Meridian lowers five-year fixed mortgage rate to 2.99 per cent

Change will allow Ontarians to pay off mortgages faster

TORONTO, Feb. 18, 2014 /CNW/ - Meridian, Ontario's largest credit union, today announced that it has lowered its five-year fixed closed mortgage rate to 2.99 per cent APR*.

"Buying a home is the largest, most important purchase a family can make," said Bill Whyte, Chief Member Services Officer for Meridian. "At Meridian, we believe in the importance of home ownership. However, we also believe in making sure people have the peace of mind of knowing they have a home they can afford.  We are lowering our five-year fixed mortgage rate to 2.99 per cent to help Ontarians pay off their homes faster and potentially save thousands in interest."

Meridian's mortgage specialists work closely with Members to help ensure they are well-informed about the financial aspects of home ownership, including prudent borrowing practices and home affordability guidelines.

"Today's announcement is good news for Ontarians and underscores the fact that we have our Members' backs," Whyte said. "This rate change is about making home ownership more affordable, helping Members pay off their homes faster and saving them money along the way."

*Calculated semi-annually, not in advance.  Assumes the typical scenario of no costs of borrowing apart from interest.

About Meridian
With over 70 years of banking history, Meridian is Ontario's largest credit union, helping to grow the lives of its more than a quarter of a million Members, including over 19,000 business Members. Meridian has $10 billion in assets under management and delivers a full range of financial services online, by phone, by mobile and through a network of 64 branches and 7 business centres. Meridian Members also have access to THE EXCHANGE® Network, with more than 2,400 no-fee ABMs across Canada and 340,000 ABMs in the United States. For more information, please visit: meridiancu.ca.

SOURCE: Meridian Credit Union

Diane Medeiros, Manager, Media and Stakeholder Relations, Meridian, Office: [phone] ext. 2667, Email: [email protected]