Open Variable Rate Mortgage

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.

Click here to see our Mortgage Rates

We recommend the Open Variable-Rate Mortgage if:

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

Three Big Advantages:

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 increasing your payments (without penalty).

Convenience

• You can shift your mortgage to a new property.
• Rates are set according to prime on the first day of each month.
• Budgeting is made easy because your payments stay the same. As interest rates drop, more of your regular payment is applied to the principal.

Flexibility

• You can switch to any other Meridian mortgage at any time.
• You can repay your mortgage as quickly as possible.

Things You Need to Know

• We can provide Mortgage Life Insurance to protect the outstanding balance of your mortgage. We also offer Disability, Loss of Employment and Critical Illness insurance packages.

Ask the Experts

To get a Meridian mortgage expert working for you, call 1.866.592.2226 or come into your local Meridian branch today.

 

Ask the Experts

Call us today at 1.866.592.2226 to set up a mortgage appointment, or better yet, stop worrying, head for your branch and get a Meridian mortgage expert working for you!