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

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Jun 10, 2011
4050 posts
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scottmg wrote:
Mar 14th, 2019 2:14 pm
Should probably ask that question to a financial advisor.
yep, I'll do just that for sure, before signing anything.

but I'm just wondering.. and we do have a few financial advisor on these boards. :)
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Mar 11, 2013
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Stress test applies to any new homebuyers looking to get a new mortgage regardless if it's a bank or credit union or through another institution.
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Jul 26, 2008
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def47 wrote:
Mar 14th, 2019 2:21 pm
yep, I'll do just that for sure, before signing anything.

but I'm just wondering.. and we do have a few financial advisor on these boards. :)
Please post your results! I am in the same boat.
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Jun 6, 2010
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Toronto, Ontario
bahlsonal wrote:
Mar 14th, 2019 2:36 pm
Stress test applies to any new homebuyers looking to get a new mortgage regardless if it's a bank or credit union or through another institution.
You know that for a fact?
Or you are just saying?
Because I read they were trying to force it in credit union too, but they were just talking about it.
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Member
Aug 23, 2005
371 posts
134 upvotes
Ontario
bahlsonal wrote:
Mar 14th, 2019 2:36 pm
Stress test applies to any new homebuyers looking to get a new mortgage regardless if it's a bank or credit union or through another institution.
As of today, credit unions are still exempt as they're not federally regulated though they are still allowed to apply their own stress tests.

https://www.bankofcanada.ca/2018/11/sta ... e-2018-35/
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Aug 3, 2005
1235 posts
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bahlsonal wrote:
Mar 14th, 2019 2:36 pm
Stress test applies to any new homebuyers looking to get a new mortgage regardless if it's a bank or credit union or through another institution.
Wrong.

Credit Unions are exempt.
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Aug 3, 2005
1594 posts
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I have 1.5 years left until my mortgage renewal with Desjardins. Does anyone know if Meridian pays the early termination fee? I know that I sometimes see promos from other banks that offer to pay the early termination fee up to a few thousand dollars.
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Sep 16, 2013
777 posts
426 upvotes
SW ON
scottmg wrote:
Mar 14th, 2019 2:14 pm
Should probably ask that question to a financial advisor.
Better to ask an adviser, not advisor.
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Apr 6, 2017
795 posts
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Westmount, QC
hightech wrote:
Mar 14th, 2019 3:33 pm
You might still need insurance if your credit is poor. There are situations where lenders ask for this.
With CMHC?
probably with the bank.
I don't see anywhere in the site where it states you need to take an insurance with CMHC
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Nov 17, 2008
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Brampton
husamus156 wrote:
Mar 14th, 2019 3:44 pm
With CMHC?
probably with the bank.
I don't see anywhere in the site where it states you need to take an insurance with CMHC
This is what my Meridian Agent said in regards to this 1.98% promo and putting 10% down on a condo:
"As you are looking to put 10% down, this is considered a high ratio deal, nothing changes in terms of your rate, you would have a premium that is added to your mortgage balance as the home has to be registered through the high ratio program."
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Mar 12, 2009
179 posts
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Toronto
Please let me know if anyone finds out regarding if they will pay for termination fee.
I have 1 year 5 months left on my mortgage.
Thanks.
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Dec 23, 2003
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Turbinator_007 wrote:
Mar 14th, 2019 3:56 pm
This is what my Meridian Agent said in regards to this 1.98% promo and putting 10% down on a condo:
"As you are looking to put 10% down, this is considered a high ratio deal, nothing changes in terms of your rate, you would have a premium that is added to your mortgage balance as the home has to be registered through the high ratio program."
They would go to either CMHC, Canada Guaranty or Genworth for insurance. They will offer this rate as a high ratio as you mentioned. If your credit is poor, you may not qualify for the low late and need insurance at the BOC rate.
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