Our guide to Meridian Credit Union mortgages
When it comes to mortgages, there are a lot of things to think about. What’s the interest rate? What’s the term? Do you want a fixed or a variable interest rate?
There are lots of important questions to ask when you’re shopping around for a mortgage. But at the top of that list is without a doubt, "which mortgage lender should you work with?"
Each lender has its own set of pros and cons, so it’s important to understand the differences before you decide which one is right for you. In this review, we take a close look at Meridian Credit Union mortgages and their current rates.
About Meridian Credit Union
Founded in 2005, Meridian Credit Union is one of Ontario's largest credit union, with over 370,000 members. As well as mortgages, Meridian offer banking, wealth management, credit products and other services. On their website, it states that their commitment to members and communities is rooted in the fundamental belief that Meridian Credit Union role to play goes beyond financial services.
Our review of Meridian Credit Union
Meridian offers a variety of mortgage services, including fixed rate, variable, high ratio and construction mortgages. They also have available many useful tips such as articles explaining mortgages simply, yet in detail. We like the amount of options in which you can contact Meridian, giving good customer service when you need it.
Meridian Credit Union mortgage pros and cons
Here are some of the advantages and disadvantages of Meridian Credit Union mortgages:
Why Meridian Credit Union might be right for you:
Helpful and accommodative customer service
Two different types of pre-payment options
Over 90 branches located across Canada
Why Meridian Credit Union might not be right for you:
Meridian's branch network is only in Ontario
To find the best mortgage rates, it is important to weigh quotes from different lenders. Subtle differences in the interest rates, term lengths and fine print can mean tens of thousands of dollars over the course of the mortgage. Use our free, online mortgage rates comparison tool today to help you find the perfect provider!
Compare mortgage rates now
What types of mortgages does Meridian Credit Union offer?
Below is a table showing some details about the different mortgage plans Meridian Credit Union offers. Most providers will offer a variety of mortgage options.
|Coverage type||Flex Line Mortgage||Family and Friends Mortgage||Meridian Self-Employed Mortgage||The Meridian Hybrid Mortgage|
|Details||Mortgage + a home equity line of credit||Share a mortgage with your family and friends||If you are self-employed and want to buy a home or refinance an existing mortgage||A loan + mortgage|
|Skip a payment||You can skip one month’s mortgage payment once every 12 months with no penalty||You can skip one month’s mortgage payment once every 12 months with no penalty||You can skip one month’s mortgage payment once every 12 months with no penalty|
What mortgage rates does Meridian Credit Union offer?
There are two main types of mortgage rates in Canada: fixed and variable rates.
Fixed-rate mortgages are a great option for people who want to know exactly what their interest rate will be throughout the entire course of their loan term. With a variable rate, your payments change based on market conditions. This could mean rates that go up over the course of the term.
Below are some of the mortgage rates Meridian Credit Union offers:
Fixed high ratio
Variable-closed high ratio
Want to compare mortgage rates in Canada from other lenders? You can for free, and anonymously right on this website.
Compare mortgage rates now
How do I contact Meridian Credit Union?
Meridian Credit Union contact centre representatives are available to answer questions and help you with your banking at:
Toll free: 1-866-592-2226
International collect: 1-416-597-0165
Monday - Sunday: 8:00am - 12:00am (EST/EDT)
Our Meridian Credit Union mortgage calculator
Want to calculate what your Meridian Credit Union mortgage will look like? We have some tools right here on our website that can help:
Our mortgage payment calculator lets you see monthly payments and gives a yearly amortization schedule.
Our mortgage affordability calculator will help you determine how large a mortgage you can get.
Our mortgage default insurance calculator will tell you how much you'll owe for mortgage default insurance