The Meridian Credit Union. For all intensive purposes The Meridian Credit Union is a good bank. Helpfull service, open late, etc etc. However, they are very deceptive. I work for a competing finance company and have had to deal with this issue many times with them so be ware. If you choose to get a 1st mortgage from this company pay very close attention to what they are telling you and making you sign. If you take a first or re-finance with them and have available equity in your home they will put a second lien on your home for however much equity you have to secure future business for them.
During your loan close they will tell you that it is cheaper for them to put a second lien on your property now (but they will call it a home equity line of credit) so that in the future if you want it it may be available for you faster then normal. That sounds hunky dory but here is the catch. On title of your home is now, you, your first mortgage, and now a second mortgage (keep in mind that this second mortgage does not actually exist). This really limits what you can do. If you want a new furnace on a monthly pymt plan, forget about it. If you want a small home equity loan thru another company, forget about it. Large home remodel in excess of 20 grand, forget it cuz the contractor has nothing to secure himself with.
Here is the other catch. If in 5 years you deceide you want it, they already have a lien on your property, you go in for it you may not qualify credit wise for it. So now you don't qualify because maybe your credit has dipped or you are carrying too many accounts at a high balance, you can't have it and YOU have to pay the discharge fee.
BE CAREFUL!!!
G'
Thorold, Ontario
Canada
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