Meridian Credit Union



6 Month Convertible Mortgage

The 6-Month Convertible Mortgage lets you lock into a fixed rate now and convert to a longer term closed mortgage at any time without penalty.

Click here to see our Mortgage Rates

We recommend the 6-Month Convertible Mortgage if:

  • You think that rates will be stable or decrease and want to take advantage of declining rates.
  • You will likely prepay 20% or less of your mortgage per year.
  • You operate on a tight budget.
  • You want the security of locking into a specific rate and payment for the entire term.
  • You want a low closed term rate and the flexibility to convert to a longer term without penalty.
  • You may be selling your house in the near future or are undecided.

Four Big Advantages:

Save Money

  • Our fixed rate protects you from changing interest rates.

Convenience

  • Your personal budgeting is made simple with regular payment amounts.
  • You can sell your current home without being locked into a long term mortgage.

Peace of Mind

  • You have a guaranteed rate so you’ll always know exactly what your payments will be.
  • You can lock into a longer fixed rate term at any time.

Flexibility

  • You can make prepayments throughout the term totaling up to 20% of your original mortgage amount.
  • You can increase your regular mortgage payments up to 20% per year.

Things You Need to Know

  • Our fixed interest rate quotes are guaranteed for 90 days from date of application or pre-approval for resale homes and 120 days for new construction.
  • We can provide Mortgage Life Insurance to protect the outstanding balance of your mortgage. We also offer Disability, Loss of Employment and Critical Illness insurance packages.

 

Ask the Experts

Call us today at 1.866.592.2226 to set up a mortgage appointment, or better yet, stop worrying, head for your branch and get a Meridian mortgage expert working for you!