The Open Variable Rate Mortgage allows you to take full advantage of current interest rates while offering the flexibility to pay down your mortgage at any time without penalty.

We recommend an Open Variable Rate mortgage if,

• You can tolerate and afford a fluctuation in the prime interest rate
• You are comfortable with changing interest rates
• You think interest rates will stay low or even drop some more
• You want to option to repay your mortgage as quickly as you can
• You want your mortgage tied to current rates
• You are thinking of selling your home in the near future

The biggest advantages to an Open Variable Mortgage:

1. YOU WILL SAVE MONEY!
   • Interest rates change according to the Prime rate- so a decrease in prime rate means more money is applied to your principal
   • You can save interest by repaying up to 100% of your mortgage at any time or by increasing your payments without a penalty

2. IT IS CONVENIENT
   • You can shift your mortgage to a new property
   • Rates are set according to Prime on the 1st day of each month
   • Budgeting is easy as your payments stay the same

3. VERY FLEXIBLE

• You can switch to any other Meridian Mortgage solution at anytime
• You can repay your mortgage as quickly as possible

Get protection if rates go up, and the lower rate
if rates go down.

The 5-year Closed Variable Rate Mortgage takes advantage of changing rates by offering an interest rate based on Prime.

We recommend a Closed Variable Rate Mortgage if,

• You can tolerate and afford a fluctuation in the Prime interest rate
• You want the best rate out there
• You are comfortable with changing interest rates
• You want to take advantage of the declining Prime rate
• You think interest rates are going to stay low or drop some more
• You can afford a rate increase
• You plan to stay in your current home for the full term of the mortgage

The biggest advantages of a Closed Variable Rate Mortgage:

1. YOU WILL SAVE MONEY!

• Interest rates vary, changing with Prime interest rate
• A decrease in Prime means more money is applied to your principal
• You can make prepayments throughout the year- up to 20% of your original mortgage amount
• You can increase your regular mortgage payments up to 20% each year

2. IT IS CONVENIENT

• You can shift your mortgage to a new property
• Interest rates are set in accordance with Prime on the 1st day of each month

3. VERY FLEXIBLE

• You have the option to switch to a closed, fixed-rate mortgage at any time—the fixed year rate mortgage you choose must be a 3-year term or greater

The 6 Month Convertible Mortgage will let you lock into a fixed rate now and convert to a longer term closed mortgage at any time without penalty.

We recommend a 6 Month Convertible Mortgage if,

• You think that rates will be stable or decrease and want to take advantage or declining rates
• You will likely prepay 20% or less of your mortgage per year
• You operate on a tight budget
• You want the security of locking into a specific rate and payment for the entire term
• You want a low closed term rate and the flexibility to convert to a longer term without penalty
• You may be selling your house in the near future or are undecided

The biggest advantages of a 6 Month Convertible Mortgage:

1. YOU WILL SAVE MONEY!

• Fixed rates will protect you from changing interest rates

2. IT IS CONVENIENT

• Your personal budgeting will be made simple with regular payment amounts
• You can sell your current home without being locked into a long term mortgage

3. IT WILL PROVIDE YOU WITH PEACE OF MIND

• You will have a guaranteed rate so you will always know what your payments will be
• You can lock into a longer fixed rate term at any time

3. VERY FLEXIBLE

• You can increase your regular mortgage payments up to 20% per year
• You can make prepayments throughout the term totaling up to 20% of your original mortgage amount

The Open Fixed Rate Mortgage gives you the option of repaying your mortgage at any time without penalty while providing the security of knowing that you have a set rate for the entire term.

We recommend the Open Fixed Rate Mortgage if,

• You want the option of making lump sum payments or paying off your mortgage entirely
• You think you’ll be selling your property in the near future
• You want the security of locking in to a set rate and payment for the entire term

The biggest advantages of an Open Fixed Rate Mortgage:

1. IT WILL SAVE YOU MONEY!

• Fixed rates protect you against a possible Prime rate increase
• You can repay any portion of your mortgage without having to pay penalties
• Your mortgage can be moved to a different property without penalty

2. VERY FLEXIBLE

• You can increase your regular mortgage payments by any amount and pay off lump sums at any time
• This pan is available in a 6 month or 1-year term to help you become mortgage-free faster

3. IT WILL PROVIDE YOU PEACE OF MIND

• You get a guaranteed rate with the same flexibility of an Open Mortgage

The Closed Fixed Rate Mortgage offers protection from changing interest rates and allows you to choose from a 6-month to a 10-year term length.

We recommend the Closed Fixed Rate Mortgage if,

• You will likely prepay 20% or less of your mortgage per year
• You have a financial situation that is unlikely to change in the future
• You want the security of locking into a specific rate for the entire term
• You have low risk tolerance
• You want a fixed payment

The biggest advantages of a Closed Fixed Rate Mortgage:

1. IT WILL SAVE YOU MONEY!

• Your mortgage can be moved to a different property
• Our fixed rate will protect you from interest rate fluctuation

2. IT IS CONVENIENT

• Your personal budgeting is made simple with regular payment amounts
• You do not have to renew your mortgage every 6 months

3. IT WILL PROVIDE YOU WITH PEACE OF MIND

• You have guaranteed rate so you’ll always know exactly what your payments will be
  

4. VERY FLEXIBLE

• We offer mortgage terms from 6-months to 10-years
• You can make prepayments throughout the year totaling up to 20% of your original mortgage amount
• You can increase your regular mortgage payments up to 20% per year

Our Closed Fixed Rates are Better than Market™ Mortgage rates. Meaning, our rates beat the advertised best closed fixed mortgage rates offered by the big 5 banks.

Click to view our Better Than Market™ mortgage rates.

Perhaps you are a first time homebuyer, or you want to do some renovations but don’t have the cash, come in and ask us about our Cash Back option.

The Cash Back option is available for fixed closed mortgage terms of at least 3 years with the maximum allowable cash back being based on a 5 year term.

There are 2 different types of cash back options:

• 5% cash back to be used for your minimum down payment. This is based on the purchase price of your home
• Up to 3% cash back for renovations or anything you want. The cash will be advanced directly to you

For the 5% cash back, if the purchase price of your home is $180,000, Meridian will provide the 5% down payment ($9,000) providing you choose a fixed rate mortgage term of not less than 5 years.

There are some stipulations, but call your local branch or stop by to find out how the Cash Back option can work for you.