First Meridian Mortgage Corporation

First Meridian Mortgage was founded in 1996. The veteran-owned business serves customers in Virginia, Maryland and D.C., and, according to its website, it’s competitive due to its low overhead costs. It offers free quotes and advice on its website and partners with between 30 and 40 banks and mortgage providers. First Meridian offers several loan products, including mortgage refinancing options — its most popular program is its No Closing Cost Refinancing.

First Meridian Mortgage sells a variety of loan products for homebuyers. The company caters to first-time homeowners and those looking for investment properties, home improvements or a second home. Mortgage options from First Meridian include:

• Conventional: These loans aren’t the result of any particular government programs. The two types of conventional loans are conforming and non-conforming — conforming loans must adhere to Fannie Mae or Freddie Mac rules and regulations, but there are no pricing, eligibility or feature standards for non-conforming loans.
• Government home loans: These are backed by government agencies and include FHA and VA loans.
• Home equity loans: These use the value of your home as collateral to help secure the loan — equity is the difference between the house’s market value and the amount left on the mortgage.
• Home improvement loans: This type of loan requires that you take out a line of credit on your home or refinance your mortgage. This can be used to improve your home both inside and outside.
• Refinancing with no closing costs: Also known as zero-cost refinancing, this option greatly reduces your upfront closing costs by adding them to the mortgage’s overall cost.
• Adjustable-rate to fixed-rate mortgage: This refinancing option gives you a more stable payment for living in your home for an extended period.
• Debt consolidation: This combines all your separate debts into a single monthly payment.

First Meridian doesn’t list specific pricing on its website. It does, however, have an interest rate calculator to help you estimate your overall expenses. The website also has a table with current rates that updates daily. According to the U.S. Census Bureau, the average mortgage payment is just over $1,500 a month. Your mortgage payment amount depends on your:

• Down payment
• Interest rates
• Credit score
• Debt-to-income ratio
• Home cost
• Mortgage insurance cost

First Meridian Mortgage Corporation is a small business that services just three areas across the country. For this reason, there’s not much information about the business online, but it’s a veteran-owned business and should be able to provide highly focused customer service due to its small size. Overall, First Meridian is a legit business and likely a good choice for homebuyers living in Maryland, Virginia or D.C.