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

[OP]
Deal Addict
Apr 27, 2005
1812 posts
870 upvotes
Montreal

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

Deal Link:
Retailer:
Meridian Credit Union
Meridian Credit Union has a 1.98% mortgage rate for two year fixed. Switch costs not covered.

How crazy is this rate? It is no less than 127 basis points below Meridian’s 18-month GIC rate.

Location: Ontario Only
Term: Two-year fixed
Optional prepayments: 20% a year lump-sum + 20% annual payment increase
Registration type: Collateral charge (conventional mortgages) and standard charge (insured mortgages)
Deal types: Owner-occupied primary residence only; purchases and lender switches
Maximum property value: $1 million
Maximum mortgage: $925,000 if default insured or $799,000 if 20%+ equity
Other options: Meridian’s Flex Equity (HELOC) and Friends and Family mortgage (where you can apply with three other people) are also available with this offer
Stress test: You must prove you can afford a payment based on a 5.34% rate (as of today)
Available via: Meridian branches and mobile mortgage specialists (not brokers)
Last edited by deal_king on Mar 14th, 2019 1:30 pm, edited 3 times in total.
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189 replies
Jr. Member
May 31, 2015
101 posts
106 upvotes
AB
Ontario only, please put that in title
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Deal Addict
Nov 12, 2015
1824 posts
2027 upvotes
1 year till my mortgage renewal :(
When you upvote my posts, this is what happens:
My wife loves me more😂, my car goes faster😎, my house becomes bigger😐, My boss gives me a raise😁.

Fact check, none of the above is valid.
Deal Addict
Apr 13, 2006
1011 posts
65 upvotes
Mississauga
I hope Meridian has their staff prepared for the lineup out the door. Incredible offer.
My views represent solely my views, and not the company in which I work for.
Member
User avatar
Jun 24, 2005
466 posts
54 upvotes
Richmond Hill
Is this for a high ratio mortgage? It doesn't say.

Also, it says "some conditions apply*", but there is no note for the asterisk.
Newbie
Jul 2, 2018
12 posts
1 upvote
rngun wrote:
Mar 14th, 2019 1:43 pm
Is this for a high ratio mortgage? It doesn't say.

Also, it says "some conditions apply*", but there is no note for the asterisk.
No it isn't. I called yesterday to ask about this specifically. I was pretty surprised that it wasn't.
Jr. Member
Mar 2, 2016
199 posts
213 upvotes
Toronto
Pretty freakin good.
More fine print:

Terms, conditions and restrictions apply. Some of those conditions include (but are not limited to): Maximum property value of less than $1MM. Maximum mortgage value of $799,000. Must qualify at Bank of Canada qualifying rate. 25 years or less amortization. Property must be owner occupied (not applicable to rentals). Commercial Properties excluded. 1.98% rate is not applicable to refinances or blend and extending a current mortgage. On Approved Credit. 1.98%, 3.64% and 4.39% APR assumes the typical example of a new mortgage with no costs of borrowing other than interest.
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Member
User avatar
Jan 30, 2006
368 posts
79 upvotes
Richmond Hill, Toron…
Registration type: Collateral charge (conventional mortgages) and standard charge (insured mortgages)

does this mean I can register as standard charge ?
Sr. Member
Aug 3, 2005
809 posts
574 upvotes
JamesPlomppy wrote:
Mar 14th, 2019 2:07 pm
Pretty freakin good.
More fine print:

Terms, conditions and restrictions apply. Some of those conditions include (but are not limited to): Maximum property value of less than $1MM. Maximum mortgage value of $799,000. Must qualify at Bank of Canada qualifying rate. 25 years or less amortization. Property must be owner occupied (not applicable to rentals). Commercial Properties excluded. 1.98% rate is not applicable to refinances or blend and extending a current mortgage. On Approved Credit. 1.98%, 3.64% and 4.39% APR assumes the typical example of a new mortgage with no costs of borrowing other than interest.
so wont work for any detached GTA homes lol
Deal Addict
May 21, 2004
1702 posts
721 upvotes
GTA
rngun wrote:
Mar 14th, 2019 1:43 pm
Is this for a high ratio mortgage? It doesn't say.

Also, it says "some conditions apply*", but there is no note for the asterisk.
Most good mortgages rates now are for high ratio mortgages. It used to be the reverse. The reasoning is because they must buy insurance, thus the lender is protected.
Jr. Member
Jul 3, 2007
116 posts
1 upvote
Wonder if I could switch to this if my current mortgage is already with Meridian (or if it is worth it).
Currently at 1 year and 8 months into a 5 year fixed at 3.05%.
Last edited by CHRoNiCWiLL on Mar 14th, 2019 2:12 pm, edited 1 time in total.
Deal Addict
User avatar
Jun 10, 2011
3999 posts
1301 upvotes
CRAZY GOOD RATE!
Let's hope it comes to QC.

Btw, I'm selling my condo in exactly 2 years.
if I choose a collateral mortgage do I have additional fees to pay compared to a normal mortgage.. at the end of that 2 year??
Jr. Member
May 17, 2017
138 posts
306 upvotes
def47 wrote:
Mar 14th, 2019 2:12 pm
CRAZY GOOD RATE!
Let's hope it comes to QC.

Btw, I'm selling my condo in exactly 2 years.
if I choose a collateral mortgage do I have additional fees to pay compared to a normal mortgage.. at the end of that 2 year??
Should probably ask that question to a financial advisor.
Jr. Member
Mar 2, 2016
199 posts
213 upvotes
Toronto
deal_king wrote:
Mar 14th, 2019 1:04 pm
Stress test: You must prove you can afford a payment based on a 5.34% rate (as of today)
I thought that the stress test does not apply to credit unions... or was I wrong?
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