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

TORONTO, Jan. 29, 2015 /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*, currently the best five-year fixed mortgage rate on the market today compared to the big five major banks.   

"Homeownership is a rite of passage that many Canadians strive for," said Bill Whyte, Chief Member Services Officer for Meridian. "This highly competitive rate can help our Members and prospective Members realize their dreams of becoming responsible homeowners while potentially saving thousands in interest, allowing them to pay off their homes faster."

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

"Lowering our mortgage rates is just one step in helping our Members feel confident about their financial futures," explained Whyte.   

In addition to offering competitive mortgage rates, Meridian provides one of the best repayment options on the market today. Meridian's 20/20 repayment program allows Members to pay down up to 20 per cent of the original principal balance per year without penalty and can be done at any time of the year without notice. Members can also increase their monthly payment up to 20 per cent of your original payment plan each year.

*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 21,000 business Members. Meridian has $11 billion in assets under management and delivers a full range of financial services online, by phone, by mobile and through a network of 67 branches and 7 business centres. Meridian Members also have access to THE EXCHANGE® Network, with more than 2,500 no-fee ABMs across Canada and 360,000 ABMs in the United States. For more information, please visit: meridiancu.ca.

SOURCE Meridian Credit Union

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