Merix Financial has temporarily suspended its No-Frills mortgage due to high funding costs. They’ve also halted all pre-approvals for the time being.
The company says: “We expect this to be very short-term and trust we’ll see improvement on the liquidity front shortly. MERIX has every intention of making our No Frills product as well as preapprovals available to your new business as soon as possible.”
Merix’s No-Frills mortgage was launched last May as a way to provide lower rates to people who don’t require pre-payment privileges and other perks.
Merix’s existing No-Frills and pre-approval commitments will not be affected by this announcement.
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Last modified: April 26, 2017
