Lender fires early shot in the spring mortgage wars

An Ontario credit union has launched a low mortgage rate in a bid to take an early lead ahead of spring home buying season. Meridian is offering qualifying clients a 1.69 per cent 1 year fixed rate mortgage and says that launching the product now enables buyers to be pre-approved before they begin their home search.

“Meridian is going against the trend set by banks and lenders of raising their fixed mortgage rates,” says Bill Whyte, Chief Member Services Officer for Meridian. He noted that the lender is able to offer the rate due to its structure and is taking advantage of the current bond and lending environment.

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