Is Meridian Home Mortgage Reputable

How Do I Get Started

Introducing the Meridian Hybrid Mortgage

If you live in Ontario and have decided you want to proceed with getting a mortgage with Meridian, you can begin by applying online. Doing so is easy and can be done in three steps.

First, you create your profile with Meridian, which will lock in the Meridian rate you want for 120 days.

Next, Meridian will prompt you to submit your application, which will include providing the company with your personal information so that it can run a credit check on you that it will then provide you with, free of charge, after receiving the results. During this stage, Meridian may also ask you to submit supplementary documents to complete your application.

Last, after youve submitted all the requirements, Meridian will get back to you within a few business days to let you know the final approval status of your application.

Great People And Seamless Process

This is the second time we have refinanced through Meridian. We chose them the second time because we had such a positive experience the first time. Each of the multiple people we dealt with went above and beyond to be of assistance. The communication was exceptional at each step of the way. Our options were explained thoroughly. Each one helped us make the best decisions for us.

Is First Meridian Mortgage Legit

First Meridian Mortgage Corporation is a small business that services just three areas across the country. For this reason, theres not much information about the business online, but its 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.

What Kind Of Mortgage Can I Get With Meridian Home Mortgage

Conventional: The standard mortgage loan is a conventional loan. You can choose a fixed-rate loan or an adjustable-rate mortgage . Like the name suggests, the interest rate stays fixed for the life of a fixed-rate loan, ensuring your mortgage payments stay the same month after month. Most homebuyers choose fixed-rate loans. Meridian Home offers fixed-rate loans from 10 to 30 years in increments of five.

The interest rate on an adjustable-rate mortgage is generally lower than with a fixed-rate loan for an initial period, once that period ends, the rate can change generally once a year and will usually go up. ARMs are offered in 3/1, 5/1, 7/1 and 10/1 terms. The first number indicates the number of years your interest rate stays fixed and the second number indicates how many times per year your interest rate adjusts after the initial term expires. For example, a 5/1 ARM will have the same interest rate for five years, and then once a year after that, your interest rate will increase or, less likely, decrease.

Jumbo loan: When the home youre purchasing costs more than conventional loan limits, youre required to get a jumbo loan. The loan limits range from $548,250 to $822,375, depending on the county you live in.

Refinance: Meridian Home Mortgage offers VA streamline loans , FHA streamline loans and conventional refinancing options with fixed-rate or ARM terms.

Best Mortgage Rates Faq

What are todays mortgage rates?

Between 2019 and 2021, mortgage dropped from over 4 percent to below 2 percent. Currently, mortgage rates are hovering near 3 percent for the best borrowers. Thats incredibly low compared to the historical average of about 8 percent for a 30year fixedrate mortgage .

Whats a good mortgage rate?

Historically speaking, anything below 4 percent is a very good mortgage rate. In todays market, the best rates might be in the high 2 percent or low 3 percent range. Remember that the lowest mortgage rates go to borrowers with strong credit, few debts, and at least 20 percent down payment.

Who has the best mortgage rates?

In our analysis of 40 top lenders, the ones with the best mortgage rates on average were Freedom Mortgage, Better Mortgage, Citibank, Guild Mortgage Company, and American Financial Network. These rankings are based on 30year mortgage rates from 2020 Your own best mortgage rate could easily come from a different lender, which is why its important to compare personalized offers before choosing a lender.

How do I compare current mortgage rates? What is the best mortgage loan type for me?How do I choose a mortgage lender?How is your mortgage interest rate determined?Does my down payment affect my rate?Are jumbo mortgage rates higher?Whats better, a fixed-rate mortgage or adjustable-rate mortgage?Whats better, a 30-year mortgage or a 15-year mortgage?

Recommended Reading: Does Prequalifying For A Mortgage Affect Your Credit

Does Meridian Home Mortgage Operate In My Area

Meridian arranges mortgages in 44 states and the District of Columbia. States include: Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

What Loan Options Does Northwood Mortgage Offer

Northwood Mortgage offers a number of different mortgage types based on whether you want to purchase a new home, renew your mortgage or lock in refinancing for your existing property. The following are some examples of products that Northwood Mortgage offers:

First-time home buyer. Get competitive rates for your first mortgage from a number of suitable lenders.
Refinancing. Lock in additional funds by folding a new loan into your current mortgage with special rates for refinancing.

Mortgage renewals. Switch lenders to get better rates when your mortgage comes up for renewal.
Commercial and industrial mortgages. Negotiate low rates for business property acquisitions with specialized mortgage products.

