One-year fixed mortgage at 1.69 per cent hits market

Meridian, Ontario’s largest credit union, today announced it is offering Ontarians the lowest posted fixed mortgage rate on the market today at 1.69 per cent for a one-year term.

“Meridian is going against the trend set by banks and lenders of raising their fixed mortgage rates,” says Bill Whyte, chief member services officer for Meridian. “As a member-owned financial institution, we are able to take advantage of the current bond and lending environment and pass those savings onto our members.”

Meridian mortgage specialists work closely with Members to help ensure they are well informed about the financial facets of home ownership, including home affordability guidelines and smart borrowing practices.

“In addition to this attractive one-year fixed mortgage offering, Meridian offers a full suite of mortgage options including fixed, variable, mortgages for business owners and construction mortgage solutions,” adds Whyte. “As we are quickly approaching the busy spring home buying season, this is the perfect time for people to evaluate their home buying options by getting a pre-approval now.”

Meridian also provides what it says is one of the best repayment options on the market today. Meridian’s 20/20 repayment program allows members to pay down up to 20 per cent of the original principal balance per year without penalty and can be done at any time of the year without notice. Members can also increase their monthly payment up to 20 per cent of your original payment plan each year.

And as usual with such enticing offers, there is some fine print: “Rate is subject to change without notice and offers may be withdrawn or extended without notice. Refer to our website for current residential mortgage posted rates. Mortgage must fund by April 30, 2016.”

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