As a California based VA Approved Direct Lender focused exclusively on CA transactions, Merchants specializes in quick, thorough approvals to help your offer get accepted in this extremely competitive market. Our interest rates are the lowest in the industry. Specializing in VA transactions, we close purchases in 14-15 days - we are VA experts.
For a VA eligible borrower seeking to refinance an existing mortgage, we offer 2 excellent programs with incredible interest rates. If your current loan is VA, then you may qualify for our streamline refinance program (also known as the IRRL). This program requires no income documentation, no appraisal and most of the time no closing costs.
For a VA eligible borrower seeking to refinance an existing mortgage, we offer 2 excellent programs with incredible interest rates. If your current loan is VA, then you may qualify for our streamline refinance program (also known as the IRRL). This program requires no income documentation, no appraisal and most of the time no closing costs.
Services
Refinance
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Need refinancing options on a home, or other real estate? Choosing a refinance product that matches your goals and making sure you get the best rate for your given scenario can feel like playing whack-a-mole. We're here to make the home refinance process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a FREE refinance analysis request.
VA Loan History
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In 1944, the U.S. government created a military loan guaranty program to help returning service members or their surviving spouses (provided they do not remarry) purchase homes. The result is VA Loan, which is a mortgage loan issued by approved lenders and guaranteed by the U.S. Dept of Veterans Affairs.
VA Eligibility
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Through dedicated service to our country, military service members and veterans qualify for a range of benefits earned through their service. Chief among those benefits is an opportunity to take part in theVA Home Loan programa mortgage option that provides the opportunity for qualifying veterans to purchase a primary residence without putting any money down towards the sale price of the home.
VA Funding Fees
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The VA Funding Fee is paid directly to the Department of Veteran's Affairs and is the reason they can guarantee this no-money-down loan program. This fee is paid so that VA eligibile borrowers can enjoy loan benefits such as $0 down financing and no mortgage insurance (PMI) payments. The Funding Fee is calculated by looking at 4 different factors: Loan type (Purchase or Refinance), type of service, down payment (if any) and prior VA loan use.
VA Home Loan Advantage
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The Department of Veterans Affairs guaranteed nearly 630,000 loans in 2013, setting an all-time high. TheVA Loan programis the most powerful home loanprogram on the market for veterans and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeownership toveteranswho might otherwise struggle to obtain financing.
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