Also Check: Rocket Mortgage Qualifications

Meridian Credit Union Fixed Mortgage Rates

Getting a Meridian fixed rate mortgage allows you to take comfort knowing that even if interest rates are to rise in the future, your Meridian mortgage rate will remain the exact same throughout your term. This can give you the ability to plan in advance for how much of your mortgage balance you will pay off during your mortgage term, which is especially important on large mortgage amounts. Although over the last few decades a variable rate mortgage would have provided you with the best Meridian mortgage rate as interest rates have fallen, with interest rates at record low levels, a fixed rate Meridian mortgage may be the better option. The most common term for a fixed rate mortgage is a5-year fixed mortgageoffering.

Meridian Home Mortgage Review 2022

Get to know the family of Meridian Mortgages

Nina Semczuk editorial integrity editorial integrityPros

Offers loans to applicants with credit scores as low as 560

Cons

Minimal information on website
No specialized low down payment options other than FHA loans

Meridian Home Mortgage is a non-bank lender offering conventional, VA, FHA and jumbo loans as well as refinances. This Westminster, Maryland mortgage lender was founded in 2001 and has grown to over 100 employees providing mortgages in 44 states and the District of Columbia. The company boasts no upfront costs, such as a good faith deposit, a straightforward approach and teams that dont work on commission.

You May Like: Bofa Home Loan Navigator

Range Of Products And Services

This section of my Meridian Credit Union review covers the products and services they offer.

Meridian provides almost every product and service a bank should offer individuals and small businesses. This includes chequing and savings accounts, credit cards, investing, lines of credit, business finance, and mortgages.

Ill go over these in more detail below.

What Should I Know Before I Apply

Eligibility requirements

To apply for a mortgage with Northwood Mortgage, you need to meet the following criteria:

Be at least 18 years old
Be a citizen or resident of Canada
Be free from bankruptcy or other forms of unmanageable debt

Required documents and information

Government-issued ID. Youll have to show proof of ID like your drivers licence or passport.
Proof of income. You may be required to show your pay stubs, bank statements or letters of employment to verify how much money you make.
Youll need to allow Northwood Mortgage to pull your credit report so that it can assess your creditworthiness.

Other financial information. You may have to compile a list of your debts and assets, along with proof that you can pay for your down payment and closing costs.

Recommended Reading: Requirements For Mortgage Approval

Who Has The Best Mortgage Rates

We analyzed data from the 40 biggest lenders in 2020, looking for the lowest interest rates and fees.1,2 These lenders topped the list for best 30year mortgage rates:

Freedom Mortgage, Better Mortgage, Citibank, Guild Mortgage Company, American Financial Network.

Remember that rates vary a lot from person to person, so theres a good chance your best rate will come from a company not listed above.

Luckily, rates are at historic lows right now. Its a good time to shop for your best offer.

Best mortgage rates FAQ

Tips To Get The Lowest Mortgage Rate

Mortgage Loan Officer Jessie Gutierrez in Meridian, ID

If you want the lowest mortgage rate available, you have to shop around. Thats the number one rule.

But there are other strategies you can use to get lower offers from the lenders you talk to.

Try for a last-minute credit boost. See what you can do to improve your credit before buying or refinancing. Your credit score makes a big difference in your mortgage rate, and improving it just a few points could lead to real savings

Consider discount points. If you can afford it, you can pay more upfront for a better mortgage rate over the life of the loan. This could be smart if you plan to keep your home a long time. A discount pointcosts 1% of the loan amount and typically lower your rate by 0.25%

Negotiate your rate. Negotiating with a lender might sound intimidating, but trust us when we say it can be done. Mortgage lenders have flexibility with the rates they offer, and they want your business. A lower interest rate from a different company might be the only leverage you need to negotiate a better offer with the lender you want

Negotiate your closing costs. Some closing costs are nonnegotiable, like the thirdparty appraisal and credit reporting fees. But the fees your lender charges can sometimes be negotiated to save you money on the front end

Know when to lock your rate. Mortgage rates move up and down every day. If you want to get the lowest possible rate, keep an eye on daily rate movements and be ready for a rate lock when they fall

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No Personal Touch Bad For Small Business

At the beginning of my loan process, I specifically asked if they worked with small business owners because last year was a difficult one when looking at it only through my tax forms. I was told by someone who was representing to be my loan officer that theyve dealt with many small businesses and it shouldnt be an issue. Fast forward 2 months, and Ive never had a single conversation with the same person twice. When I finally submitted all of my tax forms and needed information, I got an email 48 hours later from yet another person I had never met telling me I was completely denied and they didnt have any loan programs for me. Ive wasted two months and have had a terrible experience. These people tout their capacity to do a lot of things, but unless you are a cookie cutter mortgage, stay away. I would highly recommend working with someone who builds a personal connection with you, and this is not the meridian team.

