FAQ

If your letter states you are pre-approved or pre-qualified for a loan, then you have already passed our initial criteria for obtaining a loan. To receive a mortgage, we must still verify your income, credit, employment history, and any other financial factors.

We have certain legally specified criteria—like a minimum credit score—and ask a consumer reporting company for a list of people in the company’s database who meet the criteria.

No, we did not pull your credit, and we don’t have a copy of your credit report. We buy credit report data from third-party credit companies, and mortgage information is public record. We use these tools to determine your pre-approved loan amount.

Refinance costs and fees pay for the processing of your loan. They can vary, depending on the loan type, property location, title company, and more. These costs can include: an origination fee, an underwriting/processing fee, title insurance, a title attorney fee, an upfront funding fee (VA loans), upfront mortgage insurance (for FHA loans), and more. Your fees and closing costs costs will be presented with your loan options from the start, so there are no surprises. Closing costs and fees are typically rolled into your loan, so you don’t have to pay anything upfront.

There are no out-of-pocket expenses prior to your refinance loan closing. The rest of the fees and closing costs associated with your new loan can be financed into the loan amount, so you don’t have to pay anything upfront.

The $10,000 cash-back option is an additional amount of money you can decide to take out of your home equity. This amount (or any customized amount you designate) is added onto your current loan amount when refinancing. This cash-back option may be used for any purpose that you want, such as paying for home improvements, school tuition, paying off other debts like credit cards or car loans, or replenishing your savings. On average, Meridian borrowers choose cash-back amounts of between $10,000 and $15,000.

Your loan-to-value ratio (LTV) is the percentage of your property that is being financed. For example, if your home value is $100,000 and you obtain a mortgage of $80,000, your LTV is 80%. Lenders have limitations on how much you can borrow against your property. Typically, lenders consider loans with higher LTVs high-risk loans. As a result, most lenders will add private mortgage insurance (PMI) payments onto a loan until it reaches an LTV of 80%.

Typically, refinance loans take around 30 to 60 business days to close. You’ll receive your funds within 7 business days from the date you close.

No, keep making your monthly payments on time while we process your refinance loan. Missing a payment can adversely affect your credit score and impact your loan eligibility. If you have special circumstances, please contact your Loan Officer at 877-878-0100.

Yes! We do offer refinances for manufactured and mobile homes.

Yes. Most loans require a credit score of 620 to qualify, but we may be able to help homeowners with lower scores. If you have a lower credit score, please be aware your options may be more limited.

The VA helps servicemembers, Veterans, and their families obtain and manage home loans by offering various services and benefits. These benefits include (but aren’t limited to): lower interest rates and closing costs than Conventional Loans, an option to take cash-out, grants for qualifying disabled Veterans, Veterans Mortgage Life Insurance, and more. To learn more about benefits available to Veterans through VA, click here to read the VA’s benefits summary pamphlet.

Active-duty service members, Veterans, National Guard members, Reserve members, and certain surviving spouses may qualify for Veterans benefits. If you are unsure of your VA eligibility, visit the Veterans Benefits Administration page to learn more or call us at 877-878-0100 to speak with a Loan Officer.

Yes. Borrowers who previously received a VA home loan can apply for and obtain a new VA home loan.

The funding fee is sent to the VA once the loan funds. The fee serves as insurance that helps protect the government against VA mortgage defaults. Some Veterans and their spouses are exempt from paying the funding fee, including first-time VA homebuyers, disabled Veterans, and surviving spouses.

Yes! With a VA loan you can take cash out when you refinance. With this extra cash, you can pay off other debts, improve your home, replenish your savings, or spend it however you wish. The amount of cash you can take out will depend upon the equity that you have in your home. Your equity is the difference between the appraised value of your home and how much you still owe on your mortgage.

No. Meridian will pay for VA-required well, septic, and pest inspections for borrowers obtaining a VA loan when the inspections are required.

Closing costs and fees pay for the processing of your loan. They can vary, depending on the loan type, property location, title company, and more. These costs can include: an origination fee, an underwriting/processing fee, title insurance, a title attorney fee, an upfront funding fee, and more. These and all other costs will be presented with your loan options from the start, so there are no surprises. Costs and fees are typically rolled into your loan, so you don’t have to pay anything upfront.

Qualifying disabled Veterans and surviving spouses are exempt from paying the VA funding fee. If you are unsure whether you qualify for this exemption, visit the Veterans Benefits Administration page to learn more or call us at 877-878-0100 to speak with a Loan Officer.

First, you need a minimum credit score of 620 or more to qualify for most loan programs. Second, you need two years of consistent employment history, and you need to have been at the same company for at least 6 months. Third, you need to have money saved to make a down payment on a home and pay closing costs. NOTE: Veterans or active servicemembers eligible for VA benefits may qualify for a loan that requires a 0% down payment.

Loans require anywhere from a 3.5% down payment to a 20% down payment, depending on the loan type you qualify for. For example, a $150,000 home would likely require a down payment of between $5,250 (3.5%) and $30,000 (20%). Closing costs and lending fees for a $150,000 loan may average between $3,000 and $7,500. The actual amount depends on the state and local taxes, municipal recording fees, and other costs associated with the home you buy.

In most states, you can write-off a number of costs when you buy a home, including: some mortgage interest, property taxes, private mortgage insurance (PMI) payments/fees, and more.

Active-duty service members, Veterans, National Guard members, Reserve members, and certain surviving spouses may qualify for Veterans benefits. If you are unsure of your VA eligibility, visit the Veterans Benefits Administration page to learn more or call us at 877-878-0100 to speak with a Loan Officer.

Yes, as long as the VA-eligible individual is listed as the primary borrower, you can have a co-signer/co-borrower.

VA home loans do not require a down payment as long as the sales price isn’t higher than the home's appraised value. That means 100% of your loan can be financed, without paying private mortgage insurance (PMI).

Yes. You can use your VA benefits again, but you may have to pay the VA funding fee.

No. You may only use a VA mortgage to finance your primary residence. For second homes or income properties, you will most likely have to use a Conventional Loan.