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Meridian 18 month fixed mortgage 1.99%

  • Last Updated:
  • Apr 11th, 2017 10:21 am
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17 replies
Deal Fanatic
Dec 24, 2005
5853 posts
1695 upvotes
do you work there?

why in the world would someone take this for 18 months when other normal banks are offering 2.39 for 5 years?
Sr. Member
Mar 24, 2003
725 posts
194 upvotes
milolai wrote: do you work there?

why in the world would someone take this for 18 months when other normal banks are offering 2.39 for 5 years?
There are several reasons one would choose to lock-in for 18 months only vs 60 months!
Jr. Member
Feb 24, 2017
107 posts
79 upvotes
Are interest rates trending upward for mortgages? What will that mean to real estate prices?
Deal Addict
Aug 24, 2006
1215 posts
661 upvotes
ballugagan wrote: Are interest rates trending upward for mortgages? What will that mean to real estate prices?
Interest rate will slowly climb( likely within next couple of years) and no I dont think it will effect real estate prices much ,
Theres no major problem going with this deal other than transfer costs when done ( not very long) unless this lender is as reasonable on renewal. 3 year is usaully the best term length though
correct me if im wrong but I believe ontario only.
Also if you go with them keep in mind typically with credit unions. if you ever need to port your mortgage you cant port them out of the province.
Member
Aug 20, 2016
425 posts
375 upvotes
I do not work for Meridian.
Their 1.69 rate was pricematched by my bank.
I will take the 1.99 rate.
In these RFD mortgage threads people have predicted rising mortgage rates incorrectly.
Since I own many bank shares, thank you.

Why is everyone so scared.
The bank of Canada governor wants to cut rates?
All of the guys on RFD think they are so tough
but when the get a mortgage they get scared.
and sign a five year mortgage. Then break it in
9 months and sign another 5 year mortgage.
Member
Feb 11, 2010
210 posts
146 upvotes
do you happen to know if this applies to investment properties as well?
Deal Addict
Jan 14, 2013
2216 posts
2059 upvotes
Toronto
isd9999 wrote: I do not work for Meridian.
Their 1.69 rate was pricematched by my bank.
I will take the 1.99 rate.
In these RFD mortgage threads people have predicted rising mortgage rates incorrectly.
Since I own many bank shares, thank you.

Why is everyone so scared.
The bank of Canada governor wants to cut rates?
All of the guys on RFD think they are so tough
but when the get a mortgage they get scared.
and sign a five year mortgage. Then break it in
9 months and sign another 5 year mortgage.
you wrote this like a poem.
Deal Addict
Feb 25, 2007
1569 posts
1129 upvotes
Ottawa
An interesting salvo, and good to be aware of it. Thanks OP.

Can be quite interesting
1. For those wanting to make the bet rates will stay low
2. For those planning to sell soon
3. For those needing money only for a short period (this would have been me 10 yrs ago - when we got married and took a while to offload my wife's condo, the proceeds of which we wanted to put against our new mortgage)

For those seeking longer terms and believing (like most) that rates must go up, the HSBC 2.35 is probably a better option. But to make that worthwhile, 3-5 year rates will need to have gone up to over 3% 18 mos from now to make the blended average work out.
Deal Addict
Jan 24, 2011
1290 posts
519 upvotes
milolai wrote: do you work there?

why in the world would someone take this for 18 months when other normal banks are offering 2.39 for 5 years?
My friend got it for 18 months at $1.49 from meridian. I think it is time for his renewal, he can get this for 1.99% for another 18 month. so overall he got $1.74 for 3 yrs ...
Member
Aug 20, 2016
425 posts
375 upvotes
Everyone has been predicting higher rates.
For the last 36 years.
oops they went down.
If your finances are so fragile you cannot take the 1.99 rate please ask for help.
Sr. Member
User avatar
Dec 15, 2015
523 posts
524 upvotes
Hamilton, ON
I too would definitely get that "for 18 months at $1.49 from meridian". $1.49 for 18mos is pocket change for me. Its like giving a free tims coffee.
"You have to risk it for the biscuit"
"$34/80GB BYOD FiDO"
Deal Addict
Dec 14, 2008
3161 posts
3308 upvotes
milolai wrote: do you work there?

why in the world would someone take this for 18 months when other normal banks are offering 2.39 for 5 years?
Signing on for 5 years gives you a peace of mind that your rates are capped, but does not mean you're getting a better deal. It's just like travel insurance, some people get it, some people don't.
Member
Aug 20, 2016
425 posts
375 upvotes
Signing on for 5 years gives you a peace of mind that your rates are capped, but does not mean you're getting a better deal. It's just like travel insurance, some people get

you have not needed insurance for 35 years.
you are making the banks rich
have some stones
i should encourage people to sign a 5 year mortgage, break it, sign another, break it
your mortgage rep. gets paid more on a 5 year mortgage
i own bank shares lovin it
but i am on RFD so i want to save money
please make a case for a dramatic rise in interest rates when demographics are bad, no inflation and the
fed and bank of canada are doing everything they can to not raise them
everyone in alberta and saskatchewan are underwater on their mortgages
vancouver real estate market has stopped
the ontario market will be stopped before the next election with a tax
Sr. Member
May 18, 2007
978 posts
1964 upvotes
Toronto
The problem is... it's Meridian!

My experience with Meridian (at the two branches I frequent) has been like dealing with the DMV... a lazy and generally incompetent staff!

They are very casual to the point of being unprofessional... like they'd rather not have your business as it means less work for them. Don't get me wrong... the big 5 aren't much better, but at least they return phone calls and seem to want the business.
Newbie
Dec 29, 2011
1 posts
GLOUCESTER
Hey guys,

So I'd like to buy my first house. I would like to pay down the principal as fast as possible. I think this deal allows me to do that.

Would this be a good deal for me. I have no experience with mortgages and fees and dealing with banks etc
Go easy on me lol
Jr. Member
Aug 13, 2004
143 posts
137 upvotes
Montreal
If you plan to go with Meridian for 18 months then move off to another bank depending on the interest rate.
watch out for the fees that would be applied. 18 months at low rate might not make up for all the following fees, depending on how big is your mortgage.
For example, a 200k loan will likely only save you less than 1000$ over 18 months when you will pay over $1700 for the following fees when you switch bank.

Notary Fees
Discharge Fees
Penalty Fees
Apprasial Fees
Application Fees
Land title search Fees

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