As the largest credit union in Ontario and the third largest in Canada, Meridian has more than 1,900 employees spread across over 90 branches, 11 commercial business centres, corporate offices, and its contact centre. Just like other credit unions in Canada, Meridian is completely member-owned.
Meridian Credit Union Mortgage Rates
You may expect to get highly competitive mortgage rates through Meridian, especially around the spring season. It boasts of having provided the lowest lender-advertised mortgage rate in Canada. It created this record in April 2015, by offering a 1.48% fixed rate for 18 months.
Meridian provides home loans for homebuyers as well as for people looking at switching or refinancing their mortgages. While you get to apply online, you might also benefit by meeting a Meridian mortgage specialist who will visit your home or workplace.
Some of the benefits you may look forward to if you get a mortgage through Meridian include:
- Rate holds for 90 days
- 20% lump sum prepayment and 20% payment increase privileges each year
- Option to skip a payment
- Multiple payment schedule alternatives (bi-weekly, weekly, bi-monthly, monthly, and accelerated bi-weekly and weekly)
- Option to get Group Mortgage Protection (GMP)
If you are new to Canada, you may opt for Meridian’s New to Canada program. This program provides assistance to immigrants who wish to establish a credit rating. Going forward, the credit union helps applicants through the process of getting a mortgage.
What is Meridian’s Prime Rate?
The prime rate offered by Meridian is typically in line with rates provided by leading banks. It usually follows the Bank of Canada’s prime rate.
Meridian Mortgage Payment Calculator
You may use the mortgage payment calculator provided by Meridian to get an indication of how much you might need to pay in different scenarios. Variables include property prices, the total mortgage required, interest rate, down payment, amortization period, and payment frequency.
Renewing a Mortgage Through Meridian
Various aspects require your attention when renewing a mortgage. Comparing the rates offered by different lenders is crucial. This becomes all the more important if you plan to renew any of Meridian’s short-term rate specials. What helps is you get to view the rates it offers online.
If you qualify and manage to save 5 to 10 basis points (0.05% to 0.10%) after accounting for fees, it may well be worth the effort. This is especially the case if you still have a fairly large balance to pay off.
Meridian’s Home Equity Line of Credit
If you have a Meridian Credit Union mortgage, you may benefit by opting for its Home Equity Line of Credit (HELOC). This gives you easy access to the equity you build in your home. You may use funds from this line of credit for just about any legitimate purpose.
The Flex-Equity Mortgage Line gives you a way to build equity faster and make the most of your money by moving equity from your fixed mortgage amount to a home equity line of credit. HELOCs offered by Meridian come with 90-day rate holds.
How Does Meridian’s Family and Friends Mortgage Work?
Up to four people may co-apply for a Family + Friends Mortgage. This gives families and friends an easy means to club their financial resources to increase the total income and get a desirable mortgage. All the co-applicants remain completely liable for the mortgage. While several lenders offer such mortgages, not many advertise them.
Applying for a Meridian Credit Union Mortgage
You need to pay a nominal fee and become a Meridian Credit Union member before applying for a mortgage. While you may visit any Meridian branch to apply for a mortgage, you can begin the process online too. Meridian then informs you of your approval status online. Next, you upload the required documents and sign them digitally. If you apply online, you get to lock in the rate for up to 90 days.
You may apply for some of Meridian’s mortgages through mortgage brokers. However, these are typically the credit union’s non-prime products. If you buy a house through a Meridian-affiliated realtor, you may qualify for cash rewards and cashback mortgages.
More About Meridian Credit Union
Meridian Credit Union was founded in 2005. Desjardins Credit Union’s merger with Meridian took place in 2011. In 2016, Meridian announced its plan to launch a federal chartered bank. The plan came to fruition in April 2019, when it launched Motus Bank, a completely digital bank with no branches. Like Meridian, Motus Bank also provides competitive rates through its mortgages. These mortgages are not the same as the ones offered by Meridian.