Couldnt have gone any better. They executed quickly from the moment of my first phone call. Everyone I dealt with couldnt have been nicer. What a pleasure it was. I reccomend them highly. A stressful process it was not.

Great experience. Jen and Sasha were very helpful and always responded quickly.

The Meridian Team made the whole refinance process so easy from start to finish!

Refinance with cash out went smoothly and quickly.

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Refi Could Not Have Been Better

We were very pleased from start to finish. They have got it together and worked as a very fine team. Each and every one that we talked to was very knowledgeable and explained everything step by step. We knew who to call if we had a question and what to expect next. We would highly recommend this company to anyone interested in a Refi. Best experience we have ever had.

I was disillusioned with the entire process of refinancing our home when we found John Jarvis and Brenda Bryan . They made the whole process easy and super fast. Brenda went to work and got our closing on track super quick, and I know for a fact that it wasnt easy-because I tried to do it myself. This team is professional and helpful. They are with you every step of the way, always available for questions or problems you may have. I wont use anyone else if I need this type of service again.

I happened to receive mail from Meridian as I was in the midst of considering a refinance. The service was excellent. They were prompt in their replies and took time out to make sure I was fully educated on the process. Im so glad I went with them versus my usual bank. The entire process was a breeze!

Great service and communication from beginning to end!! Completed within a short timeframe and everyone we dealt with was very professional answering our questions, etc.

Also Check: Chase Recast Mortgage

What Are The Benefits Of Getting A Meridian Mortgage

Low rates. Meridian s mortgage rates are more attractive thanks to featured rates on its most popular options.
Flexible plans. Meridian offers fixed, variable and high-ratio mortgage options, giving Members a personalized payment plan that works for them.

Lock in rates. If you see a rate from Meridian you like, you can lock it in for a period of 120 days.

20/20 prepayment privileges. You can pay 20% of the principal per year without penalty by increasing your monthly payment or through lump-sum principal payments, or through a combination of both.
Switch between plans. If youre on a variable mortgage plan with Meridian, you can switch to a fixed term at any time without penalty, or the other way around.

Skip a payment. If youre tight on cash, you can defer one months mortgage payment once every 12 months without a penalty. You must meet Meridians eligibility requirements in order to do this.

Best Midwest Lender: Busey Bank

Introducing the Meridian Flex Line Mortgage

Busey

Busey Bank is a large mortgage lender located in Saint Louis, Missouri. This bank delivers traditional Midwest business pride with award-winning customer service rankings. Busey runs additional offices in Florida, Illinois, Indiana, and Missouri. Of 21 banks rated in J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study, Busey finished sixth out of 21 banks, beating out big names like Chase, Citibank, and U.S. Bank.

Though Busey isn’t the biggest lender on the block, it does offer a range of fixed and adjustable loans and loans through the FHA and VA mortgage loan programs. This bank started in 1868, making it 150 years old and one of the oldest lenders on this list.

You May Like: Chase Mortgage Recast

Best For Low Income: Citi Mortgage

Citi

Citi’s HomeRun mortgage is focused on families that may not have the traditional 20% saved for a down payment, and who are looking for a reasonable mortgage payment to fit into limited income.

There are a couple of features the HomeRun offers that make it a great fit:

No mortgage insurance

Down payments can be as low as 3%
You can include outside money and/or gifts in your down payment

Typically, lenders may be skeptical if, say, a family member helps pay for your down payment. But, in Citi’s case, they’ve created lending guidelines that make it possible for you to contribute just a third of the down payment.

In some cases, forgiving programs like this may charge higher interest rates. However, Citi claims that their HomeRun Mortgage has interest rates that compare to conventional mortgage rates.

Read full review of Citi Mortgage

Best Mortgage Lenders Of December 2021

Before buying a home or refinancing a mortgage, shop around to find the best mortgage lender for your circumstances.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.

When you buy a home or refinance your mortgage, it’s a big financial decision, so it makes sense to find the best mortgage lender you can. To do that, shop for offers from at least three lenders.

Compare mortgage rates and other loan terms such as fees, time to close, the availability of online application and loan tracking, and customer service offerings. Taking the time to make an informed decision can save you thousands of dollars over the life of your loan.

To help you choose a mortgage lender, NerdWallet has picked some of the best out there in a variety of categories to help you get the home loan with the best mortgage rate, term and fees.