Check our FAQs for answers to common questions
We've compiled some of the questions we hear most frequently from members when they visit a MECU Credit Union branch in and around Baltimore, MD, or when they contact us online. Chances are, the question you want to ask is here with the answer you need. And if it's not, feel free to contact us so we can help.
Mortgages
The cost of refinancing your mortgage varies depending on your lender, location, and loan details. Typically, refinancing costs range from 2% to 6% of your total loan amount. Most lenders will allow you to roll the closing costs into the new loan, but you'll pay interest on the closing costs over the life of your loan. Try our mortgage calculators.
To qualify for an FHA loan, your credit score should be 500 or higher, with verifiable steady income, and a debt-to-income (DTI) ratio usually below 43%. You will also be required to make a down payment of at least 3.5% up to 10%, depending on your credit score. It's best to submit a prequalification request to determine if you meet the requirements for this government-backed loan.
Quickly and easily estimate your monthly mortgage costs by using our calculator.
When determining a mortgage, first decide how much you can comfortably afford, factoring in:
- mortgage loan payment (principal and interest)
- property taxes
- insurance
- any HOA fees
- miscellaneous funds for maintaining your home
Try our mortgage calculators.
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