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Meridian Mortgage Rates

Below you'll find the best mortgage rates from Meridian. Be sure to compare rates between lenders to get the best product for you.

Meridian Mortgage Rates

Rates updated:

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Provider5 Year fixed5 Year variable3 Year fixed

Best market rate

4.84%
4.75%

Prime -1.20%

5.14%

5.39%

inquire

5.50%

Prime -0.45%

inquire

5.70%

inquire

5.14%

inquire

5.50%

Prime -0.45%

inquire

5.69%

inquire

5.35%

inquire

5.64%

Prime -0.31%

inquire

5.58%

inquire

5.64%

5.70%

Prime -0.25%

5.79%

5.49%

inquire

5.69%

Prime -0.26%

inquire

6.14%

inquire

5.44%

5.65%

Prime -0.30%

5.59%

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Meridian: Frequently asked questions

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Meridian Credit Union mortgage rates overview

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Meridian Credit Union has been offering financial products and services in Canada for over 75 years and is a well-established player in the Canadian mortgage industry. If you’re thinking about getting a mortgage from Meridian, you’ll want to be very familiar with what they offer. Here’s what you need to know to get started.

Who is Meridian?

Meridian is Ontario’s largest credit union and the second-largest credit union in Canada, with over 370,000 members. Meridian Credit Union offers mortgage products alongside savings, chequing, investment, and insurance products as well.

Being a credit union, Meridian doesn’t have any public shareholders and operates as a not-for-profit company. Meridian claims that this allows it to focus on members, with all profits going into improving products and services, rather than enriching shareholders.

Meridian mortgage products

Meridian has a large selection of mortgage products. As well as fixed and variable rates, open and closed mortgages, and a variety of term lengths, Meridian offers a range of specialty mortgage products to suit more specific needs.

Fixed-rate mortgages

Meridian offers closed fixed-rate mortgages with term lengths of 1 to 10 years, all with competitive interest rates compared to similar products. A 6-month convertible fixed-rate mortgage is also available, which can be converted to a longer fixed-rate mortgage term at any time. If you need even more flexibility, Meridian also offers a 1-year open fixed-rate mortgage, although it comes with a much higher interest rate than the closed option.

Variable-rate mortgages

Meridian bank variable rates are only offered as 5-year terms. This is fairly common, as variable-rate mortgages are inherently more flexible than their fixed-rate counterparts. This is because they have lower penalties for breaking a mortgage mid-way through a term. Meridian offers 5-year variable-rate mortgages as either open or closed, the latter attracting lower mortgage rates.

Flex Line Mortgage

The Flex Line Mortgage is Meridian’s Home Equity Line of Credit (HELOC) product, allowing you to access the equity that you’ve built up in your home as a revolving line of credit. As you pay off more of your mortgage, your HELOC credit limit will automatically increase.

Family + Friends Mortgage

Meridian’s Family + Friends Mortgage is a product specially designed for joint mortgages between family and friends (who aren’t spouses or romantic partners). A joint mortgage can help you buy a more expensive home than you would be able to afford on your own or to share the responsibility of your regular mortgage payments.

Meridian Self-Employed Mortgage

Self-employed people can sometimes find it hard to be approved for a traditional mortgage due to a lack of a regular, secured income. Meridian’s Self-Employed Mortgage attempts to solve that problem by offering a mortgage product specially designed for self-employed people.

Meridian Hybrid Mortgage

The Meridian Hybrid Mortgage is a somewhat unique product, aimed at helping young people, who are early in their career, purchase a more expensive home than they might otherwise be approved for.

It involves splitting the mortgage principal into two parts - a small traditional mortgage, and a larger interest-only mortgage. The idea is that for the first 5 years of the mortgage, your regular payments will be lower because you’re paying off less of the principal. Then in 5 years, you’re hopefully earning more and can afford to increase your regular payments.

As you can see, it’s a slightly more complicated product than a regular mortgage and suits a specific kind of borrower.

How to get a mortgage from Meridian

You can get a Meridian mortgage in one of two ways: by contacting the bank directly (online or in a branch), or by speaking to a mortgage broker.

The benefit of using a mortgage broker is that they can give you and your finances a personal, expert assessment, as well as a set of recommendations. As well as comparing mortgage rates between multiple lenders (including Meridian) a broker can negotiate on your behalf, and may be able to secure a lower interest rate than those that are advertised in public.

Jamie David

Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.

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About Ratehub.ca

Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, Ratehub.ca is more than just the place to research and compare the best rates. Get your mortgage at Ratehub.ca and have the best of both worlds – online rates and award-winning customer service.

Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada, from online search to close.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

How are CanWise Financial and Ratehub.ca connected?

We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.

We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.

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