Credit unions offer the same wide range of financial products and services that you would find at any of the big five banks. Furthermore, members of credit unions like Meridian may also be able to take advantage of more personalized products that closely match their needs.
Meridian is the largest credit union in Ontario with over 375,000 Members using its services. It provides an array of cost-effective banking products and services to individuals and businesses.
Let’s take a closer look at Meridian to help you decide if this is the right resource for all your financial needs.
Meridian offers a variety of mortgage programs, the same as you’d find with a big bank, including fixed-rate and variable-rate mortgages, high-ratio mortgages, and joint mortgages, to name a few. Members can take advantage of low mortgage interest rates, flexible payment plans, and holistic advice from industry professionals.
You can begin the mortgage application process online or at a branch. Meridian’s Mortgage Specialists are always available any time you need help.
Meridian Credit Union offers a wide variety of mortgage programs, including the following:
As the name suggests, fixed-rate mortgages come with an interest rate that does not change during the loan term. As such, mortgage payments remain stable, making these payments easy to budget for.
Fixed-rate mortgages may be ideal if rates are expected to increase at some point in the future. By locking in at today’s low rate, you’ll benefit from a secure rate even if the going rate increases over time.
Unlike fixed-rate mortgages, variable-rate mortgages come with a rate that fluctuates at different points throughout the term. This is because the interest rate you obtain will be tied to the prime rate. Variables rates are usually expressed as the prime rate plus or minus your interest rate discount.
If interest rates change, your mortgage payments remain stable. However, if the prime rate increases, that means more of your money will go towards the interest portion of your mortgage. If the prime rate decreases, more of your payment goes towards the principal portion of your home loan to reduce the overall cost of the mortgage.
If you place a down payment of less than 20% towards the purchase of your home, your mortgage will be considered a high-ratio mortgage. This loan type is a good option for first-time homebuyers who may have less money to put towards a new home purchase.
If you’re building a newly built home, a construction mortgage may help you finance the project. These mortgages are also ideal if you’re buying a home that requires extensive renovations. In this case, a construction mortgage can help cover the cost of these improvements so that you’re not stuck paying for the entire project out-of-pocket all at once.
A hybrid mortgage combines a conventional mortgage with a loan to help you qualify for the mortgage you need. Meridian will consider your future borrowing power and offer you an opportunity to buy a home today while you continue to advance in your career. Later, when you’re in a better and stronger financial position, you can apply for a conventional mortgage.
While a salaried person may have a stable job and earn a predictable income, a self-employed person may have an income that fluctuates over time. This can make it more challenging to get approved for a mortgage because of the higher level of uncertainty over yearly income.
Meridian has a self-employed mortgage so that people in this situation can still afford the home they want. Advisors will happily work with you to design the right mortgage.
A joint mortgage allows you to share a mortgage with another person so you share the responsibilities and liabilities of the loan while making a home purchase more financially attainable for everyone involved.
A Flex Line mortgage from Meridian allows you to tap the equity in your home. As you pay down the principal of your home loan, your home equity increases. Once you’ve accumulated a certain amount of equity, you can tap into it as a line of credit.
Getting a mortgage with Meridian comes with a few perks, including:
The mortgage interest rate you are given depends on a few things, including the type of mortgage program you apply for. The following chart outlines the interest rates Meridian currently offers based on different loan types:
| Term | Rate | Discounted Rate | Open | Fixed Or Variable |
| 6-Month Convertible | 3.89% | – | No | Fixed |
| 1-Year Fixed | 3.69% | – | No | Fixed |
| 2-Year Fixed | 3.29% | 4.09% | No | Fixed |
| 3-Year Fixed | 3.69% | 4.29% | No | Fixed |
| 4-Year Fixed | 4.59% | – | No | Fixed |
| 5-Year Fixed | 4.79% | 4.39% | No | Fixed |
| 5-Year Fixed (High Ratio) | – | 3.74% | No | Fixed |
| 7-Year Fixed | 5.45% | 4.89% | No | Fixed |
| 10-Year Fixed | 5.95% | 5.29% | No | Fixed |
| 5-Year Variable | – | 3.10% (Prime – 0.60%) | No | Variable |
| 5-Year Variable (High Ratio) | – | 2.50% (Prime – 0.70%) | No | Variable |
You don’t have to be a Member of Meridian to get pre-approved for a mortgage with Meridian. However, you must be a resident of Ontario. You can then undergo the no-obligation pre-approval process to determine whether you qualify for a home loan.
You can start the mortgage application process online in 3 steps:
1. Create your profile
Once your profile is created, your quoted interest rate will be locked in for 120 days (for standard mortgages).
2. Submit your application
Complete your online application by providing your personal information. Meridian will then conduct a credit check to find out your credit profile and will inform you of your credit score at no charge.
3. Await final approval status
Within a few business days, Meridian will inform you if you are approved for a mortgage.
In addition to mortgages, Meridian also offers several other financial products:
Meridian’s chequing accounts include the following:
Meridian offers a few different types of savings accounts, such as the following:
Meridian offers a variety of Visa credit cards, both for personal and business purposes, including the following:
Personal Visa Cards
Business Visa Cards
Each card allows you to earn cashback points on everyday purchases like groceries, gas, travel, dining, and office supplies to be redeemed towards travel, account credit, products, services, gift cards, event tickets, and more.
As a credit union, Meridian offers some perks to consumers that big banks may not be able to compete with, including lower rates on loans and mortgages and more personalized products. Given Meridian’s expansive range of banking products, consumers will have access to just about everything they need for their financial life.
Product Details | |
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Mortgage | Meridian offers a variety of mortgage programs, the same as you'd find with a big bank, including:
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Loan application was denied even after providing all proper details and docs and also reason was not given so giving one star.
My local branch is great, always there to help me with whatever I need.
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