—The Mortgage Report: Oct. 15— Canada has had interest-only home financing for decades, the most popular type being the HELOC. But it’s hard to find a mainstream lender selling an interest-only mortgage. That’s partly what makes Meridian Credit Union’s new Hybrid mortgage interesting. The Meridian Hybrid is a traditional mortgage and interest-only (I/O) loan in one. It lets someone with...
Grandfathering Remains in Effect Okay, you really shouldn’t be as happy as these people if you have to do an end-around to pass the stress test, but nonetheless… If you’re switching lenders to get a better deal, the best 5-year mortgage rates are usually available only on insured or insurable mortgages. And that’s a problem if your property value has...
Big banks reign over Canada’s mortgage market, but one segment that they particularly dominate in is readvanceable mortgages. If you want a good readvanceable you have very few choices outside of the Big 6 banks.Meridian Credit Union is one of those very few. The company’s Flex-Equity Mortgage Line has all the trappings of a major bank readvanceable, with added benefits....
log in