Best Mortgage Lenders in Canada in 2024 – Meridian Credit Union
As the most extensive credit union in Ontario, Meridian is responsible for overseeing assets valued at $27.2 billion. Operating through a network of 89 branches across Ontario, Meridian is a proud member of the Financial Services Regulatory Authority of Ontario (FSRA).
Meridian extends a diverse range of financial products to its members, encompassing chequing and savings accounts, mortgages, investment opportunities, credit cards, personal loans, insurance, and an array of other offerings.
Types of Mortgages
Meridian works with the latest Canadian mortgage rates. Let’s take a look at them:
Fixed Rate Mortgages
- 6 Month Convertible 3.89%
- 1 Year Closed 3.09%
- 2 Year Closed 3.29% (Featured 2.09%)
- 3 Year Closed 3.69% (Featured 2.19%)
- 4 Year Closed 3.89%
- 5 Year Closed 4.79% (Featured 2.24%)
- 5 Year Closed High Ratio 1.99%
- 7 Year Closed 5.45% (Featured 2.99%)
- 10 Year Closed 5.95% (Featured 3.29%)
Open Fixed Rate Mortgages
- 1 Year Open 6.30%
Variable-rate Mortgages
- 5 Year Open 4.45%
- 5 Year Closed 1.55%
- 5 Year Closed High Ratio 1.45%
Key Features
Meridian brings a bunch of innovative mortgage packages to buyers. Some of their standout features are:
Hybrid Mortgages
A unique offering of Meridian, hybrid mortgages allow lenders to borrow up to 80% of the property price. The loan portion makes up a maximum of 60%, and the conventional mortgage portion makes up a minimum of 20%. To apply for this type of mortgage, you will need a down payment of at least 20%.
Construction Mortgages
If you’re building a new house or renovating, you can get your hands on some of the cheapest mortgage rates at Meridian. The mortgage is split into advances that you get in stages throughout the construction or renovation of your home. Monthly payments are interest-only until the end of construction. After construction, your payments will be a blend of principal and interest.
Approval Process
To avail of Meridian mortgages, you must be pre-approved, with a property in sight.
When you apply for a mortgage, your lender will examine your financial situation as well as the property you wish to purchase. You and your partner reach an agreement on the specifics of your mortgage.
If you’re approved for the mortgage you want, you need to gather and submit the following documents to finalize everything:
- Valid identification
- Confirmation of income
- Bank information
- Lawyer information
- Copy of the Purchase Agreement
- Copy of the MLS listing
Verdict
Meridian has a robust clientele and offers some of the most attractive mortgage rates available in Canada. 20/20 repayment options and cashback rewards make payment schedules remarkably flexible and appealing to buyers. Additionally, several innovative mortgage products that are unique to Meridian help solidify its presence in the Canadian mortgage market.
