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

Jr. Member
Oct 26, 2016
128 posts
111 upvotes
Anyone know what their historical rates have been at for 2yr fixed?

Also, any experiences with their service?
Member
May 3, 2010
216 posts
218 upvotes
Toronto
BrethrenJx wrote:
Mar 14th, 2019 4:05 pm
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.
Hers an idea, why don't YOU call and ask
Newbie
Aug 6, 2017
20 posts
17 upvotes
I have got my approval few days ago below is the answers to some of the questions I read so far.

Will meridian cover any fees: no they won’t we will have to either pay or get them added to mortgage this includes (appraisals fees $310, mortgage registration $140 + 40 to pull the report to check what type of mortgage you have to avoid last minutes confusion, current lander release fees which could be between $300 to $350)

You are allow to pay 20% more annual to you mortgage amount.

What happen after two years you have to pay the fees to releases the mortgage if you decided to go with other lander)

Customer serverice: based on my experience it seems ok I got my approval in 24 hours and agents on call where helpful.

They can hold the rates for 90 days!

Hope this will help.
Deal Addict
Dec 23, 2006
1164 posts
94 upvotes
Skwest wrote:
Mar 15th, 2019 1:39 pm
I have got my approval few days ago below is the answers to some of the questions I read so far.

Will meridian cover any fees: no they won’t we will have to either pay or get them added to mortgage this includes (appraisals fees $310, mortgage registration $140 + 40 to pull the report to check what type of mortgage you have to avoid last minutes confusion, current lander release fees which could be between $300 to $350)

You are allow to pay 20% more annual to you mortgage amount.

What happen after two years you have to pay the fees to releases the mortgage if you decided to go with other lander)

Customer serverice: based on my experience it seems ok I got my approval in 24 hours and agents on call where helpful.

They can hold the rates for 90 days!

Hope this will help.
Did you apply online or at a branch?
Did they need the supporting docs up front?
Member
User avatar
Jan 30, 2006
368 posts
79 upvotes
Richmond Hill, Toron…
Skwest wrote:
Mar 15th, 2019 1:39 pm
I have got my approval few days ago below is the answers to some of the questions I read so far.

Will meridian cover any fees: no they won’t we will have to either pay or get them added to mortgage this includes (appraisals fees $310, mortgage registration $140 + 40 to pull the report to check what type of mortgage you have to avoid last minutes confusion, current lander release fees which could be between $300 to $350)

You are allow to pay 20% more annual to you mortgage amount.

What happen after two years you have to pay the fees to releases the mortgage if you decided to go with other lander)

Customer serverice: based on my experience it seems ok I got my approval in 24 hours and agents on call where helpful.

They can hold the rates for 90 days!

Hope this will help.
I've talk to one of the financial adviser today as well, something to be added: they will not accept customer with current mortgage registered as collateral with your current bank.
Deal Addict
User avatar
Mar 28, 2006
2399 posts
852 upvotes
Toronto
comesource wrote:
Mar 15th, 2019 3:55 pm
I've talk to one of the financial adviser today as well, something to be added: they will not accept customer with current mortgage registered as collateral with your current bank.
I guess that means no TD mortgages as they are all 'collateral charges' now.
Jr. Member
Jul 3, 2007
116 posts
1 upvote
Spoke to a rep. Even having an existing mortgage with Meridian, switching to this, there would be a penalty.
Newbie
Aug 6, 2017
20 posts
17 upvotes
o1Jeff wrote:
Mar 15th, 2019 2:50 pm
Did you apply online or at a branch?
Did they need the supporting docs up front?
Yes applied online it was straightforward you will need following documents!

Latest T4 or notice of assessment and paystu
Mortgage statement
Latest Property tax document
Deal Fanatic
Feb 24, 2018
5124 posts
5330 upvotes
This might be good timing for me, as I may be looking for a follow-on property.

Still waiting for the floor to fall out and a surprise string to be revealed. I already know 2 years is shorter than 5.
Jr. Member
Sep 15, 2012
188 posts
14 upvotes
ottawa
This is perfect, my similpi mortgage is up at the end of June. Anyone currently have s mortagage with them-- any issues?
Newbie
User avatar
Jul 9, 2008
31 posts
I'm with HSBC 2.39% fixed I think it is.
only in 2nd year of the 5 term.
Not sure if my is a collateral mortgage or how I find out.
$799k mortgage max? can you find a decent townhouse at least at that? somedownpayment could help a bit only.
Wonder if banks will start competing with lower rates now
Member
May 18, 2007
467 posts
484 upvotes
Toronto
Just a word of caution... these guys are a tricky bunch. My meridian mtg was up for renewal a couple years ago at the same time they had a similar offer. They weren't going to give me (an existing customer with a top/stellar credit rating) the offer until I escalated to a senior exec (I mentioned how their advertising did not note this exclusion).

Fast forward to the next renewal.... when rates were around 2% they sent me an automatic renewal (so easy... Just sign and return) for 6%!! LOL.
Sr. Member
User avatar
Aug 12, 2003
945 posts
161 upvotes
Hamilton
Skwest wrote:
Mar 15th, 2019 1:39 pm

What happen after two years you have to pay the fees to releases the mortgage if you decided to go with other lander)
This part confuses me why would I pay any fees after two years to release if its a 2 year agreement?

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