Ontario credit union offering 1.99 per cent mortgage

The Ontario credit union that has grabbed the headlines before with its super-low mortgage rates is at it again.

Meridian is offering what it says is the best 18-month mortgage deal on the market currently, a rate of 1.99 per cent, calculated on a semi-annual basis not in advance, and assuming no costs of borrowing other than interest.

"Meridian strives to provide our Members with the best products and rates to help them better achieve their financial goals,” said Bill Whyte, Meridian’s SVP and Chief Member Experience Officer. “Our attractive 18-month rate will help Ontarians achieve their homeownership goals sooner while saving money in interest.”

When Meridian caused a storm in 2015 with a 1.49 per cent rate, it was criticized by others in the industry.

Canadalend.com’s Bob Aggarwal warned that the 18-month rate may initially look attractive but would be impacted if interest rates increase, while Mike McKillen of Mortgage Architects told us that he advised clients that the low rate was primarily an acquisition tool for Meridian and they should consider what their options would be at the end of the short-term loan.

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