The credit union in Ontario has made headlines again with its mortgage rates being at a super-low for the second time in a row. At the moment, Meridian are proposing a mortgage deal which is said to be the best 18-month deal for a rate of 1.99 per cent, calculated on a six-monthly basis not in advance, and with no supposed charges on taking a loan, other than interest.
The Chief Member Experience Office and SVP of Meridian, Bill Whyte said; “Meridian strives to provide our Members with the best products and rates to help them better achieve their financial goals. Our attractive 18-month rate will help Ontarians achieve their homeownership goals sooner while saving money in interest.” Other industries disapproved of the storm in 2015 that was instigated by Meridian, with a rate of 1.49 per cent.
Bob Aggarwal of canadalend.com cautioned of the increase in interest rates which may be impacted by the 18-month rate that may look eye-catching at first, while Mortgage Architect’s Mike McKillen, on the other hand, said that he counselled clients that the low rate was a fundamental attainment tool for Meridian and they should bear in mind that their various options would be at the culmination of the short-term loan.