—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...
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....
Self-employed? Don’t declare enough income on your tax returns? Want a mortgage? Lenders are waiting to lend to you. But there’s a price. Their “non-prime” (a.k.a., “alternative”) lending options always come with a rate premium.We don’t talk about non-prime financing very often, but a new such product fromB2B Bank is worth a look. B2B Bank recently re-launched its “Business Bank...
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