Meridian Credit Union, which is a part of our broker channel, has re-introduced the famous 5 year fixed @ 2.99%! Currently, this is the lowest fixed rate you can get in the market according to ratespy.com. This particular product comes with a 45 day rate hold, 20% annual pre-payment privilege, portability (as long as it is within Ontario), bridge financing if needed, optional skip payment and much more!
Meridian said they re-introduced this famous product to get ahead start in this years spring market. By offering this product with amazing perks, who wouldn’t want to obtain this mortgage? This current rate has no deadline, what dictates it is external market factors such as bonds market. This product is only available to Ontario residences and properties purchased in Ontario.
Based on Meridians move on lowering this rate, many lenders and banks may follow suit, as the spring market is a time for competition. This could be a sign on what is to come for mortgage rates during the spring market. Contact Robert Clancy today to find out what product best suits your mortgage needs!