Toronto (August 18, 2020) – For Ontario residents who may be unsure if home ownership is within their reach during these uncertain times, Meridian is doing its part to make their dream achievable − and accessible. Meridian, Ontario’s largest credit union and second largest in Canada, is offering one of the top market leading rates for five year fixed high ratio mortgages at 1.85 per cent.
“Monthly carrying-costs can often be the deal breaker when shopping for a home, especially for first-time buyers,” said Wanita Fonseka, Vice President, Retail Experience, Meridian. “At Meridian, we think everyone deserves a chance to own a home and so we’re doing what we can to make that goal more attainable with a mortgage that helps keep household costs manageable and consistent.”
A high-ratio mortgage applies to people that have less than 20 per cent of a down payment to put towards the purchase of a home. It is possible to qualify for up to 95 per cent of a home’s value based on a number of lending requirements including the following key criteria:
- Maximum Amortization: 25 years
- Maximum Purchase Price must be below $1MM
- Qualification based on the Bank of Canada Qualifying Rate
- Income Qualification
Meridian’s mortgage experts work closely with Members to help ensure they are well informed about the financial realities of home ownership, including affordability guidelines and smart borrowing practices.
“Would-be homebuyers can be confident in taking advantage of this extremely competitive fixed rate with the comfort of knowing exactly how they can manage and allocate their money,” says Wanita. “First-time home owners, condo or apartment residents looking to move up and other Ontarians wanting to manage their cash flow will welcome the news of this 1.85% rate.”
For more information about how to take advantage of this low, five-year fixed high ratio interest rate, please visit your nearest Meridian branch or visit our site for more information.
With more than 75 years of banking history, Meridian is Ontario’s largest credit union and the second largest in Canada, helping to grow the lives of 370,000 Members and customers. Meridian has $26 billion in assets under management (as at June 30, 2020) and delivers a full range of financial services online, by phone, by mobile and through a network of 92 branches across Ontario, and business banking services in 15 locations. Meridian Members also have access to THE EXCHANGE® Network, with more than 3,600 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: www.meridiancu.ca, follow us on Twitter @MeridianCU or see our Facebook site.
spPR Communications Inc.