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Meridian Credit Union

Meridian 1.98% Mortgage Rate - 2 Year Fixed [ONTARIO]

Deal Expert
Feb 24, 2018
27157 posts
37133 upvotes
dealneeded wrote: The rep in Meridian branch told me today... She is supposed to let me understand before checking my credit and financial info... It wasted both's time
Waste of time, indeed. I drop 20% and expect satisfaction, no chance I'm paying more than that unless I'm getting premium rents on the commercial or residential property. Granted, the commercial real estate market is a little different, and I still have much to learn there.

Thanks for the heads up.
Last edited by redflagdealsguy on Mar 26th, 2019 6:32 am, edited 1 time in total.
I aim to be inclusive and considerate of others in my posts. If I fall short of that mark, feel free to let me know in good faith, and where appropriate, I'll edit my posts. Thank you.
Newbie
May 1, 2006
67 posts
4 upvotes
Great info here guys! I received an email saying that my rate is held for 90 days starting from March 20. So I guess that means it's held until around mid-June.

Do you guys know if I have to complete the application by a certain date (April 5 is what I'm reading here)? Or can I wait until later?
Newbie
Jan 17, 2019
78 posts
61 upvotes
monkiboy wrote: Great info here guys! I received an email saying that my rate is held for 90 days starting from March 20. So I guess that means it's held until around mid-June.

Do you guys know if I have to complete the application by a certain date (April 5 is what I'm reading here)? Or can I wait until later?
Why wouldn't you just get the application done? It only takes about 15-20 minutes to get everything done.

You can send a message on the online portal to ask this question. Im sure they want to get applications done asap though.
Newbie
May 1, 2006
67 posts
4 upvotes
I'm away on vacation right now and wasn't sure if the application process takes too long. If it's only 20mins and I can do it all online then you're right! I should just get it done.
Jr. Member
Oct 22, 2005
152 posts
9 upvotes
Completed my app and rate held until June roughly week and a half ago and have yet to hear back. Submitted all docs too...
Newbie
Jul 8, 2017
30 posts
11 upvotes
Hi everyone,
I got a message back when I asked to proceed to final steps, they said the offer is no longer available =(

Looks like they "ran out" and the promo isn't on the website anymore.
Member
May 13, 2009
483 posts
647 upvotes
Ottawa, ON
Hi,

I'm at the final stage now and have been assigned a person. I'm currently with Scotiabank and my term ends in May, so the timing is good.

However, they just sent me an email asking me to consent to using an Automated Valuation Method (AVM) using a company called First Canadian Title in lieu of Municipal Property Assessment Corporation's (MPAC) value and this avoids an appraiser. They said this cost will be under $40 and due at closing. Is this normal? I know there will be discharge fees to Scotia of ~$300 (I think). Honestly, I will be saving A LOT more than $40 so I have no issues with it, but I've also never heard of this AVM before.

Any insight is appreciated.
Newbie
Jan 17, 2019
78 posts
61 upvotes
juniorkid wrote: Hi,

I'm at the final stage now and have been assigned a person. I'm currently with Scotiabank and my term ends in May, so the timing is good.

However, they just sent me an email asking me to consent to using an Automated Valuation Method (AVM) using a company called First Canadian Title in lieu of Municipal Property Assessment Corporation's (MPAC) value and this avoids an appraiser. They said this cost will be under $40 and due at closing. Is this normal? I know there will be discharge fees to Scotia of ~$300 (I think). Honestly, I will be saving A LOT more than $40 so I have no issues with it, but I've also never heard of this AVM before.

Any insight is appreciated.
When you switch your mortgage at renewal, don't you need an appraisal on your home anyways? Looks like meridian wont pay for any of these fees that other lenders might pay for a switch at renewal.
Member
May 13, 2009
483 posts
647 upvotes
Ottawa, ON
Rocket899 wrote: When you switch your mortgage at renewal, don't you need an appraisal on your home anyways? Looks like meridian wont pay for any of these fees that other lenders might pay for a switch at renewal.
Asked for the costs that are to be expected and got this reply:

1. Cost for AVM: $36.16

2. FCT costs: If we are able to transfer mortgage with assignment approximately $260 or if a discharge and registration is required just approximately $550.

(Depends if legal document was registered as Collateral charge or Conventional mortgage)

3. Additional cost from your institution: Administrative/discharge fee in most instances is $200-$300.

I have never had a mortgage outside of Scotia. Also,
I have no idea if my current mortgage is a collateral or conventional. Will have to ask my unless there's another way to find out .
Newbie
Jan 17, 2019
78 posts
61 upvotes
juniorkid wrote: Asked for the costs that are to be expected and got this reply:

1. Cost for AVM: $36.16

2. FCT costs: If we are able to transfer mortgage with assignment approximately $260 or if a discharge and registration is required just approximately $550.

