Meridian credit union is in the news since it has offered an interest rate of 1.49% on April 9th, 2015. In the history of Canadian mortgage rates, it is known to be the lowest posted rate ever offered.
Here are some main details about this offer:
- The offer is for an 18 month term.
- There are two prepayment options with this mortgage called “Meridian’s 20/20 prepayment program”. Customers can make a principal-only lump sum payment of 20% per year or increase their monthly payment by 20%.
- This rate is not available through a mortgage broker or online. It is only available through one of the Meridian’s 67 branches in Ontario.
- This offer is not for second mortgages.
For more details about this product or to apply, click here.