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Meridiana Mortgage of february 2023

Apply for Mortgage from Meridian verified by our specialists. On 08.02.2023 you have access to 7 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 7

Updated
31.01.2023
12:13
A hybrid mortgage
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Self-Employed mortgages
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Friends and Family Mortgage
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Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Construction Mortgage
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Flex Line Mortgage
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Variable rate mortgages
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Rate
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Effective interest rate on the product

5.35% - 7.95%
Term
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Loan term for the financial product

5 years
Fixed-rate mortgages
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

4.84% - 6.79%
Term
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Loan term for the financial product

5 years

Calculation of a mortgage loan at any bank
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Online application for a mortgage

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Loan amount
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Monthly payment*
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Meridiana Mortgage of february 2023

Types of Meridian mortgages

Meridian Credit Union offers different types of mortgages, which are alternatives to mortgages from traditional banks: fixed, variable, high ratio, closed, open, and combined mortgages and HELOCs with competitive rates.

  1. Fixed-rate mortgages. Rates vary from a 5.19% rate for a 1-year closed to 6.79% for a 10-year closed mortgage. Special offers on eligible mortgages provide rates like the lowest 4.84% on a 5-year fixed closed high ratio mortgage. You could lock in your rate for 120 days to have time to choose and/or renew your mortgage or get a 6-month convertible mortgage with a 5.99% rate.
  2. Variable rate mortgages. The actual variable rates depend on the fluctuating prime rate, which is now 5.95%. So, for example, you may choose a 5-year closed high ratio with a rate of 5.35% or a 5-year open mortgage with a 7.95% rate. High-ratio mortgages with a down payment of less than 20% offer the best rates as the lender is protected by the mortgage default insurance you have to pay.
  3. Flex Line Mortgage gives you access to up to 80% of your home equity. Flex Line Mortgage is a combined mortgage and line of credit, which allows you to borrow up to 80% of the equity of your house and use the money for renovation, investment, education, and a big purchase. In addition, you don't have to reapply: while you pay off your home loan, you can access more significant funds. Choose any mortgage type and add HELOC.
  4. Construction Mortgage gives your full mortgage amount in advances paid in stages according to the construction plan and expenses. You make interest-only payments by the end of construction.
  5. Friends and Family Mortgage allows up to four people to get a mortgage together and share the responsibility.
  6. Self-Employed mortgages tailored for business owners, entrepreneurs, or self-employed could be obtained with the advice of a mortgage specialist.
  7. A hybrid mortgage is an excellent chance to buy a house when you don't have enough money or a credit history. It's a loan combined with a conventional mortgage which could be transferred to a traditional mortgage when your income is sufficient. A 20% down payment is required. On the loan component (up to 60%), you make interest-only payments, which lower your Gross Debt Service (GDS) ratio and your Total Debt Service (TDS) ratio and build a stronger credit file for your mortgage. On the conventional mortgage component (not less than 20%), you pay principal and interest. In total, you can have affordable monthly payments and work for your future.

How to apply for a Meridian mortgage?

You may pre-qualify online or contact Meridian by phone, request a call, book an appointment, or visit the branch to get assistance from the mortgage advisor. 

To apply online, sign in with your Meridian online banking account or create a profile, providing personal and contact information. The application is automatically saved, and you can resume anytime. Complete the application when you are ready. Mortgage documents can be submitted entirely online or in an office.

Fill out the application with your and your co-borrower's personal information, including the name, birthdate, address, phone number, email address, occupation, marital status, SIN (optional), income, and asset data. 

After submitting your application, verify your income and down payment information by uploading copies of a paystub, T4 or Notice of Assessment (NOA), and bank statement for the last 3 months. Your application will be pre-vetted, and the specialist will contact you within one or two business days. You will get an email confirming the approval or decline of the application.

Requirements

To qualify for a Meridian mortgage, you should:

  • Be a Canadian citizen or a permanent resident 
  • Be the age of majority in your province or territory 
  • (For self-employed) have operated your business for at least two years
  • Consent to a full credit check
  • Be ready to provide personal and income information for you and your co-borrower  

Pros and cons 

Pros

  • Different types of mortgages to choose 
  • Exclusive options available for self-employed, several borrowers, home construction
  • Variants of open mortgages
  • Hybrid mortgage option for young professionals and new to Canada
  • Flexible payment 
  • The locked-in rate for 120 days
  • Online application
  • Cash back option 

Cons

  •  Not all options are available online

How to repay a Meridian mortgage?

Meridian mortgages offer 20/20 prepayment. So every year, you could pay off up to 20% more of your mortgage two ways: make prepayments to decrease your original principal balance and increase the original mortgage payment.

Pay in installments as you want to adjust payments to your lifestyle: weekly, bi-weekly, monthly, bi-monthly, or accelerated weekly or bi-weekly. 

Also, if something goes wrong, you have an opportunity to skip one month’s mortgage payment annually without penalty. 

You may get a cash back mortgage if you need money to cover expenses such as closing costs or renovations. It will give you cash the same day your mortgage is advanced — up to 5% of your mortgage principal (to a maximum of $50,000). 

FAQ

What are the rates for Meridian mortgages?

You may find offers from a 5.19% mortgage rate for a 1-year fixed closed mortgage rate to 6.79% for a 10-year closed mortgage. Open mortgage rates are 7.95% for a 5-year variable and 6.39% rate for a 1-year fixed open mortgage. A variable rate is linked to a prime and may fluctuate. 

What is a high-ratio mortgage?

A high-ratio mortgage is a mortgage with a down payment of less than 20% of the home purchase price. The mortgage term is 25 years or less. For example, the minimum down payment for a purchase price of $500,000 or less is 5%; when the purchase price is between $500,000 and $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. You pay insurance which protects the lender and may get the lowest rates. With Meridian CU, you can apply for such a mortgage.