Meridian

Meridian is a Canadian credit union that is currently the 4th largest of its kind in Canada. Of their 80+ branches, most are based in Ontario, specifically Toronto and the surrounding areas. They are focused on providing simple and accessible mortgage products that are affordable to as large a demographic as possible.

Meridian mortgages start at very low rates. You can hold a rate for 90-days from the moment you create an account and indicate your interest in applying for a certain mortgage product. Mortgage rates are regularly and consistently updated on the Meridian website. Consult the website for exact rates.

Meridian mortgage products provide the following features:

• 20/20 Prepayment privileges: Prepay 20% of the loan amount, increase payments by 20% or both per year.
• Skip-a-payment: You can ask for permission to skip a monthly payment. Conditions apply.
• Flexible schedule: You can choose from multiple payment schedules such as monthly, bi-monthly, weekly, and bi-weekly.
• Mortgage protection: A Group Mortgage Protection (GMP) is a monthly premium that protects you against the event that you become unable to continue your payments.

Aside from a basic fixed mortgage that starts at the lowest rate available, these are Meridian’s other main products:

• The Flex-Equity Mortgage.
  This product combines a regular mortgage with a Home Equity Line of Credit. You can use the equity in your home freed up by the line of credit to undertake renovations, etc. while paying down your mortgage.
• The Family + Friends Mortgage.
  This product allows people that are not in a traditional two-income family to pool together resources to apply for a mortgage. Up to four people can share the mortgage. It can be applied to any Meridian mortgage.

For a full list of products, sign up on the Meridian website and contact a representative. Variable/fixed and open/closed options are available for most mortgage options with varying terms and rates.

Meridian provides many traditional banking services such as cheque or savings accounts and registered saving plans. They also provide financial advisory services as well as investment opportunities.

• Mortgage Life
• Disability
• Critical Illness Insurance
• Home Insurance
• Auto Insurance

They are also partnered Wealthline that provide Proprietary Mortgage products. Finally, they can secure Consumer Leasing or Consumer Finance products.

You can apply for a Meridian mortgage online and be approved within 3 days. The Meridian mortgage application process is relatively straightforward and they detail it on their website.

1. Set up a profile and hold your rate for 90 days: You only need to provide basic personal and contact information. A Meridian representative will call you at a convenient time of your choosing. You will have access to the same rates for 90 days from this date.
2. Submit your application and upload documents: Once you can log into the Meridian site, you can start the step-by-step application process. You will choose the type of application and enter specifics about the property or the loan as well as be guided as to which documents must be provided.
3. Final approval and signatures: You will be provided with a free credit check. Once a mortgage specialist at Meridian has verified your documents and everything is in order you will be given approval within a few days. Meridian will then liaise with your lawyer on the following proceedings.

Find out more Canadian mortgage lenders: MCAP, Manulife Bank, TD Bank, Home Trust, HSBC and others.