Credit union offers FRM at 1.98% rate

Ontario’s largest credit union is offering its customers a 2-year fixed rate mortgage at 1.98%, claiming the best rate available in Canada and the lowest in recent history.

Meridian’s limited-time offer is available to Ontarians who are financing an owner-occupied primary residence with an amortization period of 25 years or less.

The offer is available for properties with a maximum purchase price of $1 million and an outstanding mortgage balance (after down payment) of $799,000 or less.

"The reality is that it is next to impossible for many young people to get into the housing market in Ontario today. At Meridian, we think everyone deserves a chance to own a home and so we're doing what we can to make that goal more attainable with this incredibly low rate," says Dayna Whitney, Associate Vice President, Retail, Meridian.

The lender recently announced it is entering the banking business with its motusbank full-service nationwide digital bank brand.

It has previously offered record-low mortgage rates which were only available through its branch network and not via brokers; there is no confirmation that this is the case this time.

"This 1.98% rate is going to be very welcome news to many frustrated would-be homebuyers in markets across the province," says Whitney. "We believe this is an extremely competitive rate and it represents an exceptional opportunity to save – particularly for first-time homebuyers."

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