(Depends if legal document was registered as Collateral charge or Conventional mortgage)

3. Additional cost from your institution: Administrative/discharge fee in most instances is $200-$300.

I have never had a mortgage outside of Scotia. Also,
I have no idea if my current mortgage is a collateral or conventional. Will have to ask my unless there's another way to find out .
And meridian wont pay for these fees?
Newbie
Mar 25, 2019
2 posts
I’m also at that stage with Meridian.

Basically, the rep told me they would first do a “desktop” appraisal for ~$35 and if they can’t get a full appraisal that way, then will charge the standard ~$300.

Along with that, the other fees would be discharge (~$300-350) and the FCT charge you mentioned.

Total for all fees (as per the rep) if they don’t do a desktop appraisal will be ~$1000.

And they won’t cover it. Asked them twice already.
Member
May 13, 2009
483 posts
647 upvotes
Ottawa, ON
Rocket899 wrote: And meridian wont pay for these fees?
Haven't asked yet. When I got their request for the AVM fee, I decided to reply asking them to provide all costs going forward and I received this reply. I will ask of course, no harm, but even if they don't, I will save thousands. So I may have found the catch in the this deal....I'll report back tomorrow after I call them.
Sr. Member
User avatar
Feb 22, 2009
989 posts
668 upvotes
Ottawa
juniorkid wrote: Haven't asked yet. When I got their request for the AVM fee, I decided to reply asking them to provide all costs going forward and I received this reply. I will ask of course, no harm, but even if they don't, I will save thousands. So I may have found the catch in the this deal....I'll report back tomorrow after I call them.
Was established back on P.4 they wouldn't be covering any fees with this rate:

meridian-credit-union-meridian-1-98-mor ... #p30678577
Newbie
Mar 25, 2019
2 posts
1 upvote
Hi Everyone,

First time on the Forum and would like to contribute some of my progress with Meridian~
First, I was told that they won't cover any fees as the deal is already very good.
Expected fees:
1. Previous lender discharge fees $370 (mine is RBC)
2. Previous lender admin fees (probably include in the amount above)
3. Legal fees, I was told I can choose between a lawyer and FCT ($600-700)... not sure if this is right, I am still confused
4. Appraisal fees if property is > 800k.($310 tax included)

Total will be around $1000-1500.

I am still thinking about switching or not as I feel like there are lots of work need to be done. I will probably switch only if the saving is more than 3-4k.
Member
Dec 29, 2007
487 posts
289 upvotes
A word of advice. If you have the option of AVM, go for it.
I did not have an option and paid $310.75 for an appraisal from Nationwide Appraisals only to be burned by them. The appraisal came in at $100,000 less than market value. There is no way to dispute the appraisal and the appraiser stands by the appraised value.

At least I have the money in savings to cover the difference as Meridian will only loan up to 80% of the appraised value, but for those that don't, you can't close with Meridian.

The AVM would have valued my house much higher.
Jr. Member
May 20, 2015
111 posts
35 upvotes
Westmount, QC
I am currently with Scotia as well, but was set up with STEP (HELOC) which means collateral mtg. Scotia rep recommended me to have that LOC , but I have problems for getting this promo.
You could also find it out from the mtg documents your lawyer gave to you in a big yellow envelop when you closed your purchase of your property. Meridian already refused my application due to this.


juniorkid wrote: Asked for the costs that are to be expected and got this reply:


I have no idea if my current mortgage is a collateral or conventional. Will have to ask my unless there's another way to find out .
Member
May 13, 2009
483 posts
647 upvotes
Ottawa, ON
dealneeded wrote: I am currently with Scotia as well, but was set up with STEP (HELOC) which means collateral mtg. Scotia rep recommended me to have that LOC , but I have problems for getting this promo.
You could also find it out from the mtg documents your lawyer gave to you in a big yellow envelop when you closed your purchase of your property. Meridian already refused my application due to this.
Then I'm also collateral as I also have the Scotia Total Equity Plan (STEP) alongside my mortgage. It's for the secured line of credit which I used in the past. I have $0 on all my lines of credit, so we'll see how this will turn out.
Jr. Member
User avatar
May 22, 2014
137 posts
155 upvotes
Toronto
I’m a realtor and in the middle of purchasing my home as well, Spoke to my meridian broker and she advised me that you must have a signed offer by April 4th and a pre approval must be submitted ASAP to lock in the rate. The broker I’m dealing with is fantastic, if anyone would like her number I can pass it along. FYI your home must close by June 20
Newbie
Feb 10, 2018
34 posts
2 upvotes
Do we get any approval letter once application is approved or it’s just email confirmation? Also, is there any way we can check on hidden costs that we have not been told upfront?

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