owned, small online broker that offers conventional and government-backed loans in Maryland, Virginia and Washington, D.C.

    Is First Meridian Mortgage Corporation legit?

    First Meridian Mortgage Corporation is a legitimate company that assists with homebuying and home loan refinancing. It has been in business since 1996.

    Where is First Meridian Mortgage Corporation available?

    First Meridian Mortgage is available in Maryland, Virginia and Washington, D.C. It is based in Alexandria, Virginia.

    First Meridian Mortgage Corporation Reviews

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    Page 1 Reviews 0 - 10
    Rated with 5 stars
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    Verified Reviewer
    Original review: Feb. 2, 2021

    First time home buyer 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.

    With Kevin and Elizabeth the entire process went smoothly. They are beyond knowledgeable and took the guesswork out of the equation completely. Kevin considered my personal circumstances and negotiated an impressively low rate. I especially appreciated their responsiveness and the saintly level of patience they had with my many questions and concerns. I was impressed throughout the process, but when they continued to follow up after the deal was closed- I was floored. Their professionalism, honesty, concern for customers, and efficiency is beyond reproach. If you’re looking to buy a home and want excellence from start to finish, I recommend Kevin and his team.

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    Rated with 5 stars
    Original review: Aug. 8, 2016

    Kevin ** and his team at First Meridian Mortgage Corporation are tops. We had initially spoken with numerous lenders and though we had settled in with USAA for our pre-approval, our realtor asked that we take a moment to discuss our intentions with Kevin. Kevin immediately identified shortfalls of the pre-approval process that we had placed our full confidence in. Kevin demonstrated a depth of knowledge that other lenders failed to, an ability to see solutions where others saw hurdles, and a committed professional investment in the process.

    As importantly, he and his team worked our application with determination, candor, and plain English transparency. Kevin never ceased advocating for our application. Without Kevin ** and First Meridian Mortgage Corporation, we would not have found ourselves buying and selling, contingency free, on-schedule, with full confidence in our approval and under the most favorable loan conditions. Applying for a mortgage loan is one of the largest financial decisions we make. Get it done and done right - with Kevin **.

    2 people found this review helpful

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      Rated with 5 stars
      Verified Reviewer
      Original review: Nov. 30, 2014

      There are (at least) 2 companies called First Meridian Mortgage Corporation. Please be sure to indicate which company (and location) you are referring to in your reviews! The one in Alexandria Virginia owned and run by Kevin Retcher has been great (http://www.firstmeridianmortgage.com). The bad reviews all seem to be about the one in Florida that has no relation to the one in Virginia.

      I've used First Meridian Mortgage Corporation in Virginia to refinance more than 6 times since I purchased my first home in the 1990s. Kevin (the owner) has been knowledgeable and helpful on all fronts. I shopped around for a while, but I never refinanced anywhere else, in large part because Kevin provides both a good price and has proven trustworthy. FWIW, I have a number of professional colleagues (with PhD's in Economics) who have used First Meridian in Virginia, as well. I currently have my auto and homeowners insurance through the company, as well.

      10 people found this review helpful

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        First Meridian Mortgage Corporation Company Information

        Company Name:
        First Meridian Mortgage Corporation
        Website:
        www.firstmeridianmortgage.com