People who live in Ontario are getting used to Meridian Credit Union’s quick-hit rate specials.Every few quarters the company seems to roll out a rate that undercuts just about everyone. This time, Ontario’s largest credit union isrunning a 1.50% specialon a 15-month mortgage.At that rate, they’re almost giving money away. But should you bite? Here are a handful ofpoints for...
We rarely comment on GIC dealsbut there’s an opportunity out there that can’t be ignored. GICs are notfor most people, but for someconservative investors theyhave their place. For GIC loverswho crave extra yield (and who doesn’t), Oaken Financial’s current promo seems likea gift from the gods. Oaken Financial is owned by Home Capital, the mortgage company that was on the...
Mortgage competition is an exquisite thing, especially on days like this. Canada’s 5-year government bond yield sprang to a two-month high today. Normally that’s a cluethat fixed mortgage rates are on the up escalator. Not this time. Instead, 5-year fixeds defied bonds (and logic) and actually dropped — at least the ones tracked by RateSpy.com. The nation’s leading 5-year fixed...
“Mortgage rates have bottomed.” That’s what some economists were proclaiming last year. The market then did what the market likes to do, confound and humble those who try to predict it. Earlier today, intelliMortgage (a brokerage related to this website) became the first mortgage provider in Canada, according to RateSpy.com records, with a five-year fixed rate under 2.00%. It’s a...
“The major banks are raising mortgage rates. Low rates won’t last.” That’s the message people have been fed for the last few months. Well, Meridian is changing the message. Ontario’s largest credit union just announced a strikingly low 1.69% one-year fixed rate. That’s the cheapest standardmortgagein Canada according to RateSpy’s database of 364 lenders and top brokers. Meridian loves being...
The nation’s fifth-largest bank has just rolled out two juicy newrate specials: A 1.99% one-year fixed A 2.99% seven-year fixed Both rates are the lowestin the country for theirrespectiveterms, and the lowest in recent memoryfor a major bank. But one is far more enticing than the other—that is, CIBC’s newone-year promo. At 1.99%, it undercuts mostheavily discounted variable rates. Moreover,the...
We see great rates every day, but this deal made us utter “wow” out loud. Meridian’s 1.49% 18-month fixed special is the lowest lender-advertised rate in, well, forever. On a $250,000 mortgage it’ll save you about $4,000—over the first18 months—versus a typical five-year fixed rate. No one’s got that kind of money to burn. Then again, this limited-time offer is...
HELOCs (home equity lines of credit) used to be widely available at prime rate. That changed when the credit crisis inflated funding costs and drove up rates as high as prime + 1.50% and up. Now, five years after the financial system was seemingly on the verge of collapse, we’re finally seeingHELOC pricing near prime rate. Case in point is...
You never know where you’ll find a great mortgage deal. Today’s rate of the day (rate of the year, actually) comes from an investment firm, Investors Group. Investor’s Group (IG) has just launched a 1.99% three-year variable. That’s the lowest rate in Canada. In fact, it’s 25 basis points below the next closest competitor. Peter Veselinovich, Vice-President, Banking & Mortgage...
Credit unions are slowly and stealthily becoming a force in mortgage lending. We may not see any one credit union become consistently dominant, but CUs are certainly working together to promote their value. At any given time, you can expect one or more CUs to run an exceptional mortgage offer. A prime example was Meridian Credit Union’s 2.99% special that...
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