Meridian Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Meridian Credit Union: Partnering with RateShop Mortgages for Tailored Mortgage Solutions
History as a Mortgage Lender in Canada
Founded in 2005 through the merger of Niagara Credit Union and HEPCOE Credit Union, Meridian Credit Union is Ontario’s largest credit union and Canada’s second-largest, serving over 370,000 members. With $30 billion in assets under management, Meridian offers competitive mortgage solutions rooted in community values and financial strength.
Types of Mortgage Products & Programs
Meridian provides a wide range of mortgage products, catering to diverse client needs:
Residential Mortgages:
Fixed-Rate Mortgages: Terms ranging from 1 to 10 years, offering stability.
Variable-Rate Mortgages: Flexible rates tied to the prime rate for potential savings.
Flex Line Mortgage: Combines a mortgage with a line of credit, allowing borrowing flexibility.
First-Time Home Buyer Program: Special rates and incentives for new buyers.
Home Equity Line of Credit (HELOC): Access up to 80% of your home's equity.
Commercial Mortgages:
Financing for commercial properties, multi-residential buildings,
and mixed-use developments.
Construction Loans: Tailored for residential and commercial construction projects.
Minimum Credit & Income Requirements
Meridian’s flexible underwriting considers various borrower profiles:
Credit Score: Minimum 650 for conventional mortgages; options for lower scores with higher down payments.
Income Requirements:
Salaried Employees: Proof of employment (T4s, pay stubs).
Contract Employees: Demonstrate consistent contract history.
Self-Employed Borrowers: Provide 2 years of financial statements or utilize stated income programs with at least 20% down.
First-Time Home Buyers: Minimum 5% down payment with mortgage insurance.
We'll find great rates like this one from one or our several lending partners across Canada.
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It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
Meridian evaluates key factors:
Debt-to-Income (DTI) Ratio: Typically, DTI should not exceed 44%.
Loan-to-Value (LTV): Up to 95% for insured mortgages; 80% for conventional loans.
Stress Test Compliance: Applicants must qualify at the greater of the contract rate plus 2% or the Bank of Canada’s qualifying rate.
Property Appraisal: Required to determine the market value.
Locations Serviced and Branch Presence in Canada
Meridian Credit Union is a prominent Canadian credit union headquartered in St. Catharines, Ontario. It operates over 90 branches across Ontario, serving more than a quarter of a million members.
Mortgage Application Checklist
Borrowers applying through RateShop Mortgages and Meridian should prepare:
Government-issued ID
Proof of income: Recent pay stubs, T4s, or business financials
Credit history: Pulled directly by Meridian
Property details: Purchase agreement or MLS listing
Down payment verification: Bank statements or investment documents
How to Start a Mortgage Pre-Approval
Consult a RateShop Broker: Access expert advice and exclusive Meridian rates.
Submit Documentation: Provide income, credit, and property
information.
Receive Pre-Approval: Valid for 90 to 120 days, offering clarity and confidence.
How to Get Mortgage Rates
Online: Check RateShop’s website for current Meridian rates.
Broker Consultation: RateShop brokers negotiate personalized, competitive rates.
In-Branch: Visit a Meridian branch for direct discussions.
Mortgage Pre-Payment Options
Meridian offers flexible pre-payment options:
Annual Lump-Sum Payments: Pay up to 20% of the original principal each year.
Increased Payments: Increase regular payments by up to 20%.
Double-Up Payments: Make additional payments equal to your monthly installment.
Meridian Credit Union, in partnership with RateShop Mortgages, offers personalized, flexible mortgage solutions designed to meet your financial goals. Discover how Meridian’s community-driven approach and competitive rates can help you achieve homeownership with confidence!
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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