Spring market is officially underway ...
A Toronto-based credit union Meridian, Ontario’s largest credit union, has offered what appears to be one of the lowest rates ever on a fixed term at 1.49 per cent.
Meridian is advertising its new rate as the lowest known posted mortgage rate in Canadian history, but acknowledges the term may not appeal to everyone.
Bill Whyte, chief member services officer for Meridian, said current funding costs make it possible for the credit union to drop its rates. The economics are working right now. We are not publicly traded so, when we can, we offer rates and products that make sense for the membership base.
The product is only available to people in Ontario and, to get the offering, consumers must pay a $25 fee to join the credit union which has 67 branches throughout the province. The deal is not available online.